Rules of Cash at Home: The Income Tax Department has fixed the limit for keeping cash at home. If more cash than the limit is found at your home, then you will have to pay a penalty. Let’s know about it in detail.
If you keep more cash at home, it can land you in trouble. Businessmen often keep cash in their homes. Even if they deposit it in the bank the next day. This is good, but some people have more cash and they keep it in their house only. But this can create trouble for them. We will tell you here what rules the Income Tax Department has made for this, about which you should be aware.
Cash came out of the house in the raid
According to the rules of the Income Tax Department, you should know the limit of keeping cash in your house. It may be known that at this time elections are going on in many states. In many places, there is a lot of cash in the houses. Many times it happens that a lot of cash is seized during raids. In such a situation, the question arises that how much cash can the common people keep in their house. So that no action is taken against them.
Will have to tell the source if caught
If you get caught by the investigating agency, then you will have to tell the source of the cash. If you have earned that money properly, then you must have its complete documents. Also, if his income tax return is filed, then you do not need to panic. If you are not able to tell the source, then big investigative agencies like ED, CBI can take action against you.
What is the cash limit
How much fine do you have to pay if you are caught with unaccounted cash at home? In this regard, according to the Central Board of Direct Taxes (CBDT), if you are not able to tell the source of money kept at home, then you may have to pay a fine of up to 137 per cent.
What to keep in mind
- Transactions exceeding Rs 20 lakh in cash in a financial year may attract a fine.
- It is necessary to give PAN number for depositing or withdrawing cash more than Rs 50,000 at a time.
- If a person deposits 20 lakh rupees in cash in 1 year, then he will have to give information about PAN (PAN) and Aadhaar (Aadhaar).
- A fine of up to Rs 20 lakh may have to be paid for not providing PAN and Aadhaar information.
- You cannot make a purchase of more than Rs 2 lakh in cash.
- A copy of PAN and Aadhaar card will have to be given if purchases of more than Rs 2 lakh are made in cash.
- The person can come on the radar of the investigating agency on the cash purchase and sale of property worth more than Rs 30 lakh.
- If a person pays an amount of more than Rs 1 lakh at a time at the time of payment by credit-debit card card, then it can be investigated.
- Can’t take more than Rs 2 lakh cash from your relatives in 1 day. This has to be done through the bank.
- The limit for donating in cash has been fixed at Rs 2,000.
- No person can take a cash loan of more than 20 thousand from any other person.
- If you withdraw cash more than Rs 2 crore from the bank, then you will have to give TDS certificate.
