ITR Filing: Hardly do you know the limit of keeping cash at home. But let us tell you that according to the rules of Income Tax at home, you are allowed to keep cash at home. That is, how much cash can you keep at home at one go?
Income Tax Return: In the fast growing era of digital, people have reduced keeping cash at home. But earlier you will remember that in the days of grandmothers, people used to advise keeping cash in the house for any emergency. Even before that, people did not agree to deposit money in banks and used to hide the collected amount in their homes. But now the time has changed and people spend with digital wallet. But amidst all this, do you know the maximum amount of cash you can keep at home? If not, then let’s know the rules-
Cash allowance at home
How much cash money can be kept at home? How much money will be penalized for keeping? There are many such questions which will also be in your mind. But you hardly know the limit of keeping cash at home. But let us tell you that according to the rules of Income Tax at home, you are allowed to keep cash at home. That is, how much cash can you keep at home at one go? But if your cash money is caught by the investigating agency, then you will have to tell your income or the source of that money.
There is no need to worry if you file ITR,
in such a situation it is advised that you should know the complete source of cash and your income should also be sourced. For this, you should have complete documents, which you can show when needed. If you file Income Tax Return (ITR) every year then you do not need to worry. But cash money should be according to your ITR only. It is not that your ITR is of 5 lakhs annually and you have cash of 50 lakhs.
In this way, difficulties can increase
if you are unable to give the account of cash money to the Income Tax officials in the raid, then difficulties can increase. In the raid of the Income Tax Department, you have to give concrete information about your income. If you have correct information, you will not have to pay any fine. But if you are not able to give the information, then the amount of cash you will get, can be taxed up to 137%. That means you will have to pay 37 percent tax extra along with cash.
