Cash keeping limit at home: How much cash can be kept at home as per the rules of Income Tax Department. Know more:-

If you are keeping most of the cash in your house, (Cash keeping limit at home) then let us inform you about the consequences that you will be facing if the cash keeping limit at home exceeds the range set up by the Income Tax Department. Most Businessman, often have to keep cash at their home, even if they deposit it in the bank the next day. It’s ok though. (Cash keeping limit at home)

But some people have a lot of cash or we can prefer that they have the habit of keeping cash at home, this makes them vulnerable of getting raided by the Income Tax officials. If you do the same, then this news can prove to be useful for you. Her we will discuss about the rules set up by the Income Tax Department to lesser or avoid the consequences. (Cash keeping limit at home)

Cash comes out of the house in the raid:-

Every individual who earns money, should know the limit of keeping cash in their house. It is known that For a account of several months, assembly elections were held in the states, in which it was found that there was a lot of cash deposited in people’s home. Crores of cash is being recovered from the officers every day. In such a situation, the question arises that how much cash should the common man keep in his house, so that He/she will be free from facing Raid situations? (Cash keeping limit at home)

Must have a legitimate answer if got caught or in case interrogated:-

If you get interrogated or get caught somehow by the investigating agency, then you will have to tell the source of the cash i.e, where you got that bulk of cash from?. If you have a legitimate answer and earned that money in the right way, then you must provide its complete documentary to the investigating officials.

Must read:-

EPFO new interest rate: Rs. 81000 will be credited to every EPFO Account Holder

But, if you are unable to tell the source, then big investigative agencies like ED, CBI take action against you. Also, if his Income Tax Return is filled, then you do not need to panic. (Cash keeping limit at home)

How much fine will you have to pay if you are caught with unaccounted cash at you home?

According to the Central Board of Direct Taxes (CBDT) in this regard, if you are unable to tell the source of money kept at home or you doesn’t have a legitimate answer, then you may have to pay a fine of up to 137 percent. (Cash keeping limit at home)

Every individual should keep this in their mind:-

• Transaction of more than Rs 20 lakh in cash in a financial year can 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).
• Fine up to Rs 20 lakh may have to be paid for not giving information about PAN and Aadhaar.
• You cannot shop for 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 purchase and sale of property worth more than Rs 30 lakh in cash.
• At the time of payment of Credit-Debit Card card, if a person pays an amount of more than Rs 1 lakh in one go, then investigation can be done.
• Can’t take cash more than Rs 2 lakh 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 loan of more than 20 thousand in cash from another person.
• You will have to pay TDS if you withdraw more than Rs 2 crore cash from the bank. (Cash keeping limit at home)

THANK YOU, from team technophy.com