If you have deposited a huge amount of cash at your home, then it can land you in trouble. In such a situation, it is important to know how much cash you can keep at home.
You can keep only this much cash at home, you may have to pay heavy fine for keeping more
After demonetisation, people have avoided the habit of keeping cash at home to some extent. But it has not been completely curbed. Often we store cash at home to avoid the hassle of standing in queues at banks and ATMs. But do you know that you can keep cash at home only up to a limit. If not, today we will tell you how much cash you can keep at home.
Let me tell you, if you keep more cash at home than the limit, then you may have to pay a heavy fine if caught. In such a situation, to avoid this fine, you must know these rules of income tax.
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Can keep so much cash
By the way, there is no limit to keep cash at home. You can keep cash at home as much as you want. But if you are ever caught by the Income Tax team, then you will have to tell the source of so much cash. If you have earned this money properly and you have all its necessary documents with you or you have filed income tax return on this money, then you do not need to worry. But, if you are not able to tell the source of this money, then Income Tax can take action against you.
how much is the fine
If you are not able to account for the cash, then the Income Tax Department can raid your house. Also, tax of up to 137% can be imposed on the recovered money if the source of the cash is not disclosed. Means your cash will go, on top of that you may have to pay 37% fine.
It is necessary to show PAN card
Let me tell you, for withdrawing or depositing an amount of Rs 50,000 or more at a time, it is necessary to show the PAN card. At the same time, while shopping, payment of more than 2 lakhs cannot be made in cash. For this you will need to show PAN card. If you make a cash deposit of more than Rs 20 lakh in your bank account in a year, even then you may need a PAN.
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