Cash Limits at Home: How much cash can be kept at home, know the income tax rules, otherwise 137 percent penalty will have to be paid.

Cash Limits at Home: Most people keep cash at home so that it can be used in times of emergency. But for your information, let us tell you that there are some rules of Income Tax, under which you cannot keep more cash at home than the limit, otherwise you may have to pay a heavy fine. Understand the complete mathematics in the news…

Although the trend of digital transactions may have increased in the country today, a large number of people still rely on cash in times of emergency. For this reason people prefer to keep cash at home. However, very few people know how much cash (Cash Limit at Home) is appropriate to keep at home or whether it comes within the scope of the law. We are going to give all the information related to this in this article.

How much cash can you keep?

According to the rules, you can keep as much cash as you want at home. No limit has been set by the government regarding this, but the condition is that whatever cash you have, where has it come from and what is its source. You should have complete information about this.

full payment of tax

If you have a large amount of cash, then tax on it must be paid in full. Along with this, you should have all the documents related to tax payment, so that you can easily give any information related to cash when the Income Tax Department asks for it.

Fine may be imposed in this situation

If your house is raided by the Income Tax Department and a large amount of cash is recovered. Apart from this, if you are not able to give correct information about that cash, then you may have to pay a heavy fine. This fine can be up to 137 percent of the amount seized in the raid.

Important things related to cash transactions

You will have to show your PAN card while withdrawing or depositing more than Rs 50,000 at a time in the bank.

While making purchases, payment of more than Rs 2 lakh cannot be made in the case. For this also you will have to show PAN and Aadhaar.

If you deposit more than Rs 20 lakh in cash in your bank account in a year, then you will have to show PAN and Aadhaar in the bank.