Cash Limit At Home: You must be aware that the digital transaction trend is increasing, which is very beneficial for the people. But along with this, people are also not abandoning transactions in cash. In this era of new technology, people also use cash in large quantities. Do you know what is the limit regarding keeping cash at home? Let us know in the news how much cash can be kept at home as per Income Tax rules.
Still many people prefer to transact in cash. For this, people withdraw more cash from the bank or ATM at one go. But do you know what is the maximum amount of cash that can be kept at home (Cash Limit At Home). What are the income tax rules regarding cash?
Just recently, a press release was issued by the Income Tax Department. It was told that cash worth Rs 351 crore was recovered in the raids conducted at the locations of Congress MP Dheeraj Sahu spread across three states. It was unaccounted. Do you know how much cash you can keep in your house?
Recently, a press release was issued by the Income Tax Department (Income Tax latest updates). It was told in it what the departmental officials had recovered in the raid from the house of Congress MP Dheeraj Sahu. The Income Tax Department had launched a search operation in this regard in Odisha, Jharkhand and West Bengal. During the search operation, a large amount of incriminating evidence in the form of documents and digital data has been found and seized. According to the department, Rs 351 crore was seized in the raid from MP Dheeraj Prasad Sahu and his close associates. Do you know how much cash you can keep with you?
Even though e-transactions have increased, cash has also increased.
The trend of digital transactions has increased significantly since the Corona period. Now people are doing most of the transactions through UPI and debit-credit cards. But people still prefer to transact in cash. For this, people withdraw more cash from the ATM at one go, but do you know the maximum amount of cash that can be kept at home (Cash Limit at Home). It is also mandatory to keep this information because if you have more cash than the limit, you may have to pay a fine.
How much cash can be kept at home?
According to the rules of the Income Tax Department, you can keep as much cash as you want at home. But if the cash kept in your house has to be sourced. If any investigating agency ever catches you, you will have to tell the source of this cash. If you have not earned money wrongly then you do not need to panic. You must have complete documents for this. Even if you have filed tax return, there is no need to panic. This means that having plenty of cash at home is not a problem.
What will happen if you cannot tell the source?
If you are not able to tell the source of the cash kept in the house, then the investigating agency will take action against you. Your difficulties may increase. The investigating agency will give information to the Income Tax Department. The Income Tax Department will investigate and tell you how much return you have filed. If you are found with undisclosed cash during the investigation by the Income Tax Department, then tax and penalty can be imposed up to 137 percent of the amount of cash recovered from you.How much cash can be withdrawn from the bank at one time?
According to the rules of Income Tax Department, you can withdraw the entire amount deposited in your account in the form of cash, but there is a limit. But if you withdraw more than Rs 50 thousand in cash at a time, then you will have to show your PAN card. More than Rs 20 lakh cash can be deposited or withdrawn in a year. If you make cash payment of more than Rs 2 lakh, you will have to show PAN and Aadhar Card.
