Rules of Cash in Home: If you have a habit of keeping most of the cash in your house, then it can also harm you a lot. Those who are businessmen, they often have to keep cash at their home, even if they deposit it in the bank the next day.
It’s ok though. But some people have a lot of cash, and they keep it in their house, and later they get caught. If you do the same, then this news can prove to be useful for you. We are going to tell you what rules the Income Tax Department has made for this. Whose information you must have.
Cash comes out of the house in the raid
As per the rules of the Income Tax Department, you should know the limit of keeping cash in your house. It may be known that in the last 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 homes. Cash amounting to crores of rupees 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 no action is taken against him?
Will have to tell the source if caught
If you are caught by the investigating agency, then you will have to tell the source of the cash. If you have earned that money in the right way, then you must have its complete documents. Also, if his Income Tax Return is filled, then you do not need to panic. If you are unable to tell the source, then big investigative agencies like ED, CBI take action against you.
This much will be the fine
How much fine will you have to pay if you are caught with unaccounted cash at 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, then you may have to pay a fine of up to 137 percent.
Keep these things in 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.