Cash Limit At Home: Often we hear through the news that IT raids were conducted at the houses of bureaucrats, officers or businessmen and cash worth lakhs and crores of rupees was recovered. How much cash can you keep at home like that?
Cash Limit At Home: The stature of digital is increasing in the country, people are making payments using UPI, debit or credit cards more than keeping cash in their pockets. Online transactions are being done for most of the work. However, still many people withdraw cash from ATM or bank and do transactions on a large scale, but do you know how much cash you can keep in your house and what is its limit?
Income Tax has made some rules for keeping cash at home. If you do anything wrong with the rules, then you can get trapped. You may have to answer. Also, you may have to go to jail if you make a mistake. Let’s know what are the rules of the Income Tax Department.
How much cash can you keep at home?
The Income Tax Department has not set any limit for keeping cash at home. You can keep as much cash as you want at home and transact with it. But a mistake with this can prove to be costly for you. For this, you can also be arrested by the Income Tax Department and a heavy fine can also be imposed.
You can get trapped in this mess
Often we keep hearing through the news that IT raids were conducted at the house of a bureaucrat, officer or businessman and cash worth lakhs of crores of rupees was recovered. This cash is unauthorized cash. This cash is confiscated by the Income Tax Department. Along with this, the person related to the cash is also arrested. Overall, the Income Tax Department takes action when there is no information about where the cash has come from or the source of income. In such a situation, it is necessary for the people holding cash to have information about the source of income.
PAN card will have to be given if you withdraw more cash
According to the rules of Central Board Direct Tax, if someone withdraws more than 50 thousand rupees in cash from the bank at one time, then he will have to show his PAN card. More than 20 lakh cash can be withdrawn from the bank account in a year. On the other hand, if you deposit more than 2 lakh cash at one time, then PAN and Aadhaar will have to be shown. Let us tell you that if you have not earned money in an illegal way, then you do not need to panic. You should have information about the income source.
