ITR Filing: You may hardly know the limit of keeping cash at home. But let us tell you that according to the Income Tax rules, you are allowed to keep cash at home. That means, how much cash can you keep at home at one time?
Income Tax Return: In the rapidly growing digital age, people have reduced keeping cash at home. But first you will remember that in the time of your grandmothers, people used to advise to keep cash at home for any emergency. Even before that, people did not agree to deposit money in banks and used to keep the collected money hidden somewhere in their homes. But now times have changed and people spend through digital wallets. But amid all this, do you know the maximum amount of cash you can keep at home? If not then let us know the rules-
Allowance to keep cash at home
How much cash can you keep at home? How much penalty will be imposed for keeping money? There are many such questions which may also be in your mind. But hardly do you know the limit of keeping cash at home. But let us tell you that according to the Income Tax rules, you are allowed to keep cash at home. That means, how much cash can you keep at home at one time? But if your cash money is caught by the investigating agency, then you will have to tell your income or the source of that money.
File ITR no need to worry
In such a situation, it is advisable that you know the complete source of cash flow and your source of income should also be known. For this, you should have complete documents, which you can show if needed. If you file Income Tax Return (ITR) every year then you do not need to worry. But cash should be as per your ITR only. It is not that your ITR is of Rs 5 lakh annually and you have Rs 50 lakh in cash.
Difficulties may increase in this way
If you are not able to give the account of cash to the Income Tax authorities during the raid, then problems may increase. You have to provide concrete information about your income during Income Tax Department raids. If you have correct information, you will not have to pay any kind of fine. But if you are not able to provide the information, then up to 137% tax can be imposed on the amount of cash you receive. That means you will have to pay 37 percent additional tax along with cash.
