Cash payment limit fixed After demonetisation, people have given up the habit of keeping cash at home to some extent. But it could not be controlled completely. Often we store cash at home to avoid the hassle of standing in queues at banks and ATMs.
But do you know that you can keep cash at home only up to a limit. If not, today we will tell you how much cash you can keep at home.
Let me tell you, if you keep more cash than the limit at home, then you may have to pay a heavy fine if caught. In such a situation, to avoid this penalty, you must know these rules of income tax.
can carry so much cash
By the way, there is no limit to keep cash at home. You can keep cash at home as much as you want. But if you ever get caught by the Income Tax team, then you will have to tell the source of so much cash. If you have earned this money properly and you have all its necessary documents with you or you have filed income tax return on this money, then you do not need to worry. But, if you are not able to tell the source of this money, then Income Tax can take action against you.
How much is the fine
If you are not able to give the account of cash, then the Income Tax Department can raid your house. Also, non-disclosure of the source of cash can lead to tax of up to 137% on the recovered money. Means your cash will go, on top of that you may have to pay 37% penalty.
It is necessary to show PAN card
Let us tell you, it is necessary to show PAN card to withdraw or deposit an amount of Rs 50,000 or more at a time. At the same time, payment of more than 2 lakh cannot be made in cash while shopping. For this you have to show PAN card. If you deposit more than Rs 20 lakh in cash in your bank account in a year, you may still need a PAN.
(pc freepik)
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