look news india
Even today many people prefer to keep cash at home rather than in the bank. Each person may have his own personal reasons for this. This is the digital age and people are using cash less and less. However, it was not completely over. Especially many people keep their savings in cash only. Housewives prefer to keep their savings at home rather than in banks. Many others do not trust banks much and keep their money with themselves. But is there any limit on keeping money at home, you can keep any amount of cash at home and there is no restriction on it. According to Income Tax (INCOMETAX) rules, you can keep any amount of cash in your house. However, if a person comes under the scrutiny of the Income Tax Department, then he will have to tell what is the source of this money? If the person under investigation has any legitimate source of those money, then the documents will have to be shown. If everything is fine then there is no need to worry.
If you do not give correct information then the problem will increase further.
If you do not keep track of cash, your problems may increase. If your house has been raided by the Income Tax Department and a huge amount of cash has been found. Apart from this, if you are not able to give correct information about that cash, then you may have to pay a heavy fine. You may be taxed up to 137% of the cash amount collected. This means that 37 per cent of the cash you have will be gone and you will have to pay it back.
Keep these things in mind
To withdraw or deposit more than Rs 50,000 at a time in the bank, you will have to show PAN card. At the time of purchase, in case of Rs. 2 lakh cannot be repaid. For this you will also have to show PAN and Aadhaar. Even if you deposit more than Rs 20 lakh in your bank account in a year, you will still have to show PAN and Aadhaar to the bank.