New Delhi: The trend of digital transactions has increased a lot since the Corona period. Now people are doing most of the transactions through UPI and debit-credit cards. But still people prefer to transact in cash.
For this, people withdraw more cash from the ATM at once, but do you know how much maximum cash can be kept at home (Cash Limit at Home). If you do not know the rules, you may have to pay a fine. What is the income tax rule for keeping cash at home. Let us tell you.
How much cash can you keep at home
According to the Income Tax rules, you can keep as much cash as you want at home. But if the cash kept in your house is ever seized by an investigating agency, then you will have to disclose the source of this cash. If you have not earned money illegally, then you need not panic. You should have complete documents for this. If you have filed your tax return, then you need not panic.
There may be a fine
If you are unable to tell the source of the cash kept at home, then the investigating agency will take action against you. Your problems may increase. Let us tell you that after demonetization, the Income Tax department said that if undisclosed cash is found with you, then up to 137 percent tax can be imposed on the amount of cash recovered from you.
How much cash can you withdraw in a year
According to the Central Board of Direct Taxes, if someone withdraws more than 50 thousand rupees in cash at one time, he will have to show his PAN card. More than 20 lakh rupees can be deposited or withdrawn in a year. PAN and Aadhaar card will have to be shown if cash payment of more than two lakh rupees is made.
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