Cash kept in the cupboard should not increase your blood pressure, know the rule of keeping cash at home
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What is the rule of keeping cash at home
According to income tax, there is no limit on the limit of keeping cash at home. That is, you can keep as much cash at home as you want, but you must have a source of that cash. If your investigating agency questions about the source of cash, then you should know about it. From where did you get that cash, what is the source of its income and there should be complete documents to confirm your arguments.
Know this before keeping cash at home
If you keep cash at home, you must have sufficient documents for the same. If you can’t tell the source, you can be in trouble. If you have complete documents for this or you have filed tax returns, then there is no need to panic.
How much punishment, how much fine
Cash kept in your house can land you in trouble if you do not know its source. You may have to pay a heavy fine if you do not have the correct information related to cash. You will have to pay a fine of up to 137% of the amount of cash recovered from your home.
Cash withdrawal-deposit rule
If you withdraw or deposit cash of more than 50 thousand in the bank, then you will have to show PAN card. On the other hand, if you deposit more than Rs 20 lakh cash in your bank account in a year, you will still have to show PAN and Aadhaar.
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