Cash Limit At Home: Now the business of digital transactions is increasing continuously across the country. Today, transactions are being done through UPI and Debit Credit cards from the biggest showrooms, petrol pumps to even the smallest street vendors.
The trend of digital transactions has increased considerably since the Corona period. Now people are doing most of the transactions through UPI and debit-credit cards only. But still people prefer to transact in cash.
Although some people still withdraw more cash from ATMs at one go, but do you know the maximum amount of cash that can be kept at home (Cash Limit at Home). You may have to pay a fine for not knowing the rules. What is the income tax rule for keeping cash at home? Let us tell you.
How much cash can be kept at home
According to the Income Tax rules, you can keep as much cash at home as you want. But if the cash kept in your house is ever caught by the investigating agency, then you will have to tell the source of this cash. If you have not earned money wrongly then you do not need to panic. You should have complete documents for this. There is no need to worry if you have filed your tax return.
May be fined
If you are not able to tell the source of the cash kept in the house, then the investigating agency will take action against you. Your difficulties may increase. Let us tell you that after demonetisation, it was said by the Income Tax that if you get undisclosed cash, then the amount of cash recovered from you can be taxed up to 137%.
How much cash can be withdrawn in a year
According to the Central Board of Direct Taxes, if someone withdraws more than 50 thousand cash at a time, then he will have to show his PAN card. At the same time, more than 20 lakh cash can be deposited or withdrawn in a year. PAN and Aadhaar card will have to be shown for cash payment of more than two lakhs.