How much money you can keep at home? People beware..!

Sowmiya Sriram
How much money you can keep at home? people beware..!
Although there is no need to keep cash in this wallet PLATFORM' target='_blank' title='digital-Latest Updates, Photos, Videos are a click away, CLICK NOW">digital age, there is still a need for cash for many important things. Now let's see how much cash can be spent in one place. How much money can a person keep in his house? What do income tax rules say about holding money? What happens if Income Tax officials find cash in your home?
 Here are the income tax rules you need to follow if you keep money at home. If the income tax department or other authorities seize more money, how did the money come and where did it come from..? Who did it come from..? You have to tell them the important source.
You need to keep proper accounts and documents for your money in hand, failing which the Income Tax department will impose a huge penalty. Not only this but it also includes investigation and litigation by the Income Tax Department. So always make sure you file income tax returns with cash in hand. The tax department can levy a penalty equivalent to about 137 percent of the confiscated money if the source of the money cannot be shown as per Central Direct Tax System norms. Now let's take a look at some of the important things that you should keep in mind while saving your fair share of the money.
Cash transactions exceeding Rs 20 lakh in a financial year will attract a penalty. Also, if you want to deposit or withdraw more than Rs 50,000, you have to submit your PAN details to the bank. If one deposit more than Rs 1,20,000, one has to submit PAN and Aadhaar cards to the bank. Through this, the income tax department will also add the details of the deposit funds under your PAN number. Also, if a person pays more than 1 lakh rupees using credit-debit cards, any bank in india will have to pay TDS if he withdraws more than 2 crore rupees in cash.
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