Many people do private jobs and many have their own business but you have to pay tax according to your earnings. Everyone’s earnings are different. But do you know how much cash you can keep at your home. Let us tell you about it. According to the Income Tax rule, no special rule or limit has been made in the matter of keeping cash at home.
If you are financially capable then you can keep any cash in your house. But you should have a source of that amount. If you are questioned by any investigating agency, then you have to show source. Along with this, you will also have to show ITR declaration.
ITR declaration and source will have to be told
If you do not know the source of money, then due to this you can get caught in a lot of difficulty. In such a situation, it is investigated by the Income Tax Department how much tax you have filled. If there is an ignition cash in calculation, then action can also be taken against you by the Income Tax Department and a good penalty can also be charged from you. The Income Tax Department asks the source of income before taking action. Action is taken when you are unable to give information about your source. In such a situation, the cash is also seized. Many times arrest is also done.
PAN card has to be shown
Let me tell you that according to the Central Board of Direct Tax, if you withdraw more than 50 thousand rupees in your account or deposit your PAN card, then you have to show your PAN card. If a person has not filed income tax return for the last 3 years and withdraws more than 20 lakh rupees from the bank in a financial year, then he will have to pay 2 percent on transactions of Rs 20 lakh and up to 5 % on transactions of more than Rs 1 crore. But those who have filled ITR, can get some relief in this matter.