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Income tax rule for keeping cash at home, know what are the laws for it how much you can keep


Is there a limit on keeping cash at home? Know these rules, otherwise you will have to visit the income tax office

Income Tax Rule For Cash At Home: If you keep cash at home, then you should know these rules of the Income Tax Department. Otherwise, you can get into big trouble.

In today's era, even though online shopping is dominating people, there are still many tasks where people prefer to use cash.

That is why apart from keeping money in bank accounts, people also keep cash in their homes. This question often comes to people's mind whether keeping excess cash can lead to a notice from the Income Tax Department.

So let us tell you that this is not the case. You can keep as much cash at home as you want. You will not be sent any notice by the Income Tax Office.

But if the Income Tax Department feels that the money deposited in your house is suspicious, then the department can ask you for the information.

If the cash present in your house is valid, then you can show the documents related to it. No action can be taken against you.

However, if you fail to show the documents and are unable to prove that the cash at home has been earned through proper means, then you may get into trouble.

If you are unable to give information to the Income Tax Department about the cash present in the house, then you can be taxed up to 137% on the cash found in the house. Action can be taken under Section 132 of the Income Tax Act.