Income Tax: You can keep this much cash at home, once the limit is crossed, the income tax department will raid..

Cash Limit Rules: Although online transactions (upi transactions) are being done for most of the work, still people are transacting in large amounts in cash. But still, many people are not aware of the income tax rules.

The Income Tax Department has made some rules (Cash Kept limit at home) regarding keeping cash at home. If you knowingly or unknowingly make any mistake regarding these rules, then you may have to go to jail for making a small mistake. Let us know about the rules related to cash of the Income Tax Department in the news.

Know the rules related to cash of the Income Tax Department-

Let us tell you that the Income Tax Department has not set any limit for keeping cash at home. You can keep as much cash as you want at home and can transact this money according to your needs.

But let us tell you that one mistake of yours can prove to be costly for you because the Income Tax Department has some rules. If you violate the rules of the Income Tax Department (Cash Limit at Home), then you can be arrested by the Income Tax Department and also be fined heavily.

Strict action will be taken for violating the rules-

Many times we hear such news that Income Tax Department raids took place here. In this news, cash worth lakhs and crores of rupees were recovered in IT raids at the house of any bureaucrat, officer, or businessman.

The cash recovered in this way is unauthorized. The Income Tax Department takes strict action against it. Along with confiscating this cash by the Income Tax Department, the person associated with the cash is also arrested.

All in all, the thing to note is that this strict action of the Income Tax Department (Limit on cash at home) takes place in the condition when the person does not have information about the source of income and neither is he able to tell where he got so much cash from. Therefore, if you keep cash at home, it is very important to know the source of income.

A PAN card is necessary for withdrawing more cash-

Although any amount of cash can be kept at home, a person needs to know the correct source of that cash. According to the rules of the Central Board of Direct Taxes, if a person withdraws more than Rs 50 thousand cash from the bank at one time, then he will have to show his PAN card for this.

Let us tell you that according to the rules, more than 20 lakh cash can be withdrawn from the bank account in a year and if more than 2 lakh cash is deposited at one time (Ghr me kitna cash rate), then it is mandatory to show PAN card for this. If all the money you have has come from the right source, then you do not need to panic about this. You need to know the information about your income source.

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