Income Tax Department: How much money can be kept at home? How much is the fine? Details are as follows..!

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How much cash can be stored at home: Nowadays everyone is getting inclined towards digital payment. Most of the cash is kept in bank accounts. This is against the backdrop that people have reduced the amount of cash in their household. In the days of our grandparents, our elders used to ask us to keep cash at home. It is said that keeping cash at home is useful in case of an emergency. Earlier too, when they were not ready to deposit money in banks, they used to hide the money received in their homes. But now times have changed. People are using digital wallets for financial transactions. But do you know how much cash you can save at home? Penalty if there is more money in the house..? Know the complete information.

According to the rules of income tax.. there is a limit to keep cash at home. There should be enough money in your income. If the Income Tax officials get a huge amount during the raid, then they will have to show proper accounts. Taxes have to be paid on that money. All the details should be submitted to the Income Tax Department while filing ITR. There is no problem if ITR is filed with cash at home. Hide the documents related to this and hand them over to the authorities when demanded.

If you file ITR every year..then you don’t need to worry. But the cash in your house should be as per your ITR filing. If ITR is not filed then the cash kept in your house can be confiscated by the IT authorities. Besides, it levies a tax of up to 137 per cent. That means you will have to pay an additional 37 per cent tax on your cash. There is no limit to how much cash can be kept at home, but financial experts recommend that the calculation be accurate regardless of how much money you have.