Income Tax Rule: If you keep cash at home then be careful! Income tax will take action, understand the rules..

Many people do private jobs and many have their businesses, but you have to pay taxes according to your income. Everyone's income is 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 rules, no special rule or limit has been made in the matter of keeping cash at home.

If you are financially capable yourself, then you can keep any amount of cash in your house. But you should have the source of that amount. If you are questioned by any investigating agency, then you will have to show the source. Along with this, you will also have to show an ITR declaration.

ITR declaration and source will have to be told

If you are not able to tell the source of the money, then due to you can get into big trouble. In such a situation, the Income Tax Department investigates how much tax you have paid. If undisclosed cash is found in the calculation, then action can be taken against you by the Income Tax Department and a hefty penalty can also be recovered from you. The Income Tax Department asks about the source of income before taking action. When you are unable to give information about your source, then action is taken. In such a case, the cash is also confiscated. Sometimes arrests are also made.

PAN card will have to be shown

Let us tell you that according to the Central Board of Direct Taxes, if you withdraw or deposit more than 50 thousand rupees in your account at one time, then you will have to show your PAN card. If a person has not filed an 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 TDS of 2 percent on transactions of 20 lakh rupees and up to 5 percent on transactions of more than 1 crore rupees. But those who have filed ITR can get some relief in this matter.

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