Mar 1, 2023

Income Tax Cash Limit Fixed at home: Big News! Income tax department fixed the limit for keeping cash at home, know here limit, otherwise..

This much will be the fine

How much fine will you have to pay if you are caught with unaccounted cash at home? According to the Central Board of Direct Taxes (CBDT) in this regard, if you are unable to tell the source of money kept at home, then you may have to pay a fine of up to 137 percent.

Keep these things in mind 

  • Transaction of more than Rs 20 lakh in cash in a financial year can attract a fine.
  • It is necessary to give PAN number for depositing or withdrawing cash more than Rs 50,000 at a time.
  • If a person deposits 20 lakh rupees in cash in 1 year, then he will have to give information about PAN (PAN) and Aadhaar (Aadhaar).
  • Fine up to Rs 20 lakh may have to be paid for not giving information about PAN and Aadhaar.
  • You cannot shop for more than Rs 2 lakh in cash.
  • A copy of PAN and Aadhaar card will have to be given if purchases of more than Rs 2 lakh are made in cash.
  • The person can come on the radar of the investigating agency on the purchase and sale of property worth more than Rs 30 lakh in cash.
  • At the time of payment of Credit-Debit Card card, if a person pays an amount of more than Rs 1 lakh in one go, then investigation can be done.
  • Can’t take cash more than Rs 2 lakh from your relatives in 1 day. This has to be done through the bank.
  • The limit for donating in cash has been fixed at Rs 2,000.
  • No person can take a loan of more than 20 thousand in cash from another person.
  • You will have to pay TDS if you withdraw more than Rs 2 crore cash from the bank
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