Income Tax New Rules: What is the limit for keeping money in home and bank account, know the new rules of Income Tax..

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Many rules have been made in the country on cash possession and transactions regarding tax evasion and black money. Many times you must have seen that a question remains in people's minds how much cash can be kept in the house? Keeping cash at home depends on two things. Firstly, your financial capability, and secondly, your habit of doing transactions. At the same time, let us also tell you that there is no limit to keeping cash at home. If you are capable, you can keep as much cash as you want at home. But one rule you need to remember is that you should have an account of every penny, what is the source of your income, and whether you have paid tax or not.


According to income tax, you can keep as much cash as you want at home. But yes, if for any reason you are caught by the investigating agency, then you should have a complete account of this money. Along with this, the ITR declaration should also be there. If you are not able to show this then action can also be taken against you. You may hardly know that after demonetization, Income Tax had said that if undisclosed cash is found at home, then 137% tax can be imposed on the entire recovered amount.


There is a limit on transactions
According to the Central Direct Board, to deposit or withdraw cash above Rs 50,000 at a time, you will have to show a PAN card. Those who withdraw more than Rs 20 lakh in a year will also have to show their PAN and Aadhar card. If you do not show it, you may also be fined. If you make a transaction above Rs 1 lakh at a time through a credit-debit card, you may also be investigated.

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