Cash Limit Home': Major Update! If you keep more cash at home than this, income tax will be withheld without your knowledge.

 'Cash Limit Home': Major Update! If you keep more cash at home than this, income tax will be withheld without your knowledge.

In the past, large investigative agencies like the Income Tax, ED, and CBI have raided numerous locations and collected cash worth crores of rupees from people's houses. In a significant operation in West Bengal, the Enforcement Directorate, or ED, confiscated Rs 50 crore in cash from Arpita Mukherjee's apartment. Several times before this action was conducted, ones identical to it. Let's learn more about it in-depth.

The topic of how much cash an average person can store in his home in such circumstances arises.

What amount of cash do you store at home? Are you safe and do not you fear any investigating authorities?

You are permitted to store any quantity of cash in your home in accordance with Income Tax Department regulations, but if it is discovered by an investigating agency, you will be required to disclose its source.

There is no need to panic if you received that money lawfully, have all the necessary documentation, or have filed an income tax return. Nonetheless, if you are unable to identify the source, the agency will act independently.

Some significant information

• A fine of up to 137 percent may be assessed if the source of money stored at home is not disclosed.

• Cash transactions that total more than Rs 20 lakh in a fiscal year may be fined.

• The CBDT states that providing a PAN number is required when depositing or withdrawing more than Rs 50,000 in cash at once.

• If a person deposits Rs 20 lakh in cash in a year, he or she must provide PAN and Aadhaar details.

• Failure to provide PAN and Aadhaar details may result in a fine of up to Rs 20 lakh being imposed.

• Cash payments for purchases exceeding Rs 2 lakh are not permitted.

• If cash purchases totaling more than Rs 2 lakh are made, a copy of your PAN and Aadhar card must be provided.

• If the person buys or sells property worth more than Rs 30 lakh in cash, they may come under the investigation of the investigative agency.

• If a person uses a credit or debit card to make a single payment of more than one lakh rupees, an investigation can be conducted.

• Your relatives cannot be robbed of more than Rs 2 lakh in cash in a single day. The bank must be contacted for this.

• A maximum of Rs 2,000 has been set for cash donations.

• No one may borrow more than $20,000 in cash from another individual.

• TDS will be charged on bank withdrawals of more than Rs 2 crore.