Income Tax: People keep money in their homes for their expenses and it is normal that cash is available with people. However, if you have a huge amount of cash kept at home, then you can also get into trouble.
Income: The bank gives us the facility to keep our earnings safe in the bank account. Although people definitely keep money in banks, but in spite of this, people also keep money in their homes. People keep money in their homes for their expenses and it is normal that cash is available with people. However, if you have a huge amount of cash kept at home, then you can also get into trouble.
Actually, according to the Income Tax Department, you can keep any amount of cash in the house in India, but if this cash comes in the eyes of the government investigation agency, then you can get into trouble because the government investigation agencies will keep the cash in the house. Will take full account and you may have to give account of every pie.
In such a situation, instead of facing any problem, it is better not to keep heavy cash in the house and if for some reason you have to keep more cash in the house, then keep a complete account of that money.
On the other hand, if you are unable to tell the source of the money kept in the house and cannot account for the cash kept in the house, then you can also be fined through the government investigation agency. At the same time, this fine can be up to 137 percent.
In such a situation, it is necessary to keep a complete account of the cash kept in the house. Also pay the full tax on time. If you have paid full tax and accounted for all your money, then you can avoid every problem.
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