Are You Aware Of The Income Tax Act That Restricts Cash In Home?
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Income tax personnel will seize the unaccounted money and the fine can be up to 137% of the total money. According to the Income Tax act, there is no bar on the amount of money stored in the house. In India, with the advent of digital transactions, citizens are adapting to the new normal. On the flip side, there is still a majority of Indians who rely on and trust the traditional method of keeping money at home. Are you one of those? You can be but do you know, there are certain restrictions on the amount that can be stored in a house? If you are a businessman then keeping cash at home can be quite common but what if income tax officials raid your residence? If you want to protect yourself and your family then read further to know. According to the Income Tax act, there is no bar on the amount of money stored in the house. But in case of an income tax raid, a person should present the source of the money. Especially the money should not be unaccounted for in income. If you...