Working women and cash related capping in India: If you are a working woman or you take care of the family, you must be keeping cash at home. You may be keeping savings money. Legally there is no harm in this. But do you know that keeping cash at home can cause you problems in the future. Although this problem can be avoided due to your correct documents, but for this you will have to make full preparations.
Even though India seems to be meeting the target of digital economy to a great extent, Indians have traditionally kept cash at home. Women especially keep their savings at home. People keep cash at home as per the need of the time and in view of the need of cash in case of emergency. In such a situation, the question arises whether any upper limit for keeping cash has been fixed by the PM Modi government. so answering this Prashant Jain, expert consultant in tax matters It is said that there is no such limit.
According to tax experts, there is no provision or capping in this regard in the Income Tax Act. Anyone can keep as much cash as he wants, at home or in his office, but there is a catch with this, which we are going to tell you further.Know Your Rights: How much right does a wife have on her husband’s wealth? You should know this important thing from a legal angle
Often we hear in the news that a raid was conducted at the house or office of a bureaucrat or an officer and cash was seized. So let us tell you that this cash is unauthorized cash. In a raid conducted by the Income Tax Department, only that cash is seized which is unauthorized. In some cases, the persons concerned are also arrested. Overall, you should have proof of where the cash came from. For more such information related to women and personal finance, you can click here.
You should know and be able to tell the source of the cash you have. This source should be legal and should not be the result of any kind of tax evasion. However, if you are unable to tell the source of the funds of the cash recovered, then up to 137 percent tax of this amount can be imposed on you. That is, the tax department will confiscate all such cash you have and you will have to pay 37 percent more as a penalty.
Tags: Black money, business news in, Income Tax Return, IT Raid, RBI Policy, Women’s Finance
FIRST PUBLISHED: May 23, 2024, 17:28 IST