North India Statesman
[ad_1]
News India Live, Digital Desk: Income Tax: Often many of us feel that ‘I have money, I can keep as much as I want at home!’ But wait! This thinking can become your big trouble and Income tax The department can sleep your nights. Yes, the government has made some stringent rules for keeping cash in the house. By the way There is no upper limit to keep cash directlyThat is, there is no fix ‘limit’ whether you keep 1 lakh in the house or 1 crore.
But here comes a big ‘catch’ (most important thing):
The real issue begins when you have cash Correct information The Income Tax Department comes to know and you have its ‘source’ i.e. where did that money come from, Do not understand! The problem starts from here.
If you have a raid (red) and you get a large amount of money from you, which you are not able to account for where he came from and or not, then your pocket can be completely empty.
Know how much those 3 dangerous rules and how much can be fined:
-
Heavy tax: If you get the cash ‘unannounced’ (ie which is not calculated), then directly on it Tax at the rate of 60% Is applied.
-
Tremendous penalty: Not only this, on the amount of that tax 25% penalty It also looks.
-
Extra cess and surcharge: In addition to this 60% tax and 25% penalty, you 25% surcharge And 4% cess (Cess) also has to be repaid.
-
Think! This can be around 137% in total! Meaning if you get 10 lakh rupees without ‘without account’, then you can lose about 13 lakh 70 thousand rupees from it, because the penalty increases on your own zodiac sign!
-
Which ‘cash’ transactions keeps a close watch of the Income Tax Department?
Information about some of your big cash transactions with the Income Tax Department is easily accessible through banks or financial institutions:
-
Purchase real estate or property: Cash transaction of ₹ 30 lakh or more.
-
Fixed Deposit (FD): If you deposit more than ₹ 10 lakh cash in FD.
-
Buying share or mutual funds: More than ₹ 10 lakh cash.
-
Credit Card Bill Filling: If you pay a credit card bill of more than ₹ 1 lakh in cash.
-
Savings Bank Account deposited: If a financial year deposited more than ₹ 10 lakh cash.
-
Buying gold/jewelery: Cash transaction of more than ₹ 2 lakh.
What to do and what not to do:
-
Of your money Keep every accountEspecially if there is a huge amount.
-
Whenever you deposit or spend big cash amount, Keep in source and purpose (purpose) documents.
-
As far as possible, Digital payment Do
-
Under income tax laws Fill the tax at the right time.
-
Never keep any money at home or in your account, which you can not legally accounted.
Remember, the government is very serious to stop black money (black money). Therefore, save your hard earned money from becoming a problem and follow the rules!
