Unaccounted Home Cash? Income Tax Can Slap 84% Penalty.

• Keeping undeclared cash at home can lead to severe penalties from the Income Tax department.
• If cash found doesn't match declared income, tax and penalties can amount to approximately 84% of the undeclared sum.
• Banks report cash withdrawals over ₹10 lakh annually, and TDS is deducted on withdrawals exceeding ₹20 lakh, alerting authorities.
• Penalties also apply to cash transactions in property sales (over ₹20,000) and cash loans (over ₹2 lakh from one person per day).
• Experts advise using bank or digital transactions to avoid legal issues.

Why It Matters: Undeclared cash at home can lead to 84% tax penalties.