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limit for cash in hand
please let me know as to how much cash in hand may be kept by an individual at a time according to the income tax act, 1961.
Replies (4)
I think there is no such provisions regarding holding off cash...
Income tax act 1961 provides provisions regarding cash payments and cash receipts....
For more clarity refer 40A(3),268SS, 269T,269ST
Income tax act 1961 provides provisions regarding cash payments and cash receipts....
For more clarity refer 40A(3),268SS, 269T,269ST
no regarding this
There is no such restrictions for Cash in hand. As long as you are able to give explaination against your cash holdings you don't need to worry at all no matter how much is the cash amount standing in the books.
There is no restriction on having any amount of cash in any denomination. The only problem is to explain source of income. If you have a valid explanation (that is acceptable to IT dept.) you need not worry.
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