The hand of Italian savers sometimes trembles when they need to pay cash into a banking institution. Account holders are most worried about the tax checks on the movement of sums. In fact, it is necessary to be able to justify and demonstrate that the money held in the bank comes from income from work or from absolutely legitimate sources.
We must move with caution to prevent tax assessments that could open other doors that would be better to keep closed.
In the same way, it is advisable to use a lot of foresight when you do not choose electronic payment with traceable tools for some expenses. In fact, we recommend “Pay attention to the tax code and current account if you make payments with cash because the Revenue Agency carries out checks on the 730/2021 model”.
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What usually draws the attention of the tax authorities and triggers investigations is precisely the sudden appearance in the bank deposit of surplus sums of money. We refer specifically to the money that a saver pays into the account and which does not coincide with the crediting of the salary or pension allowance. The extra money could in fact come from the rent of an apartment that the taxpayer has not reported in the tax return. And yet there is not always a risk because, for example, no fines from the Inland Revenue for these 3 payments of cash into the current account.
No fines from the Inland Revenue for these 3 payments of cash into the current account
Perhaps not all taxpayers know that they can pay even very large sums of money into the account without fear of the presumption of tax evasion. In fact, there are particular types of payments that are already taxed at the origin and therefore it is not necessary to report in the income tax return. If a saver were to report a win from the game or a prize competition, he can pay the money into his account without fearing tax assessments. The second case in which it is possible to pay cash into the bank with a light heart is when you receive a donation of modest value.
To this end we remind “How to make donations of money between relatives without risking controls by the Inland Revenue“. Finally, there is another cash payment that does not determine the need for tax audits and concerns the sale of some object. In fact, if you occasionally dedicate yourself to the sale of used and / or collectible objects, you do not have to declare the proceeds in the 730 model. Consolidated Law on Income Tax.
Deepening
How much money can you donate to your child without paying taxes and without tax checks?
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