Watch your current account! How much money must be deposited in the current account to trigger the tax checks? Let’s go into the details and see what there is to know about it.
Starting with the family, through work, up to expenses daily, there are so many things to pay close attention to. If all this were not enough, due to Covid, many find themselves having to deal with a financial situation that is difficult to manage, due to the lower income. Hence the decision of many to limit consumption as much as possible and leave as much money as possible in the current account, so that it can be used in case of unforeseen events.
Given the importance of the Bank account, therefore, it is easy to understand how essential it is not to neglect anything, including the amount of money we decide to keep deposited. Precisely in this sense there is a doubt that sooner or later is instilled in the heads of all of us, namely: how much money must be deposited in the current account to make take the tax checks? A more than legitimate question, to which we will try to give an answer. So let’s go into the details and see everything there is to know about it.
Current account, watch out for tax checks: everything you need to know
As is known, unfortunately, many people have to deal with a difficult management of the family budget due to the economic crisis caused by the impact of Covid on the economy. A clear demonstration of this is the fact of how, despite one thirteenth richer, the gifts under the Christmas tree will be less abundant than usual.
Many, in fact, decide to limit consumption as much as possible, in order to have some euro more available to draw on in case of difficulty. It is therefore not surprising that in the last period there has been an increase in money in the checking account, with the latter being considered by many to be the safest place to keep money.
At the same time there are many doubts about it, such as what amount you have in your current account you risk having to deal with checks by the Revenue Agency. Well, in this context it is good to know that there is no limit. In fact, there is no minimum or even maximum amount that leads the tax authorities to automatically carry out checks. On the other hand, each of us can keep all the money he wants in his current account.
Current account and fight against tax evasion: beware of withdrawals
L’tax evasion, unfortunately, it turns out to be one of the biggest plagues of our economy. Precisely for this reason the executive has decided to adopt various measures in order to counter this phenomenon. In this context, we would like to remind you that, starting from 1 July 2020, new ones have been introduced limitations. In particular there is a greater checking on payments and withdrawals from current accounts, in such a way as to verify any suspicious movements and thus request justifications in this regard.
In this regard it is good to know that the tax checks take place if the bank Report of the particular incoming and outgoing operations, remembering that there is no specific limit to which to refer, as each of us can have all the money he wants on his account, provided that it is obtained in a lawful.
At the same time it should be emphasized that there are some circumstances that can trigger tax checks, especially in the presence of substantial withdrawals. Going into the details, therefore, it is necessary to know that for the e businesses controls can be triggered in the event of a withdrawal exceeding a thousand euros in one day or 5 thousand euros in a month.
As for the private citizenson the other hand, the bank sends a report to the Financial Intelligence Unit in the case of withdrawals exceeding 10 thousand euros in a month, even if divided. Of course, everyone can withdraw as much from their account as they want. It will then be the bank, in the event that certain limits are exceeded, to ask for explanations on the matter and possibly decide whether report the matter to the Financial Intelligence Unit or not.
Payments, pay attention to the limits not to be exceeded: what they are and what changes
Dwelling on the subject of money, we also reiterate that there is no minimum or maximum amount of the stock of the current account following which the checks by the Revenue Agency are triggered. At the same time we always invite you to pay the utmost attention, especially when you decide to make gods cash payments.
In this case, in fact, there are limits to be respected. Beyond the latter, you risk heavy penalties. To date, to make payments at shops or for professional services, the cash limit not to be exceeded is equal to 1.999,99 euro. Starting from 1 January 2022, however, this threshold will drop and will be equal to 999,99 euro.
This means that from next year it will no longer be possible to make cash payments for an amount exceeding one thousand euros. In the event that a payment has to be made with amounts exceeding the aforementioned limit, i.e. € 1,999.99 in 2021 and € 999.99 in 2022, it is necessary to use traceable payment instruments, such as credit cards, debit cards or bank transfers.
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