Income Tax rules: PAN mandatory for withdrawing Rs 20 lakh, opening current account

From May 26 onwards, anyone depositing or withdrawing Rs 20 lakh or more from one or more bank accounts in a financial year will have to quote the Permanent Account Number (PAN) at the time of withdrawal. With a view to curb evasion of taxes through the use of cash, the Central Board of Indirect Taxes (CBDT) has…

NPS scheme: You will get income tax benefit of Rs 50,000

Income Taxpayers are in search for tax-saving options as the financial year is all set to end on March 31. You will receive an exclusive tax deduction benefit of Rs 50,000 by investing in NPS, the pension fund regulatory body PFRDA said. Investing in NPS becomes more rewarding with the exclusive additional tax benefit…

Income tax alert: Taxpayers must complete this process now

The income tax department has issued a reminder to taxpayers. Income Taxpayers, whose cases are under scrutiny, must complete the process by March 31, 2022. The tax department has asked taxpayers to timely comply with notices issued by it. “Gentle reminder to taxpayers whose cases are under scrutiny,to be…

Income Tax dept relief for ITR filing: Who it impacts and what it means

The Income Tax department made an important announcement on Tuesday, at a time when there is a rush among individuals to file income tax returns (ITR) for the financial year 2020-21. The tax department said the Central Board of Direct Taxes (CBDT) has provided one-time relaxation of e-filed ITRs for Assessment Year…