Individuals from diverse backgrounds, including those with fixed salaries, are generally encouraged to maintain at least one savings account to fulfill their banking requirements. Many individuals also opt to hold multiple accounts for various purposes. Those with a consistent income typically establish a savings bank account as it provides a secure location for their funds…

CBDT has issued a Press Release on #PAN2.0 containing some clarification FAQs. Among others, I find FAQs No. 3 & 7, important. In FAQ 3, my understanding that taxpayers having existing PAN numbers will not be required to reapply for new PAN in PAN 2.0 & their existing PAN Nos. will continue to be valid,…

Managing the official documents of a deceased loved one involves specific procedures for each document type. While Aadhaar cannot be deactivated, biometrics can be locked. PAN cards should be retained until financial matters are settled. Voter IDs can be canceled through the election office, while passports become invalid upon expiry. The death of a loved…

“CIT Appeals Issues New Order Granting 87A Rebate on Special Rate Income: In a recent ruling, the Commissioner of Income Tax (CIT) Appeals has clarified that taxpayers are eligible for the 87A rebate on special rate income. This new order provides significant relief, ensuring that individuals can avail of the rebate even on income subject…

The Union Budget 2024 introduced several changes to the tax structure, TDS Rates and TCS Rates, one of which pertains to the Tax Deducted at Source (TDS) on rent payments. Understanding Section 194-IB of the Income Tax Act Section 194-IB was introduced in the Budget 2017 to bring more rent-payers under the tax net, particularly…

NRIs may face double taxation on the same income if their claim for tax relief under DTAA is denied. In Short Non-Resident Indians (NRIs) who want to claim tax relief and avoid double taxation must follow specific steps when filing their income tax returns (ITR). Missing these steps could result in their claims being rejected…