Starting this new financial year (from 1-Apr-2010) ,please quote your Permanent Account Number (PAN) in all financial transactions, where tax need to be deducted at source (for example, Interest, rent, contract work, consultancy etc.,).
What if I do not mention my PAN? - The payer will deduct tax at a higher rate at 20% !
This will be a pain for the Senior Citizens, who do not pay tax (Meaning, they are well within the taxable limit). For most of them, bank interest is the source of income. They...
Savings Account balance to get more interest - on a daily balance basis.
Good news for those who depend on the savings bank account. Currently, your savings bank account balance earns interest @ 3.5% on the lowest balance maintained between the 10th and the last date of the month. It means that if you have Rs.1.01 Crore on the 2nd day and and on the last day, you withdraw Rs.1.00 crore (leaving Rs.1 lakh in the account), you will get interest on Rs.1 lakh for that month. Now, wef 1-Apr-2010, your savings bank account will earn interest on the daily basis (based on your...
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