Day: July 7, 2020

Income Tax will be Charged on Cash Withdrawal

The Income Tax department has rolled out a new tool to calculate Tax Deducted at Source (TDS) rate under Section 194N on its e-filing portal.  This development comes after new rules under Section 194N relating to TDS on cash withdrawals were implemented from July 1. Section 194N :- To encourage […]

Bank Savings Account Minimum balance rule changed

During the Coronavirus lockdown, various Indian banks had announced exemption from maintaining the minimum balance limit in one’s savings account. Since the offer was available till 30th June 2020, the original savings account minimum balance limit rule will become effective from tomorrow. Ignoring this may lead to monetary loss for […]