News & Media 12th Jan 2023
As per the latest notification by Income Tax Department, effective from January 5, 2023, all banks, financial institutions, and post offices must report every rupee paid as interest to the depositor. The information must be reported where any interest exceeds zero per account in the financial year (this excludes Jan Dhan accounts).
The Hindu Business Line published an article titled ‘Banks to report every penny paid as interest to the depositor’, in which Rahul Charkha, Partner, Economic Laws Practice (ELP) talks about how the process will help taxpayers and avoid the leakage of revenue.
Read the detailed article here: Click here
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