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Thomas Barwick/DigitalVision via Getty Images Farmland Partners Inc. ( NYSE: FPI ) is emphasised today as we take a look at the agriculture REIT's latest prospects. While REITs can be a hot topic of conversation, the concept if often mundane to many due Analyst’s Disclosure: I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initiate any such positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article. Kindly note that our content on Seeking Alpha and other platforms doesn't constitute financial advice. Instead, we set the tone for a discussion panel among subscribers. As such, we encourage you to consult a registered financial advisor before committing capital to financial instruments. Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.Sir Keir Starmer: Norway deal could end Putin’s hold on energy bills

Sunday, December 22, 2024 Facebook Instagram Twitter WhatsApp Youtube Personal Finance Education Entertainment Jobs Alert Sports Hindi Technology Complaint Redressal. Fact-Checking Policy Correction policy Authors and Team DNPA Code of Ethics Onwership and Funding Cookie Policy Terms of Service Disclaimer Contact US About Us More Search Home Personal Finance Savings account rules: Do not deposit so much money in your bank... Personal Finance Savings account rules: Do not deposit so much money in your bank account, otherwise be ready for a tax notice By Shyamu Maurya December 22, 2024 0 20 Share Facebook Twitter Pinterest WhatsApp Telegram Savings account rules: Do not deposit so much money in your bank account, otherwise be ready for a tax notice Savings account rules: Common people are not aware of many rules related to savings account and later they have to face income tax notice. In such a situation, it is better that they know about it beforehand. Savings account rules: Have you ever wondered how much money you can deposit in your savings bank account in a business year? There is a provision for this under the tax law, in which you can get a notice from the tax department for depositing more than the prescribed limit during a business year. This limit is up to Rs 10 lakh. You may have to pay tax on deposits of more than Rs 10 lakh in a savings account between April 1 and March 31 in a business year. If you deposit more than Rs 10 lakh, then it is mandatory to inform the Income Tax Department about this. This limit is not only for one savings account, but for all your savings accounts. Banks themselves disclose the details of such transactions at their level. What will happen on deposits of more than Rs 10 lakh? Deposits of more than Rs 10 lakh are considered high-value transactions. In such a situation, banks or financial institutions give information about such deposits to the Income Tax Department under the tax law. It is also mandatory to provide PAN on deposits of Rs 50,000 in a day. If someone does not have a PAN, then they have to submit Form 60/61. What will happen to the interest received on deposits? Let us also tell you that if you earn more than Rs 10,000 interest on bank deposits in a business year, then tax is levied on it on the basis of the fixed slab. If the interest received from bank deposits in a business year is less than Rs 10,000, then tax exemption can be obtained under Section 80TTA of the Income Tax Act. Senior citizens can get tax exemption on interest up to Rs 50,000 under section 80TTB. To calculate this limit, you have to add the interest earned on deposits in all your bank accounts. What to do if you get such a notice from the tax department? If you receive a notice from the Income Tax Department regarding a high-value transaction, first of all you will have to provide sufficient evidence for it. Bank statements, investment records and inheritance documents may be required. It would be better for you to consult a certified tax advisor on this. As far as transactions in cash are concerned, under section 269ST, no person can transact more than Rs 2 lakh with anyone at one time in a day. Join Informal Newz Tags savings account Savings Account Rules Share Facebook Twitter Pinterest WhatsApp Telegram Previous article Speed Limit on Expressway: You will have to pay a fine of Rs 2000 for driving a car faster than 75 kmph Next article Visa Rules Change: Major changes in US visa and H-1B program, Indians going to America will have to take care of these things Shyamu Maurya Shyamu has done Degree in Fine Arts and has knowledge about bollywood industry. He started writing in 2018. Since then he has been associated with Informalnewz. In case of any complain or feedback, please contact me @informalnewz@gmail.com RELATED ARTICLES Personal Finance Visa Rules Change: Major changes in US visa and H-1B program, Indians going to America will have to take care of these things December 22, 2024 India Speed Limit on Expressway: You will have to pay a fine of Rs 2000 for driving a car faster than 75 kmph December 22, 2024 Personal Finance Income Tax Rules: Who will pay tax on the child’s earnings? Understand the tax rules December 22, 2024 - Advertisment - Most Popular Visa Rules Change: Major changes in US visa and H-1B program, Indians going to America will have to take care of these things December 22, 2024 Speed Limit on Expressway: You will have to pay a fine of Rs 2000 for driving a car faster than 75 kmph December 22, 2024 Income Tax Rules: Who will pay tax on the child’s earnings? Understand the tax rules December 22, 2024 Special Flights Frae: There will be special flights from these cities for Maha Kumbh... only this much fare December 22, 2024 Load more Recent Comments Gul Mohiudin on Kavita sister-in-law wore a sari without a blouse, seeing the pictures you will also be... 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