In India, individuals can leverage a range of deductions and allowances to optimize their tax liabilities and retain more of their hard-earned money. Being well-versed with these provisions is essential for effective tax planning.
The Income Tax Department may send a notice to a taxpayer in relation to their savings bank account under various circumstances, especially if there are discrepancies or concerns regarding the reported income, interest income, or financial transactions associated with that account. Here are some common situations in which the Income Tax Department may send a notice related to a savings bank account:
