CAs caution joint bank account holders about this critical issue with tax rules that can lead to tax notices

Chartered Accountants highlight a critical issue with tax rules. Rule 114E(2) causes duplicate reporting for joint account holders. This leads to unnecessary tax notices, especially for non-filers. Experts suggest reviewing AIS/TIS and reporting income correctly. Taxpayers should maintain records of investments. The current system needs a fix to avoid penalizing joint holders, particularly senior citizens.

from Tax-Wealth-Economic Times https://ift.tt/W7yCukh