Now, you can open an account within three months of receiving retirement benefits. The definition of retirement benefits has been clarified to include various payments like provident fund dues, gratuity, pension commutation, leave encashment, and more.

The recent notification introduces changes concerning the premature closure of Public Provident Fund (PPF) accounts, identified as the Public Provident Fund (Amendment) Scheme, 2023.

However, it's essential to be aware that there are specific tax considerations related to agricultural income. This discussion delves into the details of agricultural income tax in India, aiming to provide clarity on this subject.