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Hey Guys, off topic question... My mom has a savings account in a Punjab National Bank branch. Recently while trying to do transaction branch manager is informing her account has been blocked as per SEBI directive, he is not showing any proof for the same. Now my mother does not even have a DEMAT account, nor does she have any dealings with stock market. Any suggestions on what to do regarding this? Please help with suggestions, we are completely lost as to what to do. Punjab National Bank
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Me when my manager mumbles incoherently
Lume shot as I walked into a parking garage
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I use it to cover our au pair expenses. I've never used it for a family member (e.g. Grammy) watching them even though we paid her when she watched them. I believe you just have to fill out a substantiation form online and include a receipt. You can probably just type up an invoice with their name and note how payment was made (check, cash). Just remember that it puts them as higher risk for not paying taxes assuming they don't report the income.
Pretty sure you have to report their SS#, so the only real savings is the difference between your tax bracket and theirs. Even less if you're expected to withhold FICA.