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What Are Consequences Of Not Filing Statement Of Financial Transaction Or Reportable Account?

​​​​​​​​Non-furnishing of statement of financial transaction or reportable account will attract penalty under section 271FA. Penalty can be levied of Rs. 500 per day of default. However, section 285BA(5)​ (as discussed earlier) empower the tax authorities to issue a notice to the person directing him to file the statement within a period not exceeding 30 …

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What is The Mode And Due Date For Filing Statement Of Financial Transaction Or Reportable Account?

​​​​The statement of financial transaction shall be furnished electronically (under digital signature) in Form No. 61A to the Director of Income-tax (Intelligence and Criminal Investigation) or the Joint Director of Income-tax (Intelligence and Criminal Investigation). However a Post Master General or a Registrar or an Inspector General may furnish Form No. 61A in a computer …

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Purchases Cannot Be Treated As Bogus Merely On The Basis Of Statements And Affidavits Filed By Alleged Vendors Before Sales Tax Department: ITAT Mumbai

In the case of ACIT vs. Mahesh K. Shah, ITAT Mumbai has held that: Mere reliance by the AO on information obtained from the Sales Department or on statements/affidavits of the 12 parties before the Sales Tax Department or that these parties did not respond to notices issued under section 133(6) of the Act, would …

Purchases Cannot Be Treated As Bogus Merely On The Basis Of Statements And Affidavits Filed By Alleged Vendors Before Sales Tax Department: ITAT Mumbai Read More »

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What is E-PAN?

E-PAN is the PAN provided in PDF format rather than physical card. The E-PAN card in PDF format will be sent to e-mail ID mentioned in PAN application form. If the physical PAN Card is not required, then PAN applicant will have to indicate at the time of submission of PAN application. In such cases, …

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Taxpayer is Eligible To Claim ITC As Per Invoice in Absence Of System Based Matching: Gujarat High Court

In the case of M/S New Nalbandh Traders vs State Of Gujarat, the Gujarat High Court has held that: On the perusal of the aforesaid provisions, it can be said that there is a specific mechanism for reversing the credit in the case of a discrepancy in the ITC availed by the recipient, against the …

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Section 206AA Does Not Have Overriding Effect Over Other Provisions Of The Act: ITAT Hyderabad

In the case of Nagarjuna Fertilizers and Chemicals Limited vs. ACIT, ITAT Hyderabad (Special Bench) has held that: In view of the above discussion, we are of the view that the provisions of section 206AA of the Act will not have a overriding effect for all other provisions of the Act and the provisions of …

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Method To Calculate Aggregate Turnover Under GST

Aggregate turnover is computed on all India basis for a person having same Permanent Account Number (PAN). It is sum of value of all outward supplies falling in the following four categories: Taxable supplies Exempt supplies Exports of goods or services or both Inter-state supplies.  but excludes the value of inward supplies on which tax …

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How To Sign PAN Application (Form 49A/ 49AA)?

​The applicant has to provide signature at three places in form 49A/ 49AA. If the applicant cannot sign, then the Left Hand Thumb impression of the applicant should be affixed at the place meant for signatures and should be attested by a Magistrate or a Notary Public or a Gazetted Officer, under official seal and …

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Disallowance Under Rule 8D is Not Compulsory Or Mandatory: ITAT Mumbai

In the case of Shapoorji Pallonji & Co. Ltd vs. DCIT, ITAT Mumbai has held that: Thus, Rule 8D is not attracted and applicable to assessee who have exempt income and it is not compulsory and necessary that an assessee must voluntarily compute disallowance as per Rule 8D of the Rules. Where the disallowance or …

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Who Can Apply For PAN On Behalf Of Non-Resident, Minor, Lunatic, Idiot And Court Of Wards?

Section ​160 of Income-tax Act, 1961 provides that a non-resident, minor, lunatic, idiot, mentally retarded, deceased, wards of court and such other persons may be represented through a Representative Assessee. In such cases, In the application for PAN, details of the non-resident, minor, lunatic, idiot, mentally retarded, deceased, wards of court, etc. should be provided. …

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What Documents Will Serve As Proof Of Date Of Birth For Individual Applicants?

​​​Copy of any of the following document will serve as proof of date of birth in case of individual applicants being Indian citizens (including those located outside India): Birth Certificate issued by the Municipal Authority or any office authorized to issue Birth and Death Certificate by the Registrar of Birth and Death or the Indian …

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What Documents Will Serve As Proof Of Identity In Case Of Individual/ HUF Applicants?

Any of the following document will serve as proof of identity in case of individual applicants being Indian citizens (including those located outside India) :  (1.) Copy of following : Aadhaar Card issued by the Unique Identification Authority of India; Elector’s photo identity card; or Driving License; or Passport; or Ration card having photograph of …

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What Documents And Information To Be Submitted Along-with PAN Application in Form 49A/ 49AA?

​The documents required to be submitted with the PAN application are specified in Rule 114 of the Income-tax Rules. The details of the documents required are also provided in the application form. Individual applicants have to provide document pertaining to proof of identity, proof of address and proof of date of birth. The name of …

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Can Application For PAN Be Made On Plain Paper?

​​​​​Application for PAN cannot be made on plain paper. The application for PAN is to be made in the prescribed form i.e. Form No. 49A/ Form No. 49AA as the case may be. Form No. 49A is to be used by Indian Citizen/ Indian Companies/ Entities incorporated in India/Unincorporated entities formed in India and Form …

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How To Link Aadhaar With PAN Using SMS Facility?

Taxpayer who wants to link their Aadhaar number with PAN is required to send SMS to 567678 or 56161 in following format: UIDPAN<space><12 digit Aadhaar><space><10 digit PAN> Example of SMS to 567678 or 56161: UIDPAN 111122223333 AAAPA9999Q Aadhaar number will be linked with PAN if name and date of birth of taxpayer is identical to …

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What is Fees For Default Relating To Intimation Of Aadhaar Number?

The Finance Act, 2021 has inserted a new Section 234H to levy a fee for default in intimating the Aadhaar Number. If a person is required to intimate his Aadhaar under Section 139AA and such person fails to do so, he shall be liable to pay a fee, as may be prescribed, not exceeding Rs. …

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Remuneration From Partnership Firm Can Not Be Included in Gross Receipts For The Purpose Of Tax Audit: Bombay High Court

Case: Perizad Zorabian Irani v. PCIT Court: Bombay High Court Judgement Summary: The petitioner is an actress shown her professional income and also remuneration from two partnership firms in her return of income. The professional income being less than prescribed limit petitioner has not obtained the tax Audit report. The Assessing Officer held that though …

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How To Link Aadhaar With PAN Using E-filing Portal?

Taxpayer is required to login on e-Filing portal using his registered username and password. After login, he will get the “link Aadhaar” option under his ‘Profile Settings’. Aadhaar number will be linked with PAN if name and date of birth of taxpayer is identical to Aadhaar and PAN. Source: Income Tax India’s Official Website

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Penalty Cannot Be Levied If Omission And Wrong Claim Was By Oversight And Auditors Did Not Point It Out: ITAT Mumbai

In the case of Wadhwa Estate & Developers India Pvt. Ltd vs. ACIT, ITAT Mumbai has held that: Undisputedly, in the return of income assessee has failed to offer interest on fixed deposit amounting to Rs 5,92,186 and loss claimed on account of fixed asset written–off amounting to Rs 1,82,242. It is also a fact …

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Can I File My ITR Without Quoting PAN?

​​​It is mandatory to quote PAN on the return of income. Apart from return of income, PAN is also to be quoted in all challans for making payment of tax, correspondence with the Income Tax Department, etc. However, w.e.f., 01-09-2019, every person who has been allotted a PAN, and who has linked his Aadhaar number …

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