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 …
Application in Form 49A/ 49AA must be signed (left thumb impression in case of persons unable to sing) by : The applicant; or Karta in case of HUF; or Director of a Company; or Authorised Signaturee in case of Association of Persons, Body of Individuals, Local Authority and Artificial Juridical Person; or Partner in case …
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 …
Disallowance Under Rule 8D is Not Compulsory Or Mandatory: ITAT Mumbai Read More »
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. …
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 …
What Documents Will Serve As Proof Of Date Of Birth For Individual Applicants? Read More »
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 …
What Documents Will Serve As Proof Of Identity In Case Of Individual/ HUF Applicants? Read More »
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 …
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 …
The applicant has to pay a fee of Rs. 93 + GST as applicable, per PAN application. In case, the PAN card is to be dispatched outside India then the fee for processing PAN application is Rs. 864 (Rs. 93 application fees and Rs. 771 dispatch charges)/- will have to be paid by applicant.(plus GST …
Are There Any Charges To Be Paid For Obtaining PAN? Read More »
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 …
How To Link Aadhaar With PAN Using SMS Facility? Read More »
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. …
What is Fees For Default Relating To Intimation Of Aadhaar Number? Read More »
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 …
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
The Finance Act, 2017 had inserted a new Section 139AA in the Income-tax Act, 1961, requiring every person who is eligible to obtain Aadhaar to quote his Aadhaar number while applying for PAN or furnishing return of income with effect from July 1, 2017. If any person does not possess the Aadhaar Number but he …
PAN application can be filled up in the following forms – Form 49A (for Indian Citizens) Form 49AA (for Foreign Citizens) PAN application can be made either online through NSDL website http://www.tin-nsdl.com (Click here to apply for PAN online) or UTIITSL website (Click here to apply through UTIITSL) or through any of the NSDL TIN-Facilitation …
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 …
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 …
PAN is to be obtained by following persons: Every person if his total income or the total income of any other person in respect of which he is assessable during the previous year exceeds the maximum amount which is not chargeable to tax. A charitable trust who is required to furnish return under Section 139(4A). …
A Permanent Account Number has been made compulsory for every transaction with the Income-tax Department. It is also mandatory for numerous other financial transactions such as opening of bank accounts, in bank account, deposit of cash in bank account, opening of Demat account, transaction of immovable properties, dealing in securities, etc. A PAN card is …
What Are Benefits Of Obtaining PAN And PAN Card? Read More »
No. PAN should never be quoted in the field where TAN is required to be quoted. The purposes for which PAN and TAN are allotted are different. TAN is a unique identification number which is allotted to persons who are required to deduct tax at source or collect tax at source. PAN is a unique …
Every person liable to deduct tax at source or collect tax at source is required to obtain TAN. However, a person required to deduct tax under section 194IA orsection 194-IB or section 194M can use PAN in place of TAN as such person is not required to obtain TAN. (1) Section 194IA provides for deduction of tax at source from payment on …
Who Must Apply For Tax Deduction And Collection Account Number? Read More »
Income-tax Act, 1961 provides no exemption to senior citizen or very senior citizen from filing of return of income. However, to provide relief to the senior citizens (whose age is 75 years or more) and to reduce the compliance burden on them, the Finance Act, 2021, has inserted a new section 194P. This provision requires a …
In the case of Ram Infrastructure Ltd vs. JCIT, ITAT Pune has held that: It is well settled law laid down by the Hon’ble Apex Court in Commissioner of Income Tax Vs. Shapoorji Pallonji Mistry, 44 ITR 891 (SC) and Commissioner of Income Tax Vs. Rai Bahadur Hardutroy Motilal Chamaria, 66 ITR 443 (SC) and …
As per section 206AA, if you do not furnish your Permanent Account Number to the payer (i.e., deductor), then the deductor shall deduct tax at the higher of the following rates: At the rate specified in the relevant provision of the Act. At the rate or rates in force, i.e., the rate prescribed in the …
At What Rate The Payer Will Deduct Tax If I Do Not Furnish My PAN To Him? Read More »
As per section 206AB, the tax shall be deductible at the higher rates prescribed under this provision if the following conditions are satisfied: (a) Deductee has not filed the return of income for 2 assessment years relevant to the previous year immediately prior to the previous year in which tax is required to be deducted; …
Under What Condition The Payer Will Deduct TDS At Higher Rates? Read More »
Following are the basic duties of the person who is liable to deduct tax at source. He shall obtain Tax Deduction Account Number and quote the same in all the documents pertaining to TDS. He shall deduct the tax at source at the applicable rate. He shall pay the tax deducted by him at source …
What Are Duties Of Person Deducting TDS Under Income Tax? Read More »
In the case of DCIT vs. Ford India Limited, ITAT Chennai has held that: An income is of such a nature as, on satisfaction of conditions specified in the related provision, could be taxed under any of these specific treaty provisions, cannot be covered by this residuary clause. Take for example, income earned by a …
It is the duty and responsibility of the payer to deduct tax at source. If the payer fails to deduct tax at source, then the payee will not have to face any adverse consequences. However, in such a case, the payee will have to discharge his tax liability. Thus, failure of the payer to deduct …
Will Payee Face Adverse Circumstances If Payer Not Deducted TDS? Read More »
A deductor would face the following consequences if he fails to deduct TDS or after deducting the same fails to deposit it to the credit of Central Government’s account:- (A) Disallowance of Expenditure As per section 40(a)(i) of the Income-tax Act, any sum (other than salary) payable outside India or to a non-resident, which is …
What Are Consequences Of Not Deducting And Depositing TDS To Government’s Account? Read More »
For quick and efficient collection of taxes, the Income-tax Law has incorporated a system of deduction of tax at the point of generation of income. This system is called as “Tax Deducted at Source”, commonly known as TDS. Under this system tax is deducted at the origin of the income. Tax is deducted by the …
What is Tax Deducted At Source (TDS) Under Income Tax? Read More »