INCOME TAX

Govt Issues Guidelines- inserted a new section 194S in the Income-tax Act, 1961 with effect from 1st July 2022

Guidelines for removal of difficulties under sub-section (6) of section 194S of the Income-tax Act, 1961 Finance Act 2022 inserted a new section 194S in the Income-tax Act, 1961 (hereinafter referred to as “the Act”) with effect from 1st July 2022. The new section mandates a person, who is responsible for paying to any resident …

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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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Are There Any Charges To Be Paid For Obtaining PAN?

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 …

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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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Income Tax Return: You must reconcile your Form 16 with 26AS before filing income tax return

Form 16 is the certificate of deduction of tax at source and issued on deduction of tax by the employer on behalf of the employees . It provides employees details of TDS deducted from their salary that is paid during a particular financial year , tax exempt allowances etc. The income tax law says a …

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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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Is It Mandatory To Link Aadhaar With PAN?

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 …

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How To Apply For PAN?

​​​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 …

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Income Tax Department conducts searches in Rajasthan and Mumbai

Income Tax Department carried out search and seizure operations on 16.06.2022 on a business group involved in retail and export sale of handicrafts, cash financing, purchase and sale of land and buildings, alongwith some bullion traders. The search operation covered more than 25 premises spread across Rajasthan and Mumbai. During the course of the search …

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I-T Dept searches in Rajasthan and Mumbai, business group involved in sale of handicrafts, cash financing alongwith some bullion traders

I-T Department conducts searches in Rajasthan and Mumbai, business group involved in sale of handicrafts, cash financing, purchase and sale of land buildings alongwith some bullion traders Income Tax Department carried out search and seizure operations on 16.06.2022 on a business group involved in retail and export sale of handicrafts, cash financing, purchase and sale …

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Income Tax Department conducts searches in Tamil Nadu

Income Tax Department carried out search and seizure operations on 15.06.2022 on a leading industrial group of Chennai, engaged in the business of manufacturing of IMFL, logistics, hospitality, entertainment etc. The search operations were carried out at more than 40 premises located in Chennai, Villupuram, Puducherry, Coimbatore and Hyderabad. During the course of the search operations, …

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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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Who is Required To Obtain PAN?

​​​​​​​​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 1​39(4A). …

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What Are Benefits Of Obtaining PAN And PAN Card?

​​​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 …

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Who Must Apply For Tax Deduction And Collection Account Number?

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 s​ection 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 …

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Is A Senior Citizen Exempts From Filing ITR?

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 …

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Income Tax Rules: Big news! Senior citizens can avoid paying 10% TDS on FD interest, know here rules immediately

Income Tax Return: The government gives tax concession to the elderly. Under this, senior citizens are exempted from paying TDS on FD interest. If you also want to avoid paying 10% TDS, then you have to do some important things first. Senior citizens should submit the self-declaration form to their bank at the beginning of …

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At What Rate The Payer Will Deduct Tax If I Do Not Furnish My PAN To Him?

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 …

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Under What Condition The Payer Will Deduct TDS At Higher Rates?

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; …

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What Are Duties Of Person Deducting TDS Under Income Tax?

​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 …

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Will Payee Face Adverse Circumstances If Payer Not Deducted TDS?

​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 …

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