Income Tax Return (ITR) is a form which a person is supposed to submit to the Income Tax Department of India. It contains information about the person’s income and the taxes to be paid on it during the year. Various forms are ITR 1, ITR 2, ITR 3, ITR 4, ITR 5, ITR 6 and …
Income Tax E-filing Portal has posted an update that: E-filing of Updated ITR u/s 139(8A) has been enabled for AY 2020-21 and AY 2021-22 using Excel utility for ITR 1 and 4. Refer details in News section. Please click Downloads | Income Tax Department to access and download the same for clicking respective AY folder. …
Breaking: Long Awaited Updated ITR (ITR-U) is Now Live On Income Tax Portal Read More »
In the case of Surya Prakash Toshniwal HUF vs. ITO, ITAT Kolkata has held that: The lower authorities have not brought on record any concrete evidence for disallowing the long term capital gain of the assessee. The AO should have issued notices and summons to M/s RFL and ACPL under section 133(6) and 131 of …
Advance ruling means the determination of a question of law or fact specified in the application in relation to tax liability of an applicant arising out of transactions which have been undertaken or proposed to be undertaken. The Finance Act, 2021 has provided that the Authority for Advance Rulings shall cease to operate with effect …
The fees to be paid along with application shall be as follows: Amount of transaction(s) does not exceed Rs. 100 crore: Rs. 2 Lacs Amount of transaction(s) exceeds Rs. 100 crore but does not exceed Rs.300 crore: Rs. 5 Lacs Amount of transaction(s) exceeds Rs. 300 crore: Rs. 10 Lacs Other Cases: Rs. 10,000 Source: …
What Fees is To Be Paid Along With Application For Advance Ruling? Read More »
An advance ruling pronounced by the Authority is binding on the follows :- The Applicant. The Commissioner. Commissioner of Income-tax (Appeals). Income-tax authorities who are subordinate to Commissioner In respect of transaction for which ruling had been sought. Source: Income Tax India’s Official Website
In the case of Religare Commodities Ltd vs. ACIT, ITAT Delhi has held that: The discount under ESOP is in the nature of employees cost and is hence deductible during the vesting period w.r.t. the market price of shares at the time of grant of options to the employees. The amount of discount claimed as …
If a prescribed reporting financial institution referred to in Section 285BA(1) who is required to furnish statement of financial transaction or reportable account, provides inaccurate information in the statement, and where: (a) the inaccuracy is due to a failure to comply with the due diligence requirement prescribed* under section 285BA(7) or is deliberate on the …
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 …
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 …
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 …
Following are not required to pay Advance Tax: (1.) A resident senior citizen (i.e., an individual of the age of 60 years or above during the financial year) not having any income from business or profession is not liable to pay advance tax. (2.) Taxpayer who opted for presumptive taxation scheme of section 44AD or …
Income Tax Department has launched a new functionality on the e-filing portal which allots a PAN to the assessee on basis of his Aadhaar Number. This facility can be used by an assessee only if the following conditions are fulfilled: 1.) He has never been allotted a PAN; 2.) His mobile number is linked with …
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, …
It is mandatory to provide the AO Code while applying for PAN and TAN. AO Code (i.e., Area Code, AO Type, Range Code and AO Number) of the Jurisdictional Assessing Officer must be filled up by the applicant. These details can be obtained from following links: Click on below link for AO Code of PAN: …
How To Get Area Code For My Area For Allotment Of PAN? Read More »
In case of PAN card is not received, contact NSDL. The Income Tax Department or NSDL can be contacted in any of the following means: Call Center: 1800-180-1961 Email ID: efilingwebmanager@incometax.gov.in Source: Income Tax India’s Official Website
Income Tax: CBDT issued fresh guidelines under section 194S (6)– Government of India, Ministry of Finance, Department of Revenue, Central Board of Direct Taxes (TPL Division) File No. F. No. 370142/29/2022-TPL (Part-I) vide Income Tax Circular No. 13 of 2022 dated 22nd June, 2022 has released “Circular regarding Guidelines for removal of difficulties under sub-section …
Income Tax: CBDT issued fresh guidelines under section 194S (6) Read More »
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 …
PAN obtained once is valid for life-time of the PAN-holder throughout India. It is not affected by change of address or change of Assessing Officer etc. However, any change in the PAN database (i.e. details provided at the time of obtaining PAN) should be intimated to the Income Tax Department by furnishing the details in …
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 »
We are delighted to share our 79th E-Newsletter “Weekly Taxation Newsletter” dated 21st June, 2022 from 13st June, 2022 to 20th June, 2022 with you. This E – Newsletter is a weekly reference / compilation of interesting and latest news related to tax including upcoming Timelines / Due Dates, Notifications / Press Information, Case Laws, …
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 …
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 »