PAN

Levy of interest on the ground of non-payment of correct amount of tax by itself can be a ground for non-acceding to the request of the assessee as the levy is a statutory one but it is another thing to say that the said factor shall not be taken into consideration at all for the purpose of exercise of the discretionary jurisdiction on the part of the Commissioner. Appellant volunteered that the securities be sold. Why the said request of the appellant could not be acced.. Full Article

Dear Friends , I found this utility on the website www.saraltaxoffice.com. They are the one who come first with this utility and above all we can use it for free. Is there a way to validate your PAN? Is there any way to know what is the name corresponding to PAN? What should I do to register at e-Filing website, as I do not know the corresponding surname, first name, etc? Full Article

Companies and individuals who do not reveal their Permanent Account Number (PAN) while receiving income from any source will be liable to pay tax deducted at source (TDS) at the maximum marginal rate of 30 per cent (plus surcharge and education cess). Under the Income Tax Act, 1961, any income payable to the assessee is liable for TDS by the person or entity making the payment. TDS rate ranges from 1 per cent to 30 per cent depending on the nature of income. The Central .. Full Article

The Central Board of Direct Taxes, vide notification S.O.No.493(E) dated 13.3.2008 have notified the categories of taxpayers who are mandatorily required to electronically pay taxes on or after the 1st day of April, 2008. The taxpayers who are required to pay taxes by the prescribed mode are – (i) a company; and (ii) a person (other than a company), to whom provisions of section 44AB of the inco9me-tax Act, 1961 are applicable. Circular No.5/2008 Full Article

TAN is a unique identification number, which is allotted to people who are deducting or collecting tax at source on behalf of the income tax department. It has to be quoted in all TDS/ TCS returns. As in the case of permanent account numbers (PAN) that helps to keep track of all assessees and their returns, TAN is used to keep a tab on all tax dedicators and deductions. If all these officers have a TAN, It would be easier to track collections by state governments throug.. Full Article

From 1st April 2008, payment of tax has been made mandatory for all corporate and firms covered under tax audit. During the first month, many practical issues were faced by depositors. Some of these are discussed below: Only few Banks authorised Only 27 banks are authorised to accept online payments. Persons not having account with [...] Full Article

The government will soon introduce biometric permanent account numbers (PAN) for income tax payers, though initially only new applicants would be brought under its net, Finance Minister P Chidambaram said on Monday. “There is progress on biometric PAN cards. Features have been finalised, what biometric measure will be used in the PAN card is being [...] Full Article

PAN card may be issued based on the copy of the NRI’s passport as ID proof and copy of passport/copy of bank account in the country of residence as the requisite address proof. As per the new guidelines, an applicant who is:a) A citizen of India but residing outside India at the time of making the application; or ) A foreign citizen; or c) A person other than an individual (like company or trust or firm etc) having no office of its own in India should fill the PAN appl.. Full Article