Q1: What are the various types of defaults that may get generated on 26QB processing? Ans: Following are the types of Defaults that may get generated on 26QB processing:—1) Short Deduction: Short deduction is computed when the rate at which TDS Deducted is less than 1%.
The Government in its commitment to curb the circulation of black money and widening of tax base has made quoting of PAN compulsory for specified transactions.. To collect information of certain types of transactions from third parties in a non-intrusive manner, the Income-tax Rules require quoting of Permanent Account Number (PAN) where the transactions exceed a specified limit.
Income tax can be defined as the percentage of your income which you pay to the government in order to fund infrastructural development. Taxes account for a major portion of the income which is earned by the Indian government. In most cases these taxes can prove to be very harsh on the taxpayer. Hence the government has made some provisions wherein the taxpayer can save on the tax.
Section 80D provides a deduction for contribution towards the health insurance premium to the extent of Rs 15,000 paid for self and family. If the policyholder is a senior citizen, the benefit can increase to Rs 20,000. Mostly people take only this benefit into account and consider the maximum limit here to be the highest amount that can be utilised for tax benefit. However, an additional deduction is possible and can be utilised.
PAN card is something which becomes one of the key document to reveal individual identity. Let us first understand that how PAN card is important for card holder to safe guard public pan money from many cheaters in the society
Important points to keep in mind before filing income tax return. Learn about selecting the correct form and other key considerations for AY 2020-21.
