Discover why PAN of Foreign Companies is mandatory in India and why it is important for their ITR filing. Understand the Income Tax provisions and compliance requirements.
Monetary Limit under section 194J & 194C are unchanged for Individual or HUF, it is still Rs 1 crore instead of Rs 5 crores With Finance Act, 2020, tax audit total sales, turnover or gross receipts limit in case of Business has been changed to Rs 5 Crores instead of Rs 1 Crore earlier. Provided […]
In Finance Act, 2020 the scope of Equalisation Levy has been expanded to include Equalisation levy of 2 % by an ‘e-commerce operator’ from ‘e-commerce supply or services’. In this article I have discussed the existing Equalisation Levy provisions along with new amendment related to E-commerce supply or services. Equalisation Levy means tax leviable and […]
Please read this article as a deductee to get more clarity. While making foreign remittance we deduct TDS whether as per Income Tax Act,1961 or as per DTAA or provide the benefit of DTAA, whichever is more beneficial to assessee. Case-1: If we are taking benefit of DTAA: 1. Section 90(4) of the Income Tax […]
Permanent Account Number (PAN) is a ten-digit unique alphanumeric number issued by the Income Tax Department. The Primary purpose of the PAN is to bring a universal identification to all financial transactions and to prevent tax evasion by keeping track of monetary transactions.
