pan number

Scope of PAN extended to financial transaction exceeding Rs. 2.5 Lakh in a Year

Income Tax - Entities to apply for Permanent Account Number in certain cases Section 139A inter-alia provides that every person specified therein and who has not been allotted a permanent account number shall apply to the Assessing Officer for allotment of a Permanent Account Number (PAN). In order to use PAN as Unique Entity Number (UEN) for non-indi...

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Permanent Account Number (PAN)

Income Tax - In this article we have covered Meaning of Permanent Account Number (PAN), Its Utility,Procedure to Obtain PAN, Transaction in Which PAN is Mandatory,How to correct any mistake in PAN card or intimate any change in data pertaining to PAN...

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Gear Up Taxpayers! Save Your PAN from deactivation

Income Tax - In other words, if the PAN is not linked with Aadhaar before 31st August, 2017, then the PAN shall be deactivated and subsequently returns will not be processed, which means if the same is not linked within the stipulated time then the filed return shall be treated as if the return has not been filed....

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How to Activate Your PAN If It Has Been Deactivated

Income Tax - Persons to whom PAN under new series has already been allotted shall not apply for such number again. No person who has already been allotted a PAN under the new series shall apply, obtain or possess another PAN....

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IEC to Be Abolished; GSTIN to be in Future

Income Tax - For the existing IEC holders, necessary changes in the system are being carried out by DGFT so that their PAN becomes their IEC. DGFT system will undertake this migration and the existing IEC holders are not required to undertake any additional exercise in this regard....

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Requirement for obtaining PAN card eased for corporate assessees

Income Tax - Requirement for obtaining PAN card u/s 139A of IT Act, 1961 eased for corporate assessees In case of a company, an application for incorporation, allotment of Permanent Account Number (PAN) and allotment of Tax Deduction and Collection Account Number (TAN) may be made through a Common Application Form submitted to the Ministry of Corporat...

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Mandating Aadhaar linkage to PAN cards to achieve objective of one PAN to one assessee

Income Tax - Permanent Account Number (PAN) is the key identifier of taxable entity and aggregator of all financial transactions undertaken by one person. One PAN for one person is the guiding principle for allotment of PAN. However, for achieving the objective of one PAN to one assessee it is required to maintain uniqueness of PAN. The uniqueness [&h...

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Highlights of SC Judgement on Aadhar PAN Linkage

Income Tax - Supreme Court of India in its Landmark Judgement has upheld Section 139AA of the Income Tax Act,1961 as constitutionally valid which required quoting of the Aadhaar number in applying for PAN as well as for filing of income tax returns....

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NSDL Cautions on Fake Calls for collection of PAN Fees

Income Tax - NSDL e-Gov does not make any calls for recovery / collection of amounts for issuance of PAN/processing PAN applications nor does it solicit any bank or credit / debit card details from the applicants over phone or e-mail....

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Update PAN to avoid blocking of e-filing a/c by Income Tax Dept.

Income Tax - The issue of deactivating of the e-filing accounts of the members of the ICAI by the Income Tax Department on account of the mismatch in ‘Name’/ ‘PAN No.’ / ‘Date of Birth’ in the Income Tax records and the records available with the ICAI was taken up with the Income Tax Authorities on 26th August 2016....

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Mere allotment of PAN would not make allottee a Separate Entity

Sardar Vallabhbhai Patel Education Society Vs. ITO (Gujarat High Court) - Mere allotment of PAN under section 139A of the Act would not make the allottee necessarily a separate entity for the purpose of assessment of tax. The statute recognizes certain eventualities where quite outside the requirement of payment of tax and for filing return of income, the Assessing Office...

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Clash of titans, sec 192 Vs sec 206AA

Rashtriya Ispat Nigam Ltd. Vs Addl CIT (TDS), (ITAT Visakhapatnam) - Rashtriya Ispat Nigam Ltd. v. Addl CIT (TDS), ITAT Visakhapatnam) Even if there is no PAN, if the deductor has deducted TDS as per provisions of sec 192, Section 206AA does not over-ride section 192 in terms of the requirement of “at the rates specified in the relevant provisions of the Act....

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Penalty u/s 272B cannot be imposed if there was reasonable cause of failure to quote valid PANs

ITO (TDS), Rohtak Vs. The Executive Engineer (ITAT Delhi) - In the instant case, there was a reasonable cause in the assessee not mentioning the correct PANs in respect of a few deductees at the time of originally filing e-TDS quarterly statement of deduction of tax in Form No.26Q, which were in fact, not available with the assessee at the material time. ...

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Addition for Subscription to share Capital by Kolkata based companies

M/s Orchid Industries Pvt. Ltd. Vs DCIT (ITAT Mumbai) - The Hon'ble Supreme Court in the case of CIT Vs. Lovely Exports Pvt. Ltd. (supra), has held that if the share application money is received by the assessee company from alleged bogus shareholders whose names are given to the AO then the department is free to proceed to reopen their individual assess...

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S. 272B Penalty is Rs. 10000 per deductor and not per wrong PAN

Commissioner of Income Tax-TDS Vs DHTC Logistics Ltd. (Delhi High Court) - The assessing officer had imposed penalty of Rs. 10,000/- in each case where PAN Number was not provided by the deductee. There were in all 30706 cases in which the PAN Number was missing or was incorrectly stated....

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How to register and submit Statement of Reportable Account

Notification No. 4 of 2018-DGIT(S) - (05/04/2018) - Procedure for registration and submission of Statement of Reportable Account as per section 285BA of Income-tax Act, 1961 read with Rule 114G of Income-tax Rules, 1962. ...

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How to register and submit statement of financial transactions (SFT)

Notification No. 3 of 2018-DGIT(S) - (05/04/2018) - Procedure for registration and submission of statement of financial transactions (SFT) as per section 285BA of Income-tax Act, 1961 read with Rule 114E of Income-tax Rules, 1962. ...

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How to register and submit Form No. 61 under Income Tax Rule 114D

Notification No. 2 of 2018-DGIT(S) - (05/04/2018) - As per sub-rule (1)(i) and sub-rule (4) of Rule 114D, the statement in Form No. 61 shall be furnished through online transmission of electronic data to a server designated for this purpose and in accordance with the data structure specified in this regard by the Principal Director General of Income-...

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How a person not having PAN can submit Form No. 60 under Rule 114B

Notification No. 1 of 2018-DGIT(S - (05/04/2018) - Under electronic verification, the individual or a person (not being a company or firm) who does not have a permanent account number and who enters into any transaction specified in under Rule 114B of the Income-tax Rules, 1962, shall make a declaration in Form No. 60 giving therein the particulars ...

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How to apply PAN through SPICe Form No. INC-32

Notification 2/2017-Income-Tax - (09/03/2017) - Procedure of PAN application through Simplified Profoma for Incorporating Company Electronically (SPICe) (Form No. INC-32) of Ministry of Corporate Affairs....

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Recent Posts in "pan number"

Requirement for obtaining PAN card eased for corporate assessees

Requirement for obtaining PAN card u/s 139A of IT Act, 1961 eased for corporate assessees In case of a company, an application for incorporation, allotment of Permanent Account Number (PAN) and allotment of Tax Deduction and Collection Account Number (TAN) may be made through a Common Application Form submitted to the Ministry of Corporat...

Read More
Posted Under: Income Tax |

How to register and submit Statement of Reportable Account

Notification No. 4 of 2018-DGIT(S) (05/04/2018)

Procedure for registration and submission of Statement of Reportable Account as per section 285BA of Income-tax Act, 1961 read with Rule 114G of Income-tax Rules, 1962. ...

Read More

How to register and submit statement of financial transactions (SFT)

Notification No. 3 of 2018-DGIT(S) (05/04/2018)

Procedure for registration and submission of statement of financial transactions (SFT) as per section 285BA of Income-tax Act, 1961 read with Rule 114E of Income-tax Rules, 1962. ...

Read More

How to register and submit Form No. 61 under Income Tax Rule 114D

Notification No. 2 of 2018-DGIT(S) (05/04/2018)

As per sub-rule (1)(i) and sub-rule (4) of Rule 114D, the statement in Form No. 61 shall be furnished through online transmission of electronic data to a server designated for this purpose and in accordance with the data structure specified in this regard by the Principal Director General of Income-tax (Systems)....

Read More

How a person not having PAN can submit Form No. 60 under Rule 114B

Notification No. 1 of 2018-DGIT(S (05/04/2018)

Under electronic verification, the individual or a person (not being a company or firm) who does not have a permanent account number and who enters into any transaction specified in under Rule 114B of the Income-tax Rules, 1962, shall make a declaration in Form No. 60 giving therein the particulars of such transaction electronically using...

Read More

Automated Amended Pan Card Application Form 49A

Download Automated Pan Card Application Form 49A in Excel Format  ...

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Posted Under: Income Tax |

Scope of PAN extended to financial transaction exceeding Rs. 2.5 Lakh in a Year

Entities to apply for Permanent Account Number in certain cases Section 139A inter-alia provides that every person specified therein and who has not been allotted a permanent account number shall apply to the Assessing Officer for allotment of a Permanent Account Number (PAN). In order to use PAN as Unique Entity Number (UEN) for non-indi...

Read More
Posted Under: Income Tax |

Permanent Account Number (PAN)

In this article we have covered Meaning of Permanent Account Number (PAN), Its Utility,Procedure to Obtain PAN, Transaction in Which PAN is Mandatory,How to correct any mistake in PAN card or intimate any change in data pertaining to PAN...

Read More
Posted Under: Income Tax | ,

Mere allotment of PAN would not make allottee a Separate Entity

Sardar Vallabhbhai Patel Education Society Vs. ITO (Gujarat High Court)

Mere allotment of PAN under section 139A of the Act would not make the allottee necessarily a separate entity for the purpose of assessment of tax. The statute recognizes certain eventualities where quite outside the requirement of payment of tax and for filing return of income, the Assessing Officer may allot a PAN to individual....

Read More

Gear Up Taxpayers! Save Your PAN from deactivation

In other words, if the PAN is not linked with Aadhaar before 31st August, 2017, then the PAN shall be deactivated and subsequently returns will not be processed, which means if the same is not linked within the stipulated time then the filed return shall be treated as if the return has not been filed....

Read More
Posted Under: Income Tax |
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