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Income Tax - Permanent Account Number (‘PAN’) is a 10-digit unique identification number issued by the Income Tax department to all judicial persons identifiable under the Income Tax Act, 1961 (‘the Act’). The primary objective of the PAN is to bring a universal tax identification to all the financial transactions and prevent tax evasion by ke...
Read MoreIncome Tax - Consequence of not linking PAN with Aadhaar The existing proviso to the sub-section (2) of section 139AA, provides that the PAN allotted to a person shall be deemed to be invalid, in case the person fails to intimate the Aadhaar number, on or before the notified date. In order to protect validity of transactions previously […]...
Read MoreIncome Tax - Inter-changeability of PAN & Aadhaar and mandatory quoting in prescribed transactions Existing sub-section (1) of section 139A of the Act, inter alia, provides that every person specified therein, who has not been allotted a PAN, shall apply to the Assessing Officer for allotment of PAN. It has been observed that in many cases persons...
Read MoreIncome Tax - As you all aware that Income tax department has now removed the ‘Know Your PAN’ service from its website and many of the people are facing difficulties to know the PAN of Company/LLP by using its name. Don’t worry; still there is an option to know the PAN, TAN & GSTIN number of the Company/LLP […]...
Read MoreIncome Tax - Quoting of Aadhaar and Linking with PAN is mandatory from Assessment Year 2019-20 The Apex Court in it’s recent judgement dated 04.02.2019 in the case of Union of India vs. Shreya Sen reported in [2019] 104 taxmann.com 160 (SC) has held that linkage of PAN with Aadhaar is mandatory and make it clear that from […]...
Read MoreIncome Tax - Lower rate of 25 % Corporate Tax extended to companies with Annual Turnover up to Rs. 400 crore from earlier cap of upto Rs 250 crore Interchangeability of PAN and Aadhaar to file tax return proposed 2 % TDS on cash withdrawal exceeding Rs. 1 crore in a year from a bank account to encourage […]...
Read MoreIncome Tax - Members would henceforth be required to declare their PAN (mandatory) and Aadhaar / UID Number (optional) at the time of making online payment of annual membership fees and while applying for Fellow membership of the Institute in Form-B....
Read MoreIncome Tax - It has been reported in some sections of the media that those PANs which are not linked with Aadhaar number by 31.03.2019 may be invalidated. The matter has been considered by the Central Government and now the cut-off date for intimating the Aadhaar number and linking PAN with Aadhaar is 30.09.2019, unless specifically exempted....
Read MoreIncome Tax - Link your PAN with your Bank Account… Get your refund directly, swiftly and securely in your bank account Income Tax Department will Issue only e-refunds from 01.03.2019 Refunds will be given only to bank accounts (savings/current/cash/OD) which are linked with PAN. To check if your bank account is linked with your PAN, login to e...
Read MoreIncome Tax - Link PAN-Aadhaar Today Beneficial Tomorrow It is mandatory to link your PAN with Aadhaar! Last date to link PAN with Aadhaar is 31st March, 2019 How to link your PAN with Aadhaar Through SMS facility: Send SMS to 567678 or 56161 in following format: UIDPAN<SPACE><12 digitAadhaar><Space><10 digit PAN> Example: SMS t...
Read MoreUnion Of India & Ors. Vs Shreya Sen & Anr. (Supreme Court of India) - Thereafter, this Court has decided the matter and upheld the vires of section 139AA of the Income Tax Act. In view thereof, linkage of PAN with Aadhar is mandatory....
Read MoreAlamelu Veerappan Vs ITO (Madras High Court) - Alamelu Veerappan Vs ITO (Madras High Court) Admittedly, the limitation period for issuance of notice for reopening expired on 31.3.2017. The impugned notice was issued on 30.3.2017 in the name of the dead person. On being intimated about the death, the Department sent the notice to the petitioner &...
Read MoreITOr Vs M/s Umatech (ITAT Lucknow) - Necessary TDS was deducted and it was deposited in the Government Treasury. All these are on record and only there is a technical error that in the challan PAN number of the assessee is mentioned instead of TAN in the relevant column on account of bona-fide mistake, for which assessee should not be ...
Read MoreBinoy Viswam vs. Union of India (Supreme Court of India) - Supreme Court questioned the maintainability of the petition filed by CPI Leader in which he challenged the provisions of section 139AA of the Income Tax Act,1961 which mandates linking of Aadhaar with PAN number for filing income tax returns (ITR). The petition was later withdrawn by the counsel a...
Read MorePreeti Mohan Vs Union of India (Madras High Court) - Preeti Mohan Vs Union of India (Madras High Court) The petitioner before this Court is a practicing advocate and she has filed this writ petition praying for a direction to the ITO to allow her to file income tax returns for the assessment year 2017-18 either manually or through e-filing facility wi...
Read MoreCircular No. 6/2019-Income Tax - (31/03/2019) - Returns which were filed prior to 01.04.2019 without quoting of Aadhaar number as an outcome of any decision of different High Courts in a specific case or returns which were filed during the period when the online functionality for filing the return without quoting of Aadhaar number was so availab...
Read MoreNotification No. 31/2019 [S.O. 1495(E)] - (31/03/2019) - Notwithstanding the last date of linking of Aadhaar number with PAN being extended to 30.09.2019 in para 1 above, it is also made clear in Circular No. 6 of 2019 that w.e.f. 01st of April, 2019, it is mandatory to quote Aadhaar number while filing the return of income as required under Section 139AA...
Read MoreNotification 7/2018- DIT (Systems) - (27/12/2018) - CBDT has prescribed procedure formats and standards for issue of permanent account number by which it prescribed that PAN card can be issued Both Physically and Electronically (Online) in PDF Format. Physically PAN card can be issued as Black & White Laminated Card or as Coloured laminated and c...
Read MoreF.No. 370142/40/2016-TPL (Part-I) - (31/08/2018) - CBDT proposed to amend Income Tax Rule 114 related to PAN and proposed to make PAN compulsory for transactions of Rs. 250000 or more and also proposed to amend Form number 49A and Form number 49AA to provide that in case of Kids of Single Mother father’s name shall not be mandatory in PAN applic...
Read MoreNotification 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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Circular No. 6/2019-Income Tax - (31/03/2019) -
