Income Tax - In this Article, we will understand why PAN of Foreign Companies are must and why the consultant & Indian Companies having foreign investment often insist Investors to apply PAN in India. Whenever a foreign company or non-resident invests in Indian Company or LLP, maximum compliances are related to RBI, FEMA or MCA (ROC) where PAN [&h...
Read MoreIncome Tax - Applicability and Benefits in filing of Income-Tax return | How to link PAN with Aadhaar in the new e-filing portal It’s that time of year again!! And if you think you are only required to file your income tax return if your employer has deducted TAX from your salary, then you are WRONG! Who has […]...
Read MoreIncome Tax - Section 292B is considered as a protection to the Income tax authorities for most of short comings in proceedings due to technical aspects.'Substance over form theory' is the underlining philosophy of section 292B of the Act....
Read MoreIncome Tax - AADHAR – PAN LINKING As per Section 139AA of the Income Tax Act, every person who has PAN as on July 1, 2017, is required to link his/her PAN with his/her Aadhaar number within the due date notified by the government provided such person is eligible to obtain an Aadhaar number. Also, every person who is […]...
Read MoreIncome Tax - 1. A new section 206AB is introduced in the Finance Act 2021 for deduction of tax at source at higher rates to identify non-filers of Income Tax Returns. These defaulters will be identified and higher Tax Deducted at Source (TDS) be levied on them. Section 206AB is applicable w.e.f. 01 July 2021 This section mandated […]...
Read MoreIncome Tax - Addressing a webinar of SME Street Game Changers Forum this evening, Shri Gadkari said that now only PAN and Aadhaar will be required for registration of MSMEs....
Read MoreIncome Tax - Consequences of Non-Linking of PAN with Aadhar 1) PAN will become inoperative. 2)Where a PAN has become inoperative, it will be assumed that PAN has not been furnished/ quoted as required by the law and a penalty of Rs.10,000 may apply as per section 272B of the Income Tax Act. 3) An individual having an […]...
Read MoreIncome Tax - Getting a PAN has never been this easy! All you need, is your Aadhaar number. Just visit the e-filing portal of IT Department & follow the steps provided to generate your ePAN, within minutes! Click to apply now: https://www.incometaxindiaefiling.gov.in/e-PAN/index.html?lang=eng ...
Read MoreIncome Tax - According to the income tax department, PAN and aadhaar linking is possible even after 31st March 2020. Though there’s a twist here, this linking is possible on condition that the PAN will remain inoperative post the deadline till the date they link the 2 cards. New notification The central board of direct tax has issued a new notifi...
Read MoreIncome Tax - Are you all set to dive right into your Start-up? Or are you already running a successful business but still not, sure if you have obtained all regulatory registrations? Here is a list of 10 essentials business registrations that your business will need to keep your legal and regulatory compliance on point! 1. PAN (Permanent […]...
Read MoreDCIT Vs Bharath Fritz Werner Ltd. (ITAT Bangalore) - DCIT Vs Bharath Fritz Werner Ltd. (ITAT Bangalore) At the time of hearing it was not disputed that the issue raised by the revenue in its appeals are already decided by a Special Bench of ITAT, Hyderabad. The issue regarding the applicability of provisions of section 206AA of the Act, in cases of ta...
Read MoreMahanadi Coal Fields Ltd. Vs JCIT (TDS) (ITAT Cuttack) - The assessee cannot escape himself for non-filing quarterly TDS merely stating that the PAN of the employees are not available. The penalty is provided in the Income Tax provisions u/s.272A(2)(k) of the Act is mandatory in nature except in case of reasonable cause proved by the assessee, which is la...
Read MorePCIT Vs. M/s I-Ven Interactive Limited (Supreme Court) - Mere mentioning of the new address in the return of income without specifically intimating the Assessing Officer with respect to change of address and without getting the PAN database changed, is not enough and sufficient....
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 MoreTrade Notice No. 07/2021-22 - (26/05/2021) - Following DGFT services will not be available from 1 st June 2021 to 6th June 2021: i. Application for a new IEC ii. Application for Amendments/Modification in an IEC iii. One-time linking of Aadhaar for e-sign purposes. In view of the above, all stakeholders may therefore plan their activities acco...
Read MoreNotification No. 20/2021-Income Tax [S.O. 1432(E)] - (31/03/2021) - Central Government extends the last date for linking of Aadhaar number with PAN from 31st March, 2021 to 30th June, 2021, in view of the difficulties arising out of the COVID-19 pandemic. Date for issue of notice under section 148 of Income-tax Act,1961, passing of consequential order for direction ...
Read MoreNotification No. 225/40/2021/ITA-11 - (26/03/2021) - These non-PAN cases have been pushed by Systems to respective Pr. CCIT/Pr. CIT based on address. Considering the time involved in allotting PAN in such non-PAN cases and other technical issues involved in generating notices through the system, the following instructions are being issued for handling...
Read MoreITBA-PAN Instruction No. 9 - (25/03/2021) - Instances of allotment of one PAN to two persons and in rare cases even to more than two persons have come to the notice of Directorate of Income-tax(Systems). In this regard the Directorate formulated a policy and the same was issued vide AIS Instruction No. 82 dated 21.06.2013...
Read MorePublic Notice No34/2015-2020 - (24/12/2020) - In case of change in constitution of a PAN based IEC by way of merger, acquisition, liquidation, inheritance etc. such that PAN of the new entity so formed is different from the earlier one, an IEC can be availed against the new PAN, if not existing already. Previous IEC(s) can also be operationally...
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