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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....
Read MoreIncome 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....
Read MoreIncome 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....
Read MoreIncome Tax - The Government has mandated use of Aadhaar Number in most of the Subsidy Schemes where the benefit of Subsidy is directly transferred to beneficiary instead of the earlier practice of through Suppliers. This has resulted in plugging leakages in Subsidies...
Read MoreIncome Tax - Since enrolment application went live,of many issues,one particular issue that has been reported in significant numbers was pertaining to PAN validation of taxpayers,required to be done after the application is submitted with either e-signature or DSC.GSTN has investigated many such issues and have taken certain steps to help tax payers m...
Read MoreIncome 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...
Read MoreIncome Tax - With effect from July 1, 2017, all the TIN-FC may collect the fees as per the following schedule from deductors/collectors/ filers/Accounts Officers/applicants along-with GST and other levies as applicable as clarified in the circular- NSDL/TIN/2017/009.: S. No. Particulars Existing charges (Inclusive of 14% Service Tax, 0.50% Swachh Bh...
Read MoreIncome 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....
Read MoreIncome Tax - Some recent changes were reported by the members at the E filing website of the Income-tax department due to which the link ‘Know your PAN/TAN/A.O.’ was not directly accessible. ...
Read MoreIncome Tax - Union government has proposed making Aadhaar mandatory for filing income tax returns and for obtaining Permanent Account Number (PAN) through proposed amendments to the finance bill 2017. The government on 21.03.2017 proposed making Aadhaar mandatory for filing of income-tax returns as well as for obtaining and retaining the PAN. Accord...
Read MoreSardar 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...
Read MoreNotification 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....
Read MoreNotification No. 09/2017-Income Tax - (09/02/2017) - An applicant may apply for allotment of permanent account number through a common application form notified by the Central Government in the Official Gazette, and the Principal Director General of Income-tax (Systems) or Director General of Income-tax (Systems) shall specify the classes of persons, ...
Read MoreRBI/2016-17/135 DCM (Plg) No.1287/10.27.00/2016-17 - (16/11/2016) - With a view to ensure compliance with provisions of 114B of the Income Tax Rules, 1962, the banks are advised as under: Anybody depositing more than ₹ 50,000/- in cash in their bank account has to submit a copy of the PAN card in case the bank account is not seeded with PAN...
Read MoreSardar Vallabhbhai Patel Education Society Vs. ITO (Gujarat High Court) -
