Income Tax : Link your PAN with Aadhaar by May 31, 2024, to avoid higher TDS/TCS deductions and inactive PAN issues. Learn the consequences of ...
Income Tax : Discover the need for PAN allotment to Non Resident Indians appointed as CEOs of Indian companies. Learn about the process and req...
Income Tax : earn how to link PAN with Aadhaar, including deadlines, exemptions, and fee payment details. Ensure compliance with income tax reg...
Corporate Law : Discover how registering on NGO Darpan can amplify your NGOs impact. Government recognition, increased visibility, and easy access...
Income Tax : Explore the illicit use of PANs in House Rent Allowance (HRA) claims, revealed by the Tax Department. Understand HRA conditions, c...
Income Tax : Introduction: The Government of India, through the Ministry of Finance’s Department of Revenue, has provided essential updat...
Income Tax : The Income Tax Department has issued a clarification regarding the PAN-Aadhaar linking process, addressing difficulties faced by ...
Income Tax : Central Board of Direct Taxes (CBDT) has extended the last date to link Permanent Account Number (PAN) with Aadhaar to June 30, 20...
Income Tax : As per sec 139AA of income tax act 1961, every person who has been allotted PAN as on 01.07.2017 and who is eligible to obtain Aad...
Income Tax : Question of Government issuing any direction to CBDT to relax the PAN-Aadhaar linking norms does not arise....
Income Tax : Madras High Court directs approach to appellate authority for a bank attachment notice issued over PAN fraud, pending statutory ap...
Income Tax : ITAT Jodhpur rules that possession of transport vehicles is sufficient for Section 194C TDS exception, emphasizing the significanc...
Income Tax : Learn about Bombay High Court's Quashing of Reassessment notice by the Tax Department against a non-existent entity with an active...
SEBI : Madras High Court rules on SEBI penalty case, stating that incorrect PAN doesn't exempt payment of interest. Legal analysis of the...
Income Tax : Read about ITAT Delhi's directive to Assessing Officer to investigate TDS claims and PAN misuse in case of Legend Transport Soluti...
SEBI : SEBI issues circular on restricting trading by Designated Persons (DPs) through PAN freezing at security level for the top 1,000 B...
SEBI : NSE has recently issued a circular clarifying the implementation of the Securities and Exchange Board of India’s (SEBI) regu...
Income Tax : Rule 114AAA of the Income-tax Rules, 1962 related to Manner of making permanent account number (PAN) inoperative is applicable fro...
Income Tax : Central Board of Direct Taxes (CBDT) has extended the last date to link Permanent Account Number (PAN) with Aadhaar to June 30, 20...
Income Tax : Consequences of PAN becoming inoperative: (i) refund of any amount of tax or part thereof, due under the provisions of the Act sha...
CBDT Press Release No. 402/92/2006-MC (27 of 2010) The Central Board of Direct Taxes (CBDT) have amended the Rules relating to TDS provisions date and mode of payment of tax deducted at source (TDS), TDS certificate and filing of ‘statement of TDS’ (TDS return) vide Notification No. 41/2010; SO No. 1261(E) dated 31.05.2010. The amended rules will apply only in respect of tax deducted on or after 1st day of April 2010.
Our tax laws are replete with instances where taxpayers are required to do acts which are near impossible, which are beyond their powers, or for which they have to go to extraordinary lengths. Not only that, failure to comply with such provisions attracts additional taxes, interest or penalties.
Notification No. 41/2010-Income Tax The Central Board of Direct Taxes (CBDT) has recently amended vide Notification No. 41/2010 Dated 31/05/2010 the Income Tax Rules, 1962 (the Rules) in respect of the provisions relating to Tax Deduction at Source (TDS). The new Rules shall apply in respect of TDS on or after 1 April 2010.
The income tax department has launched a drive to file corrected returns with a view to do away with the problem of held-up refunds and the tax already paid not being credited to the assessees’ name. A large number of people whose tax is deducted at source did not get the payments credited which, in turn, held up refunds.
The steps of registering a company in India are as under: Step 1 – Acquire director identification number (DIN) by filling Form DIN-1. The temporary DIN is immediately issued which must then be printed, signed and sent to RoC for its consent along with the identity and address proofs.
Income Tax department and the Unique Identification Authority of India have agreed “in-principle” to come together for rolling out PAN cards with unique 16 digit Aadhaar number. Official sources said both the UIDAI headed by Nandan Nilekani and the finance ministry has held series of meetings on the subject and are now in the process of working out the modalities.
All eyes are now on S S N Moorthy. A quintessential tax sleuth, he is following the money trail in the Indian Premier League to establish the identity of franchisee owners. Moorthy stepped in to steer the Central Board of Direct Taxes (CBDT) in January last year, when the country was battling the worst-ever economic crisis after the global meltdown. The task of tax collection was daunting. With the economy showing distinct signs of recovery, the top tax administrator is confident of collecting every penny due from taxpayers this fiscal year.
Investors spend time on their investments, mostly on the selection of options for their portfolio. However, little attention is paid to another area of equal importance, the paperwork related to the investment. Inadequate attention to this area can lead to a situation where the entire investment is stalled. The several details that need completing can range from just completing the nomination form in the investment to ensuring the bank account details are given to the investing institution.
Get ready to shell out more tax up front on any income received if you are unable to provide your permanent account number from April 1. The tax deducted at source, or TDS, on payments could be as high as 20% for those not quoting PAN against the regular rate of 2%-10%.
B-3. No fee is payable for modification/amendment if such application is made within 90 days provided, however, that RA issuing I.E.Code may condone delay on payment of penalty of Rs.1000/- to be made in the form of Demand Draft. No fee is required for inclusion of PAN no. in the old IEC.
