Income Tax : Permanent Account Number (PAN) serves as a unique identifier enabling the Income-tax Department to track tax payments, returns, TD...
Income Tax : The guide explains Sections 206AA and 206AB, detailing higher TDS consequences for non-furnishing of PAN and return-filing default...
Income Tax : India’s new PAN compliance framework introduces stricter documentation and verification requirements for NRIs and foreign entiti...
Income Tax : The issue involves stricter PAN application requirements removing Aadhaar-only filings. The key takeaway is that additional identi...
Income Tax : The government introduced new PAN forms to simplify application procedures and reduce errors. The update ensures better user exper...
Income Tax : The CBI apprehended an Income Tax Office Superintendent in Odisha after he was allegedly caught accepting a bribe for deleting a d...
Income Tax : Rule 157 of the Draft Income-tax Rules, 2026 exempts specified non-residents and eligible foreign investors from obtaining PAN, su...
Income Tax : Rule 158 of the Draft Income-tax Rules, 2026 prescribes detailed PAN application forms, timelines, document requirements, and Aadh...
Income Tax : Draft Rule 159 mandates quoting or applying for PAN in specified high-value banking, securities, property and cash transactions, w...
Income Tax : PAN 2.0 to simplify PAN/TAN processes with tech upgrades. Project to launch in 18 months post MSP onboarding. India has over 81 cr...
Income Tax : ITAT Guwahati held that additions could not be sustained where the transactions related to a separate partnership firm with a diff...
Income Tax : ITAT Agra held that reassessment proceedings framed using a PAN surrendered years earlier were invalid. Since the assessment was b...
Income Tax : The Court held that although notices were sent to the address available in PAN and passport records, the reassessment order could ...
Income Tax : The Tribunal held that delay in filing appeals was justified where the assessee had shifted to a new PAN and filed returns under i...
Income Tax : ITAT Delhi held that higher TDS under Section 206AA applied where the seller’s PAN was not linked with Aadhaar. However, the Tri...
SEBI : SEBI issued clarifications after revised PAN application forms under the Income-tax Rules, 2026 created compliance challenges for ...
Income Tax : The CBDT has introduced new forms for PAN correction to ensure a uniform process. Taxpayers must now use designated forms for accu...
Company Law : The adjudicating authority penalised a company and its directors for failing to disclose allottees’ PAN in Form PAS-3. The order...
Income Tax : CBDT Circular 9/2025 offers partial relief for higher TDS/TCS on inoperative PANs, extending compliance deadlines for taxpayers wh...
Finance : NPCI mandates NACH banks to integrate a Real-Time PAN and Bank Account Validation API for government use, including the Income Tax...
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.
We have heard learned counsel for the appellant-revenue. As far as the addition of Rs. 3,30,000 is concerned, it has been held that during the proceedings under section 143(3) read with section 250 of the Act, the assessee furnished a confirmation certificate from M/s Axis Chemicals and Pharmaceuticals Ltd., Faridabad along with PAN number. On asking of the Assessing Officer, the assessee has confirmed that the said liability is still outstanding. In spite of that material, the Assessing Officer made the addition of the amount on the basis that this liability has ceased to exist and the same is not payable by the assessee, and treated the said liability as income by invoking provision of Section 41(1) of the Act. The Commissioner (Appeals), whil
ACES stands for Automation of Central Excise and Service Tax. It is a centralized, web based software application which automates various processes of Central Excise and Service Tax for Assessees and Department, and gives complete end to end solution. Any Assessee can register with Department using ACES application, can file tax return, claims & intimations, track its status and get online messages.
Acceding to insurers’ request, sectoral regulator IRDA on Tuesday extended the deadline for collection of PAN of every customer paying an annual premium of over Rs 1 lakh by one month to September 1, 2009.”Many insurers have expressed difficulty in meeting with the deadline of 1st August, 2009… and requested for an extension. Taking the representation […]
Learn what Permanent Account Number (PAN) is and why it is compulsory to obtain and quote PAN. Understand its significance in income tax, business, and more.
PAN is the basic ‘penetrating needle’ for the Income tax Department to rope in every income earning person. It is a fact that our taxbase continues to be a major concern for policy makers. And in order to widen the taxpayers’ base the I-T Department intends to ride the vehicle of PAN in a big […]
Request for New PAN Card or/and Changes or Correction in PAN data You can submit the application in the form “Request for New PAN Card or/and Changes or Correction in PAN data” in the following cases: A] When you already have PAN but want a new PAN card, B] When you want to make some […]
Income Tax Department has introduced a scheme for centralized processing of annual income-tax returns which envisages no interface with the tax payer and processing of returns to be done in an automated jurisdiction-less manner. Implementation of such scheme requires having a robust system for information relating to payment of TDS and TCS so that the credit for TDS and TCS can be granted accurately and the risk of financial fraud is minimized.
