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TDS return becomes defective if the PAN entered at the time of filing the return is wrong. Once you make such a mistake, the next step is obviously to revise the return. An applicant receives a notice from the Income Tax Department on submitting the wrong PAN, and then he needs to file a revised […]
Modi government is consistently introducing amendments in tax laws for the convenience of Indian civilians. It is in news currently that the Income Tax Department will automatically generate Permanent Account Number (PAN) for taxpayers who file their returns using their Aadhaar Number. The rule is a servant to two masters. The provision also caters to […]
A giant structure of the do’s and don’ts is well built for a Non-Resident Indian (NRI) who wants to sell his property to a resident in India. In terms of selling, the deal between an NRI seller and a resident buyer goes through many formalities. Both parties have to be extra vigilant while making a […]
Tax Deducted at Source or TDS refers to an advance tax which is deducted from the income or earnings of an individual or an organization before actually crediting the income into the account of an individual or entity, as per the Taxation Code of India. As the name suggests, Tax deducted at source, it is […]
Income Tax Return filers need to be very alert as the bogus messages of Income-tax Department is becoming run of the mill. A company which invents protection software for the computer and mobile has informed that the fake messages of income tax department are summing up these days. Cybercriminals send these bogus messages to steal […]
GST has been prone to many tax evasion techniques since its commencement in India in 2017, as a well-developed system that can completely barricade the areas open to profiteering via bogus invoices for availing extra credit and truncate the tax liability is still absent. In the recent few weeks, the Income-tax department has issued notices […]
An individual needs to be very cautious while filing returns as any incorrect information furnished in returns may get you penalized by the tax authorities or even put you behind bars. The Income Tax Department can impose a penalty of up to 200% on you for filling in incomplete information in ITR. Most salary-class people […]
Recently the Government of India (GOI) has notified that 18 per cent GST would be leviable on Information Technology (IT) and Information Technology enabled Services (ITES) companies that provide broker and intermediary services to the offshore clients.In this regard, many outsourcing units and BPOs have questioned the government’s regulation and challenged its constitutional validity. Back […]
Permanent Account Number (PAN) is marching forward towards becoming an inevitable number for any transaction or deal made by an individual. Time is approaching when there is a need to link all the transactions with the Income Tax Department through PAN. PAN basically assists the tax authorities in identifying an individual or a corporate body […]
