CBDT has vide a circular amended the rules in relation to PAN requirements in India wef 05/12/2015.The details of the circular are as follows: a) First requirement says that any entity other than an individual and who has not been allotted a PAN and who enters into a financial transaction for 2.50 lacs or more
Collection of taxes due is the most important part of the Revenue departments.Every department is governed by the parent act under which it operates as regard recovery of taxes.In this post we will cover the recovery of taxes by the Income tax department . Taxes may arise due to any of the following: (The list
Sec 143(1)(a) is about making adjustment for certain amounts in the Income declared by an assessee while filing its return of income .Following adjustments are to be made (i) any arithmetical error in the return (ii) an incorrect claim, if such incorrect claim is apparent from any information in the return (iii) disallowance of
Tax Audit We have covered Tax Audit in our previous posts.In this post we will explain the remaining aspects of Tax Audit u/s 44AB Types of Tax Audit: Though Tax Audit is always covered u/s 44AB but the requirements are initiated due to coverage of various conditions under different sections which are explained as follows:
Tax Audit Tax Audit is covered under sec 44AB of Income tax Act and broadly speaking it is meant for those Assessee having specific turnover beyond which their books are to be Audited by a Chartered Accountant and the report is to be uploaded with the Income tax return . Audit is very important because
Now since the Annual Return of GST is out and the date of Tax audit under Income tax is approaching we will present our final post regarding finalisation of accounts in GST Era.We had already explained in detail the intricacies of finalisation of books in Post GST era that would be the first 9
Aadhar Details Modification Modification in Aadhar can be done by two methods Online and Offline Online Correction: Visit Aadhar self service update portal Click Here Enter the Aadhar to be updated Enter CAPTCHA There are two options OTP or TOTP For TOTP click here If you select OTP a code is send to the registered
E-verification is the process which confirms that the taxpayer has ob its own filed the return and further that he/she/it is fully aware of the facts disclosed in the return unless the return is filed by a TRP it is the assessee’s responsibility of the consequences of filing of return.This is similar to the fact
Any person may receive a notice that has originated from Income tax department.In this post we will discuss various notices under Income tax act and how to deal with them. There can be following notices under Income tax act Demand /Investigation Related/Defective return Section under which the notice is issued Purpose When Issued 143(1) Summary
Defective return under Income tax act is covered under sec 139(9) which says that If there is any discrepancy/proof not provided in reference to the income filed and contextual taxes credit claimed or if in those cases where books are said to be maintained but the details are not filled then the return shall be