What is Section 139A of Income Tax Act?
(1A) Notwithstanding anything contained in sub-section (1), the Central Government may, by notification in the Official Gazette, specify, any class or classes of persons by whom tax is payable under this Act or any tax or duty is payable under any other law for the time being in force including importers and exporters …
What is Section 139 8A of income tax?
The Finance Bill 2022 has inserted a new section, Section 139(8A) in Income Tax Act. This new section provides for facilitating filing of ‘Updated Return’ by the taxpayers. This section has effect from 1st April 2022. A taxpayer can file an updated return within two years from the end of the relevant Assessment Year.
What is Pan according to income tax?
Permanent Account Number (PAN) is a ten-digit alphanumeric number, issued in the form of a laminated card, by the Income Tax Department, to any “person” who applies for it or to whom the department allots the number without an application.
What is Section 140 of Income Tax Act?
A return of income can be verified by a person prescribed under section 140 of the Income-tax Act. In respect of companies, the return can be signed and verified by the company’s Managing Director.
Who is exempted under Rule 114B?
Person having an account (other than fixed deposit or a basic savings account) with a banking company or a co-operative bank to which the Banking Regulation Act, 1949 (10 of 1949) applies and has not quoted his/her PAN or furnished Form No.
What is the penalty for having two PAN cards?
Under the Income Tax Act, penalty for having more than one PAN is Rs 10,000.So, if you have two PAN, then you should apply for the surrender of additional PAN.
What is the maximum allowable deduction under section 80C?
You can claim a maximum deduction of upto ₹ 1.5 lakhs from your total income under Section 80C.
What is assessment in income tax?
Income tax assessment is the process of collecting and reviewing the information filed by assessees in their income tax returns. At the end of each financial year, all persons and entities required to file an income tax return by self-computing the amount of income earned and pay the tax due.
Where is PAN mandatory?
Following are the transactions in which quoting of PAN is mandatory by every person except the Central Government, the State Governments and the Consular Offices: 1) Sale or purchase of a motor vehicle or vehicle other than two wheeled vehicles. 3) Making an application for issue of a credit or debit card.
Who must have a PAN?
Any person carrying on any business or profession whose total sales, turnover or gross receipts are or is likely to exceed five lakh rupees in any previous year; iii. Any person, who intends to enter into financial transaction where quoting PAN is mandatory, must also obtain PAN.
How do I respond to income tax 143 1?
To respond to an income tax notice under Section 143(1), follow the steps below: Step 1: Log in to your account on the Income Tax Department E-Filing website. Step 2: Click on the E-Proceedings tab and select E-Assessment/Proceedings. Step 3: Select Prima Facie Adjustment u/s 143(1)(a).
What is self-assessment tax?
Self-Assessment tax means the tax obligation of a taxpayer after considering tax deducted at source and advance tax. Self-assessment tax is paid during the assessment year before the income tax returns are filed by submitting Challan 280.
What is form 60 Rule 114B?
Rule 114B of the Income Tax Rules, 1962 require mandatory quoting of PAN in respect of certain transactions for capturing information pertaining to high-value transactions and curbing black money circulation.
What is 114B transaction?
Glossary on 114B ‘Payment in connection with travel’ refers to payment made towards a travel agent, tour operator, travel agent or authorised person who is defined in clause ( c ) of section 2 of the Foreign Exchange Management Act of 1999 (42 of 1999).
Can I delete my PAN card?
If you wish to cancel/ surrender your PAN (which you are currently using), then you need to visit your local Income Tax Assessing Officer with a request letter to cancel/ surrender your PAN.
How many PAN card can a person have?
As per the aforesaid section, a person can possess only one PAN. As per the seventh provision of the aforesaid Section 139 A, “No person who has already been allotted a permanent account number under the new series shall apply, obtain or possess another permanent account number.”
What is 80CCC and 80CCD?
80CCC Deduction for life insurance annuity plan. 80CCC allows deduction for payment towards annuity pension plans Pension received from the annuity or amount received upon surrender of the annuity, including interest or bonus accrued on the annuity, is taxable in the year of receipt. 80CCD (1) Deduction for NPS.
What are the three types of assessment?
There are three types of assessment: diagnostic, formative, and summative.