NSDL on behalf of the Income Tax Department has announced the shifting of the entire TDS data from their website to TRACES website (www.tdscpc.gov.in). After the shifting is completed, all the following activities of deductors will be done through TRACES website: Registration/ Re-registration of TAN Consolidated(TDS) file download Download of Form 16/Form 16A Download of…
Existence of Efficient Financial Markets is Paramount for Achieving Economic Growth: FM The Union Finance Minister Shri P .Chidambaram said that existence of efficient financial markets i.e. both banks and capital markets, is paramount for achieving economic growth. He said that without vibrant and viable financial market architecture, there cannot be any sustainable economic growth….
As regards the grossing up u/s 195A of the Income-tax Act is concerned, we find that the provision reads as under: [In a case other than that referred to in subsection (1A) of sec. 192, where under an agreement] or other arrangement, the tax chargeable on any income referred to in the foregoing provisions of…
Everyone who wants to apply PAN or who is required to apply PAN as per the law of Income Tax shall apply PAN on Application form 49A. Form 49A – Indian citizens of India, HUFs, company firm, LLP, AOP, Trusts, BOI, Local Authority, or artificial juridical persons can apply through Form 49A. Now Income tax…
LETTER [F.NO. ADDL. DIT/INTL. TAXATION/2012-13], DATED 19-9-2012 Jurisdiction over non-resident assessee lies with the AOs under administrative control of DGIT (Intl. Tax). It has been observed by DGIT (Intl. Tax.) that PAN of many non-resident assessees are lying with the AOs who do not have jurisdiction over them. 2. PAN not lying in correct jurisdiction…
Every deductor is required to obtain a unique identification number called TAN (Tax Deduction Account Number) which is a ten digit alpha numeric number. This number has to be quoted by the deductor in every correspondence related to TDS. As per Section 203A of the Income Tax Act 1961, it is mandatory for all asseesee…
Structure of the new series of PAN : The Permanent Account Number under new series is based on following constant permanent parameters of a taxpayer and uses Phonetic Soundex code algorithm to ensure uniqueness :- i. Full name of the taxpayer; ii. Date of birth / Date of Incorporation; iii. Status; iv. Gender in case of…
With effect from April 8, 2012, PAN applications are required to be furnished in the new forms prescribed by ITD. Indian citizens will have to submit their Application for allotment of new PAN in revised Form 49A only. Foreign citizens will have to submit their Application for allotment of new PAN in newly notified Form…
Non reflection of TDS on bank FD or term deposit in 26AS statement is very common problem these days. The reason for this problem is very simple the bank is deducting tax and even depositing the said tax, but the TDS statement filed by them either does not reflect your name and PAN or wrong…
Now, a good facility has been added by TIN center under TAN Registration. List of invalid PAN’s can be downloaded after login thorugh TAN Registration. You will get the option for download of list of Invalid PAN’s under the menu “TDS/TCS”. Secondly, it is clearly displayed in the screen how many Defaults are available in…