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PAN is an identity provided by the income tax authorities to each taxpaying individual , which is necessary for each one who is needed to file income tax return, and for people who wish to deal in the financial transaction. Expatriates wanting to work in India or to indulge in any business transaction with a company based in India would also need a PAN for such transactions.
CBDT via circular has explained following issues for FY 2020-21. How to determine residential status of NRIs.
How income would be taxable in India in case of changing residential status of NRIs. How TIE Breaker rule of DTAA would play important role to avoid double taxation. In which country income would be tax for FY 2020-21 due to covid – 19.
Hon’ble Finance Minister presented the Budget for the Year 2020-2021 on 1st February, 2020. This budget was a landmark budget so far as it introduced notable amendments providing major relief across all the sectors, ranging from individuals to the corporates. Amendments were provided for both Income Tax Act and Goods and Service Tax Act and various other important statues.
Vide press release dated 24th October, 2020, CBIC has extended the due date of filing of GST Annual return (GSTR-9/GSTR-9A) and Reconciliation Statement (GSTR-9C) for FY 2018-19 from 31st October, 2019 to 31st December, 2019.
This tax liability reduction practise, either through legitimate or illegitimate options, is known as “Tax Avoidance”, “Tax Evasion” and “Tax Planning. Although the words “Tax avoidance” and “Tax evasion” and “Tax planning” sound similar but in practical scenarios they are radically different.
For the purpose of Income tax return filing, mere uploading a return file is not sufficient. Post uploading of return, sending a signed copy of acknowledgment (ITR-V) was prerequisite to verify the ITR and complete the filing process. ITR is considered as not filed till it ITR verified and the signed copy of ITR-V is not received at Central Processing Cell (CPC), Bangalore.
Section 285BA of Income Tax Act, created responsibility to report Specified financial transactions popularly known as SFT. As per Section 285BA of Income Tax Act,
Form 26AS is a consolidated statement issued under Section 203AA of Income Tax Act and Rule 31AB of Income Tax rules to all PAN number holders.
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