The Central Board of Direct Taxes (CBDT) has introduced Form 71, which allows taxpayers to correct incorrect Tax Deducted at Source (TDS) credits for past financial years
No PE Declaration is a certificate provided by a non-resident who earns income from India, such as interest, fees for technical services, or business income.
TRACES (TDS Reconciliation Analysis and Correction Enabling System) is an online platform in used for the reconciliation of TDS (Tax Deducted at Source) and TCS (Tax Collected at Source) statements filed by deductors or collectors with the income tax department.
Vide Finance Act, 2012, it was provided that the nature and source of any sum, in the nature of share application money, share capital, share premium or any such amount by whatever name called, credited in the books of a closely held company shall be treated as explained only if the source of funds is also explained in the hands of the shareholder
The Income Tax Department (ITD) has recently sent out notifications to around 22,000 taxpayers, including salaried individuals, high-net-worth individuals, trusts, and Hindu Undivided Families (HUFs).
Some important provisions under Income Tax Act relating to cash transactions
If you file your tax return after the due date, it could be considered late filing. You might have to pay a late fee as per Section 234F. However, if you originally filed your return on time (by July 31st) and verified it within 30 days of e-filing, you can still revise it later.
Instruction regarding implementation of the judgment of the Hon’ble Supreme Court in the case of Pr. CIT (Central-3) v/s Abhisar Build well Pvt. Ltd. (Civil Appeal No. 6580 of 2021)
The Income Tax Act, 1961, allows taxpayers to file a belated income tax return if they miss the original deadline for filing their returns. The belated return provision is covered under Section 139(4) of the Income Tax Act.
PAN serves as a crucial identification tool for various financial transactions and is used to track taxpayers and their financial activities.
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