PAN serves as a crucial identification tool for various financial transactions and is used to track taxpayers and their financial activities.
Form 60 and Form 61 are used in India for certain financial transactions. Form 60 is used when an individual does not have a Permanent Account Number (PAN) and is carrying out specified transactions that require PAN. It is a declaration of identity and address.
Decoding FAQs on Taxation of Capital Gains
FAQs on Tax Deducted at Source (TDS)
For income tax audit purposes, individuals with business or professional income must maintain specific documents to ensure accurate reporting and prevent tax evasion. This helps the government collect revenue fairly and scrutinize complex financial transactions.
Clause 44 in Form 3CD under Section 44AB of the Income Tax Act 1961 - Updated FAQs
Functionality for Revision of Form 27C is now available on e-Filing portal. Refer latest FAQs
Recently, many taxpayers have received a text message from the Income Tax Department. This message states that the department has noticed specific transactions reported in Form 60/61 for the financial year 2021-22.
This article unravels the case's legal complexities and probable customs repercussions.
Crux of this article is to examine whether redevelopment compensation paid by the builder on account of hardship faced by the owner of a property due to displacement of the occupants, alternate accommodation, etc., is in the nature of capital receipt taxable.
Live class on PF & ESI Enrollment & Returns Filing(with recording)
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