If a person who is required to furnish a statement of financial transaction or reportable account under section 285BA fails to furnish such statement within the time prescribed, the prescribed income-tax authority may direct that such person shall pay, by way of penalty
The Authority has come out with "Master Guidelines on Anti-Money laundering/Counter Financing of Terrorism (AML/CFT)" for all the insurers. These guidelines are issued by exercising the power enshrined under Section 34 of Insurance Act, 1938, Section 14(1) of Insurance Regulatory and Development Authority Act 1999 and provisions 4,5,7,9, 9A & 10 of the PML Rules.
SFT is a report of specified financial transactions by specified persons including prescribed reporting financial institutions.
Income Tax Department has resumed the facility of Aadhar PAN linking from 1st June 2022 with due payment as prescribed in CBDT Circular No.7/2022 dated 30.03.2022
Interest is levied under Income Tax Act, 1961 under section 234A, 234B and 234C. Let us discuss them in detail.
Passive income is money earned with little or no regular effort. Commercial property fractional ownership is a new source of passive income. However, if anything permits you to generate income, it is subject to taxation. The IT laws for commercial property fractional ownership differ from that for residential property.
The new information which taxpayers need to provide is the source of their "pension, interest received from the EPF account, date of purchase or sale of land", etc. It is essential for you to know the six additional pieces of information to provide them in the ITR form.
The article lists down Statutory Tax Compliance Tracker for the m/o June 2022
You must have heard about PAN & TAN but got confused - What is it and are they really different?
In this article we have listed all those situations which require an individual to furnish his return of income for the Financial Year 2021-22 (Assessment Year 2022-23).
Live Course on Invoice Management System (IMS) - 2nd Batch(With Recording)