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PAN is a single number that is an electronic system and has all the tax related information of a taxpayer. TAN is a 10 digit alpha numeric number allotted to persons who are responsible for TCS and TDS.
Default in complying with provisions of or with conditions prescribed under the Income-tax Act would attract certain penalty and in critical cases prosecutions as well.
Clubbing of Income as the term suggests, means adding the income of another person to the income of the person who is paying the tax. This term is explained under Section 64 of the Income Tax Act.
Incomes that do not fall under any of the other heads will fall under the head of 'Income from Other Sources'. A taxpayer who receives Income from Other Sources is eligible to deduct expenses.
A house property could be your home, an office, a shop, a building or some land attached to the building like a parking lot. All of these are taxed under the head ‘Income from House Property’ in an ITR.
Any profit which is earned by transferring a capital asset will be known as capital gains, and it will be taxable under the head Income from Capital Gains if the transfer was made in the previous year.
Deductions are typically expenses that the taxpayer incurs during the year that can be applied against or subtracted from their gross income to figure out how much tax is owed.
Income from salary is the remuneration that is received by an individual who is rendering services under any contract which is taken by him. The contract should be under employment.
Rebate under section 87A of the Income Tax Act is a provision that helps taxpayers to reduce their tax liability. This section is available to people whose income do not exceed Rs. 5 Lakhs.
Any person who is engaged in inter or intra state supply of goods or services and whose aggregate annual turnover is more than Rs 20 Lakh is binding to obtain a GST registration.
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