The Income Tax Department NEVER asks for your PIN numbers, passwords or similar access information for credit cards, banks or other financial accounts through e-mail.
The Income Tax Department appeals to taxpayers NOT to respond to such e-mails and NOT to share information relating to their credit card, bank and other financial accounts.
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An updated return is a return of income that can be filed by a taxpayer within 24 months from the end of the relevant assessment year, even if he has not previously filed a return for that year. An amount equal to 25% or 50% as additional tax is required to be paid with such updated return.
When an employer offers securities to an employee under an Employee Stock Option Plan (ESOP) scheme, free of cost or at a concessional rate, it is taxable as a perquisite in the year in which the securities have been allotted to the employee.
Income from other sources is a residuary head of income that includes any income which is not exempt from tax and needs to be included in the total income and not chargeable under the heads Salaries, Income from house property, Profits and gains from business or profession or Capital gains.
A TDS (Tax Deducted at Source) certificate is a document issued to a person who has deducted tax on payments made to another person. The TDS certificate is issued under the provisions of the Income-tax Act, which requires certain persons to deduct tax at source before making payment to the recipient.
Provision of Section 40A enumerates certain expenses which are disallowed while computing the taxable income of an assessee. If certain conditions are not satisfied, these amounts will not be allowable as a deduction while computing the business income of the assessee.
Income-tax Act has several provisions that restrict receipt or payment made in cash by a person subject to a certain threshold limit. These restrictions have been introduced to move towards a cashless economy and to reduce the generation and circulation of black money.
Compounding of an offence is a mechanism whereby the defaulter is reprieved of major legal consequences by affording him with an opportunity to pay a sum of money to escape prosecution. The competent authority has the power to compound any offense either prior to or following the commencement of legal proceedings.
Annual Information Statement (AIS) is a statement that provides complete information about the prepaid taxes and prescribed financial transactions entered into by taxpayer for a particular financial year. A taxpayer can access AIS information by logging into his income-tax e-filing account.
PAN is a ten-digit unique alphanumeric number issued by the Income-tax Department. PAN is issued in the form of a laminated plastic card (commonly known as PAN card). In this part you can gain knowledge about various provisions relating to PAN.
There are two modes of payment of direct taxes (i) physical mode i.e. payment by using the hard copy of the challan at the designated bank; and (ii) e-payment mode i.e. making payment by using the electronic mode. In this part you can gain knowledge about various provisions relating to e-payment of direct taxes.
Advisory: Information relates to the law prevailing in the year of publication/ as indicated . Viewers are advised to ascertain the correct position/prevailing law before relying upon any document.
