PAN mandatory for these Transactions PAN (Permanent Account Number) is a 10 digit alphanumeric number, issued by the Income Tax Department, in a card form. It enables the Income Tax Department to link the transactions of the person with the Department and thereby, .acts as an identity of the person.
Category Archives: Income Tax
Income Tax is the tax which directly levy on income of any personal.Central Board of Direct tax manage all the things related Direct Tax.
A Study on Cost of wind mill for allowing depreciation Cost of any plant and machinery, in view of author, must include all related costs which are essential to put and keep machine in a suitable working condition with proper arrangements for its up-keep, repair and maintenance. Therefore, the following costs can form part of […]
Income Disclosure Scheme Response has improved The government has noticed an improvement in response to the Income Disclosure Scheme (IDS) 2016 in the last few weeks even as top sources sought to play down concerns of the tax department launching an offensive against businesses and individuals who won’t declare unaccounted wealth by Friday.
Determination of cost of improvement of old or inherited land/building in absence of documents The question arises specially where the land and building are old one or inherited and sold. In general for old contraction or improvements, assessee does not have any evidence or documents to prove the cost of construction improvement.
Income Declaration Scheme, 2016 – extension of last date are desirable The IDS has been enacted vide Chapter IX of the Finance Act, 2016 containing sections 181-199. IDS Rules have been framed. There have been large number of clarifications by way of notifications, circulars and series of FAQ. The last circular seems to be issued […]