Tag Archives: PAN

Recently income tax department has introduced electronic verification of income tax return. Income tax return can be verified now by generating an Electronic Verification Code or EVC. If you verify your return via EVC, you are no longer required to send signed physical copy of ITR-V to CPC, Bangalore. At …

Permanent Account Number (PAN) is a ten-digit alphanumeric number by the Income Tax Department, allotted to any “person” who applies for it. PAN enables the department to link all transactions such as Income Tax payments, TDS/TCS credits, returns of income, specified transactions, correspondence, and so on. PAN, thus, acts as …

  Where payment has been made to non-residents who did not have PAN and tax has been deducted on the strength of the provisions of DTAAs, the provisions of section 206AA could not be invoked by the AO to insist on the tax deduction at 20% having regard to overriding nature of Section 90(2). …

  We have discussed about the reasons why one has to be careful while executing high value transactions. The service providers of certain high value transactions are obliged to share the information with Income tax department. So, through this article, let’s examine the list of high value transactions for which …