Income Tax / PAN/ TAN
PAN
Who can apply for PAN / Eligibility for PAN?
An Indian Citizen can apply for PAN
How to apply PAN?
Online application with fee of ? 93 have to be made at the NSDL e- governance portal or portal of UTITSL.
How to get duplicate PAN?
To get duplicate PAN one has to visit the official website of TIN- NSDL. Click on Services next on PAN then scroll the screen and reach REPRINT of PAN card Section and click Apply. The screen will display the entire online PAN application.
Can I change or make correction in PAN?
Yes changes in PAN can be made by submitting an application in the form "Request for New PAN Card/ changes or correction in PAN data"
Can a person obtain or use more than one PAN?
As per rules in Income Tax Act ,one cannot have more than one PAN.There is a penalty of ? 10,000 or imprisonment, if one have 2 or more PAN cards.
Is there any TATKAL facility for allotment of PAN?
NO, Income Tax Department do not allow for Tatkal allotment of PAN.
Where to apply for PAN?
Online application can be made at the portal of Protean(formerly NSDL-egov)or portal of UTITSL
TAN
Who is liable for TAN registration?
Every person liable to deduct tax at source or collect tax at source is required to obtain TAN.
Who deduct TDS?
A person who is liable to make payment of specified nature to another person shall deduct tax at source and remit the same into the account of the Central government.
Whether TDS and TCS same?
TDS amount is the tax deducted by an individual or company while making a payment. In comparison, TCS amount is the tax collected by the seller during the time of sale
HOW to check validity of TAN?
For checking the validity of TAN one has to go to e- filling portal and click on know TAN details. After providing the requisite details such as mobile number, deductors TAN/Name, state of deductor, one can view his TAN details.
Can we deduct TDS before allotment of TAN?
No, Section 203A of Income Tax Act makes it mandatory to quote TAN in TCS/TDS return. So TDS cannot be deducted before allotment of TAN.
Is TAN same for all branches?
It is illegal to possess or use more than one TAN. Different branches/divisions of an entity may, however, have separate TAN.
Can two companies have same TAN?
No, every company is alloted TAN at the time of incorporation, which cannot be used by other company.
Is TAN mandatory for partnership firm?
The provisions of section 203A of the Income-tax Act require all persons who deduct or collect tax at source to apply for the allotment of a TAN. The section also makes it mandatory for TAN to be quoted in all TDS/TCS returns, all TDS/TCS payment challans and all TDS/TCS certificates to be issued.
Do companies need to apply for TAN?
Yes companies need to apply for TAN.
What is the turnover limit for Tan application?
TAN is not required if proprietorship businesses turnover does not exceed Rs. 1 crore. If a proprietorship business is rendering professional services then it need not apply for TAN if it's not crossing the limit of Rs 50 lakh.
ITR
What is the last date of filing ITR?
As per Section 139(1) of the Income Tax Act the due date for filing return is 31ST July.
Who needs to file ITR?
ITR needs to be mandatorily filed by companies, firms and individuals whose total income exceed the maximum amount not chargeable to tax.
Is PAN compulsory for filing Income Tax Return?
Yes PAN is mandatory for filing of return. From 1 January 2005 onwards it is made mandatory to quote PAN on Challan for payments due to Income Tax Department.
Is GST compulsory for filing Income Tax Return?
No, GST is not required for filing Income Tax Return.
How to prepare Balance sheet for ITR?
Balance Sheet should be mandatorily filed by assesses who are required to file ITR - 7.