Tax on distributed income of domestic company for buy-back of shares Special provisions relating to tax on distributed income of a domestic company from buy-back of shares were introduced by Finance Act, 2013, in line with the then schema of dividend distribution tax. Prior to the amendments made by the Finance Act, 2020, a company […]
1. Introduction of Block Assessment Provisions in cases of Search under Section 132 and Requisition under Section 132A Vide Finance Act, 2021 the provisions of section 153A and section 153C of the Act were amended to provide that the said provision shall only apply to search and seizure proceedings under section 132 or requisition under
Tax incentives to International Financial Services Centre International Financial Services Centre (IFSC) is a jurisdiction that provides financial services to non-residents and residents, to the extent permissible under the current regulations, in any currency except Indian Rupee. In order to promote the development of world-class financial infrastructure in India, several tax concessions have been provided
The provisions of Finance (No. 2) Bill, 2024 (hereafter referred to as “the Bill”), relating to direct taxes seek to amend the Income-tax Act, 1961 (hereafter referred to as `the Act`), to continue reforms in direct tax system through tax reliefs, removing difficulties faced by taxpayers and rationalisation of various provisions. The Bill also seeks
1. What is PAN? PAN stands for Permanent Account Number. 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). Given below is an illustrative PAN: ALWPG5809L 2. What is the utility of PAN? PAN enables
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1. Documents Required to Apply for NRI PAN Card As a Non-Resident Indian (NRI), obtaining a Permanent Account Number (PAN) card is essential if you wish to conduct financial transactions in India. A PAN card is a unique 10-digit alphanumeric identification number issued by the Indian Income Tax Department. It serves as proof of identity
1. Making changes or Correction in PAN data Suppose an applicant needs to change or correct a data on their PAN card. They will need to follow a process to get it done. Mentioned below are the steps that the applicant needs to follow: First, they will have to visit www.myutiitsl.com and click on the
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1. Individual and HUF Applicants who are Citizens of India and Located Within and Outside India at the time of Application for PAN Sl.No Types of Applicant Form No. Documents as Proof of Identity, Address and Date of Birth 1 Individual who is a Citizen of India 49A A. Proof of identity— i. Copy of,─
Every person shall quote his permanent account number in all documents pertaining to the transactions specified in the Table below, namely; TABLE SI. No. Nature of transaction Value of transaction (1) (2) (3) 1. Sale or purchase of a motor vehicle or vehicle, as defined in section 2(28) of the Motor Vehicles Act, 1988 which
Permanent Account Number (PAN) is a unique ten-digit alphanumeric code issued by the Income Tax Department of India. It serves as a universal identification number for individuals, companies, and entities engaging in financial transactions. 1. Who has to apply for PAN? [Section 139A (1)]: According to Section 139A(1) of the Income Tax Act, 1961, the
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