Knowledge Base

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

Section 139AA was introduced in the Income Tax Act, 1961, with effect from July 1, 2017, to make it mandatory for individuals to quote their Aadhaar number for various purposes related to income tax. The primary objectives of this section are to: Enhance taxpayer compliance and curb tax evasion by linking Aadhaar with PAN (Permanent

1.  Unexplained Cash Credits [Section 68] Where any sum is found credited in the books of an assessee, maintained for any previous year, and the assessee offers no explanation about the nature and source thereof or the explanation offered by him is not, in the opinion of the Assessing Officer, satisfactory, the sum so credited

1. Firm to be Assessed as Firm Essential conditions prescribed under section 184 of the Income-tax Act, 1961: (i)         Partnership should be evidenced by an instrument i.e. there should be a written document giving the terms of partnership. (ii)        The individual share of the partners should be specified in that instrument. (iii)      

When it comes to dealing with various processes and procedures, understanding the time limits, forms, and fees involved is crucial. Whether you’re applying for a visa, filing a legal case, or submitting an application, having a clear understanding of these factors can save you time, money, and unnecessary stress. 1. Appeal to Commissioner (Appeals) Time

Under the Income Tax Rules/ Act, certain taxpayers are required to get their accounts audited and submit audit reports to the tax authorities. These prescribed audit reports play a crucial role in ensuring transparency and accuracy in the tax assessment process. Relevant Rule of IT Rules Relevant Section of IT Act Prescribed Audit Report Relevant

As per Part “C” of Schedule II of the Companies Act, 2013 after making following assumptions: The useful life to compute depreciation of the asset has been taken as per Part C of Schedule II The residual value of an asset has been taken as 5% of the original cost of the asset   Nature

Under the Explanation to section 288(2), an “accountant” means a chartered accountant within the meaning of the Chartered Accountants Act, 1949, and includes in relation to any State, any person who by virtue of the provisions of section 226(2) of the Companies Act is entitled to be appointed to act as an auditor of companies