INDIAN TAX SOURCE

The last day for linking the 12-digit Aadhaar number with  PAN card  will expire on Saturday 30th june 2018. The government has made it mandatory for PAN card holders to link the same with the unique identification number Aadhaar. Here is a step-by-step guide to link Aadhaar and PAN: 1) Log on to the  Income Tax department's e-filing portal -- www.incometaxindiaefiling.gov.in 2) Enter your Aadhaar and PAN number (mentioned on  Aadhaar card  and PAN card), your name as mentioned in Aadhaar Card and the captcha code. Then click the 'Link Aadhaar' button. Make sure your name mentioned in the Aadhaar card is the same as the PAN card. In case of any discrepancy, like spelling mistakes, the linking will not be possible. If the names mentioned in Aadhaar card and PAN card are different, you need to update your Aadhaar details. 3) That's it! And your Aadhaar is now linked with PAN. A successful linking should display a message. In a bid to make the linking process

Important Note: Instant e-PAN facility is Free of cost and instant allotment of e-Pan and is available only for a limited period on first come first serve basic for valid Aadhaar  holders. Prerequisites: Applicant already having PAN should not apply for e-PAN The e-PAN facility is ONLY for resident individual (Except Minors and others covered u/s 160 of Income Tax Act, 1961) and not for HUF, Firms, Trusts, and Companies etc. Active Mobile number linked with Aadhaar to receive Aadhaar OTP (One Time Password). To verify the registered mobile number in Aadhaar, please visit UIDAI portal  (verify mobile number / email at Aadhaar) . e-PAN is generated using the particular available in Aadhaar, Details such as Name, Date of Birth, Gender, mobile number and address in Aadhaar is not correct or not update, please update the same in  UIDAI  prior applying e-PAN. Guidelines Abbreviations/Initials in Aadhaar name are not permitted in the First and the Last name/Surname. Ac

Report cash receipt over Rs 2 lakh in single transaction: CBDT The Income Tax department has clarified that businesses and traders receiving cash exceeding Rs 2 lakh in any single transaction for sale of goods and services are required to report it to the authorities. The clarification on the reporting guidelines under Rule 114E of Income Tax Rules, 1962, which came into force from April this year, has come amid doubts being expressed in certain quarters about reporting of cash transactions that aggregate to Rs 2 lakh. “The norms of aggregation contained in sub-rule 3 of Rule 114E have been amended vide CBDT notification dated October 6, 2016, clearly indicating that the said transactions did not require aggregation and the reporting requirement under SFT for this purpose is on receipt of cash payment exceeding rupees two lakh for sale of goods or services per transaction,” the CBDT said in a statement.

Govt gives tax break to small businesses on digital receipts of money Businesses with turnover up to Rs 2 crore will have to pay less tax on electronic payment receipts as compared to on receipts/payments received in cash. For businesses with turnover up to Rs 2 crore, it has been decided to reduce the existing rate of deemed profit of 8% under section 44AD of the Income Tax Act to 6% in respect of the amount of total turnover or gross receipts received through banking channel / digital means for the financial year 2016-17, according to a press release from the Central Board of Direct Taxes here today. However, the existing rate of deemed profit of 8% referred to in section 44AD of the Act, shall continue to apply in respect of total turnover or gross receipts received in cash, the release clarifies. Under the existing provisions of section 44AD of the Income-tax Act, 1961 (the Act), in case of certain assesses (i.e. an individual, HUF or a partnership firm other than

Government announces new income declaration scheme ‘PM Garib Kalyan Yojana’ The government offered a “last window” to people with unaccounted wealth to come clean or face stringent penalties while inviting others to blow the whistle on those suspected to be holding black money Pradhan Mantri Garib Kalyan Yojana (PMGKY), 2016, will start on December 17 and remain open until March 31 next year. Those who declare cash deposits under this will be levied a charge of 50%, which breaks down into 30% tax, 33% surcharge and 10% penalty. In addition to this, 25% of the amount declared will go into the noninterest-bearing Pradhan Mantri Garib Kalyan Deposit Scheme, 2016, for four years. PM Narendra Modi announced that Rs 500 and Rs 1,000 notes would cease to be legal tender on November 8. Later, the government said it would unveil one more window for black money holders after the Income Disclosure Scheme closed on September 30 Declarations under PMGKY will be confidential and th

No tax on jewellery/gold purchased  No tax will be imposed on jewellery/gold purchased out of disclosed income. The Amended I-T Act will also not apply to tax ancestral jewellery and gold . No seizure of gold jewellery up to 500 gm per married lady, 250 gm per unmarried lady and 100 gm per male in I.T. searches. The finance ministry  on Thursday said that the Amended I.T. Act will not apply to tax jewellery/ gold purchased out of disclosed income or exempted income or reasonable household savings Last month, the government had clarified that it was not considering any proposal to restrict holding of gold by individuals