The Income Tax Department issued Frequently Asked Questions (“FAQs”) on Aadhaar-PAN Linking. Q 1. Who needs to link Aadhaar and PAN? Ans: Section 139AA of the Income Tax Act provides that every individual who has been allotted a permanent account number (PAN) as on the 1st day of July, 2017, and who is eligible to obtain an
The Central Board of Direct Taxes (CBDT) vide its Circular No 12 of 2022 dated 16th June 2022 issues the guidelines for the removal of difficulties under section 194R (2) of the Income Tax Act 1961. Finance Act 2022 inserted a new section 194R in the Income-tax Act, 1961 (hereinafter referred to as “the Act”)
The Central Board of Direct Taxes (CBDT), Directorate of Income Tax (Systems) vide its Notification No 01 of 2022 dated 09th June 2022 releases the functionality to facilitate the deductor /collector to verify “Specified Person” under section 206AB and 206CCA of the Income Tax Act 1961. Section 206AB and 206CCA of the Income-tax Act1961 (effective
The Central Board of Direct Taxes (CBDT) vide its Circular No 10 of 2022 dated 17th May 2022 issues clarification regarding the use of functionality under section 206AB and 206ACC of the Income Tax Act, 1961. 1. Finance Act, 2021 inserted two new sections 206AB and 206CCA in the Income-tax Act 1961 (hereinafter referred to
The Central Board of Direct Taxes (CBDT) vide its Circular No 01/2022 dated 11th January 2022 extends the timelines for filing of Income-tax returns and various reports of audit for the Assessment Year 2021-22. Circular No. 01/2022 F. No. 225/49/2021/ITA-II Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes *****
The Central Board of Direct Taxes (CBDT) vide its Circular No 17/2021 dated 9th September 2021 further extends the due date for filing of income tax returns and various reports of audit for the assessment year 2021-22. Circular No. 17/2021 F. No. 225/49/2021/ITA-II Government of India Ministry of Finance Department of Revenue Central Board of
The Central Board of Direct Taxes (CBDT) vide its Circular No 11/2021 dated 21st June 2021 notifies that CBDT is issuing a new functionality “Compliance Check for Sections 206AB & 206CCA”. Circular No. 11 of 2021 F. No. 370133/7/2021-TPL Government of India Ministry of Finance Department of Revenue (Central Board of Direct Taxes) *********** Dated:
The Central Board of Direct Taxes (CBDT) vide its Circular 10/2021 dated 25th May 2021 clarifies that if different relaxation are available to the taxpayers for particular compliance, the taxpayer is entitled to the relaxation which is more beneficial to him. The full text of the Circular is as follows:- Circular No. 10/2021 F .NO.225/49/2021/ITA-1I Government
