ITR filing: Taxpayers with foreign income or assets must disclose them by December 31, 2024, to avoid penalties under the Income Tax and Black Money Acts. The Income Tax Department has outlined the necessary steps for taxpayers to meet this obligation. Previously, the Income Tax Department underscored the significance of reporting assets held overseas or income … Read more
Advance tax refers to the income tax that is required to be paid in advance throughout the year, in instalments according to the designated due dates by the income tax department. It is commonly referred to as the ‘pay as you earn’ tax, and is expected to be settled in the same year in which … Read more
PAN 2.0: The Government has launched the PAN 2.0 Project to modernise and digitise the existing Permanent Account Number (PAN) and Tax Deduction and Collection Account Number (TAN) system. The primary goal is to enhance the user-friendliness of issuing and managing PAN and to streamline the various platforms and portals involved in PAN services. The … Read more
PAN 2.0: The Income Tax Department has launched PAN 2.0 to improve the efficiency of assigning and maintaining Permanent Account Numbers (PAN). This initiative is designed to enhance convenience and security by providing e-PAN cards with a QR code to applicants’ registered email IDs at no charge. A nominal fee is required for a physical … Read more
PAN 2.0: The Central government has introduced PAN 2.0 as part of a modernisation initiative to enhance the traditional Permanent Account Number (PAN) system. The PAN, a 10-digit alphanumeric identifier assigned by the Income Tax Department to taxpayers, is a distinctive number. Aligned with the Digital India campaign, the government aims to position PAN 2.0 as … Read more
The PAN 2.0 Project, initiated by the Income Tax Department, has been approved by the Cabinet Committee on Economic Affairs (CCEA). This ambitious project aims to digitise and upgrade the management systems for PAN and TAN, making them more accessible and efficient for users. The revamped system is designed to offer enhanced service efficiency, stronger … Read more
PAN 2.0: The Central government has rolled out PAN 2.0, an upgraded iteration of the Permanent Account Number (PAN) system, aimed at enhancing taxpayer services in the country in line with its Digital India campaign. PAN 2.0 is an electronic governance project that aims to streamline the taxpayer registration process through the use of technology. … Read more
PAN card upgrade: The Cabinet Committee on Economic Affairs (CCEA) approved the implementation of PAN 2.0, a technology-driven revamp of PAN cards, with a budget of Rs 1,435 crore. This initiative aims to modernize the processes associated with Permanent Account Number (PAN) and Tax Deduction and Collection Account Number (TAN) services, making taxpayer registration quicker, … Read more
TDS rules: In a major relief to the employers, the Centre has relaxed the rules for companies of depositing the Tax Deducted at Source (TDS) on salaries of employees. Employers will now have more time to deduct Tax Deducted at Source (TDS) from employees’ salaries starting from October 1, 2024. The revised rule allows employers … Read more
With the tax season for the Assessment Year 2024-25 closing, many taxpayers are eagerly awaiting their income tax refunds. However, there are a few reasons why your refund might be delayed, one of which is the issue of a defective Income Tax Return (ITR). Over 7 crore ITRs were filed before the deadline on July … Read more