With the increasing usage of Internet for Income Tax related work including tasks such as applying for PAN and TAN or for filing Income Tax returns, the common problem being faced by many taxpayers and assessees is how to find out their particular Circle/ Ward/ Range in which they need to file return with or are assessed with.
For all those income tax assessees who have filed their income tax returns for Assessment Year 2007-2008 (FY 2006-2007) last year, there are reasons to cheer if you haven’t got a income tax scrutiny notice till now.
With the first advance tax date gone, income tax payers would have to begin again the task of planning their income for the financial year 2008-2009 so that they can pay the requisite amount of remaining two advance tax installment due on 15 December 2008 and 15 March 2009.
TAN or Tax Deduction and Collection account number is a unique ten digit alpha-numeric number required to be compulsorily obtained by all persons who are responsible for deducting or collecting tax at source on behalf of Income Tax Department.
The CBDT has recently issued a circular specifying instructions and clarifications on furnishing of returns in the new ITR forms: It is mandatory for the proprietory and partnership firms, which are tax auditable u/s 44AB and companies (other than claiming exemption u/s 11) to electronically furnish the return of income/fringe benefits.
The finance ministry in the coming months is completely going to reform the PAN card by issuing biometric smart card which contains cardholder’s fingerprints, retinal and iris scan making duplication almost impossible.
For the financial year 2006-07 (Asstt. year 2007-08), all non-corporate taxpayers, salaried persons, pensioners, professionals/self employed taxpayers with turnover below the tax audit limits have to file returns by July 31.
With the government still unclear about the final tax treatment of the periodic payments received by the borrower under a reverse mortgage scheme, many banking companies and especially the senior citizens (users for the product) are in a state of dilemma.
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Amit Agarwal is a web geek and founder of Digital Inspiration, a popular tech & how-to website since 2004 ..read more