0
PAN stands for Permanent Account Number, which is a unique 10-digit alphanumeric number issued by the Income Tax Department in India to individuals and entities. The PAN is used as a means of tracking financial transactions for tax purposes and is required for various financial activities such as opening a bank account, filing tax returns, and conducting business transactions.
Add your answer:
Earn +20 pts
What is an assessee?
An assessee is a person or thing which is assessed.
Why is the residential status of an assessee important for income tax purpose?
The residential status of an assessee is important for income tax purpose for following reasons. 1) It is important to make sure that the person being assessed belongs to a particular country during particular period and is not able to evade the tax. 2) Tax incidence or Tax burden on an assessee depends on his residential status.
If any assessee having not business income but having income from profession like job works then what section will apply?
having income from profession like job works. This sounds like the assessee would be a self employed taxpayer under the IRS rules.Click on the below Related Link
What are registers in excise duty?
in excise RG-23 PART 1 AND RG-23 PART -2 ARE REGISTERS TO BE MAINTAINED BY ASSESSEE
Who is an assessee by default?
The Assessing Officer may, in his discretion and subject to such conditions as he may think fit to impose in the circumstances of the case, treat the assessee as not being in default.You can find more information and details to the enclosed website address you can copy and paste the below website address in your address bar.incometaxindia.gov.in/acts/income tax act/220.asp220. When tax payable and when assessee deemed in default.(2) If the amount specified in any notice of demand under section 156 is not paid within the period limited under sub-section (1), the assessee shall be liable to pay simple interest at one and one-forth per cent. for every month or part of a month comprised in the period commencing from the day immediately following the end of the period mentioned in sub-section (1) and ending with the day on which the amount is paid:
Notice under Section 142 of The Income Tax Act-1961?
Income Tax Act, 1961Section 143. ASSESSMENT.(1) Where a return has been made under section 139, or in response to a notice under sub-section (1) of section 142, - (i) if any tax or interest is found due on the basis of such return, after adjustment of any tax deducted at source, any advance tax paid, any tax paid on self assessment and any amount paid otherwise by way of tax or interest, then, without prejudice to the provisions of sub- section (2), an intimation shall be sent to the assessee specifying the sum so payable, and such intimation shall be deemed to be a notice of demand issued under section 156 and all the provisions of this Act shall apply accordingly; and(ii) if any refund is due on the basis of such return, it shall be granted to the assessee and an intimation to this effect shall be sent to the assessee :Provided that except as otherwise provided in this sub-section, the acknowledgment of the return shall be deemed to be intimation under this sub-section where either no sum is payable by the assessee or no refund is due to him :Provided further that no intimation under this sub-section shall be sent after the expiry of two years from the end of the assessment year in which the income was first assessable.(2) Where a return has been made under section 139, or in response to a notice under sub-section (1) of section 142, the Assessing Officer shall if he considers it necessary or expedient to ensure that the assessee has not understated the income or has not computed excessive loss or has not underpaid the tax in any manner, serve on the assessee a notice requiring him, on a date to be specified therein, either to attend his office or to produce, or cause to be produced there, any evidence on which the assessee may rely in support of the return :Provided that no notice under this sub-section shall be served on the assessee after the expiry of twelve months from the end of the month in which the return is furnished.(3) On the day specified in the notice issued under sub-section (2), or as soon afterwards as may be, after hearing such evidence as the assessee may produce and such other evidence as the Assessing Officer may require on specified points, and after taking into account all relevant material which he has gathered, the Assessing Officer shall, by an order in writing, make an assessment of the total income or loss of the assessee, and determine the sum payable by him or refund of any amount due to him on the basis of such assessment.(4) Where a regular assessment under sub-section (3) of this section or section 144 is made, -(a) Any tax or interest paid by the assessee under sub-section (1) shall be deemed to have been paid towards such regular assessment;(b) If no refund is due on regular assessment or the amount refunded under sub-section (1) exceeds the amount refundable on regular assessment, the whole or the excess amount so refunded shall be deemed to be tax payable by the assessee and the provisions of this Act shall apply accordingly.
What is to be done when no services are provided in a half-year?
If no services have been provided during a half-year and no Service Tax is payable then, the assessee may file a Nil Return within prescribed time limit.
What was pan's symbol?
Pan's symbols include the pan pipes, and the pan flutes
Find PAN details by inputting PAN number?
pan details in pan number
Don't have a loaf pan what other pan can i use?
loaf pan what other pan can I use
Where did pan pan pan that the uscg uses originate?
penis
What is fullform of pan when you say pan America or pan Europe?
PAN stands for "Presence Across Nation".
