Ans:
It is a prescribed form through which the particulars of income earned by a person in a financial year and taxes paid on such income is communicated to the Income tax department after the end of the Financial year. Different forms are prescribed for filing of returns for different Status and Nature of income.
Ans:
You can authorize any person by way of a Power of Attorney to file your return. A copy of the Power of Attorney should be enclosed with the return.
Ans:
It is a tax imposed by the Government of India on any person who earns income in India. This tax is levied on the strength of an Act called Income tax Act which was passed by the Parliament of India.
Ans:
An income tax notice is an official communication sent by the Income Tax Department to a taxpayer. It serves as a formal mode of communication for various reasons such as filing or not filing income tax return, a mismatch in the tax declared/tax paid, late tax payment, or other other discrepancy such as missed income declaration under a head like – income from other sources. Typically, such a notice outlines the issue at hand and may request further documentation, clarification, or payment of additional tax.
Currently, you can receive an income tax notice as an email attachment sent to the email id you have registered on the e-filing website. You can also log into your account on the official e-filing portal and check under the menu “Pending Actions” to view/download any notices that might require your immediate attention.
Ans:
There are a number of reasons why an Income Tax Notice may be issued. Below are some common ones:
Discrepancies: Any inconsistencies between details you declared in your ITR and what the department has on record as per Form 26AS can trigger a notice.
Filing Error: One common reason is an error in the tax return you have filed such as using the wrong ITR form
Late Filing: If you miss the filing deadline, a notice for this will be issued Excess/Short Payment of Due Tax: This notice can mention a refund amount or a tax demand from tax authorities as applicable
Not Reporting High Value Transactions: A notice will also be issued if you have missed reporting high value transactions in your ITR such as cash deposit of over 2 lakh in your bank account during the fiscal
Random Scrutiny: If your ITR is picked for scrutiny at random by the IT Department, you will receive a notice to that effect.
Ans:
Ans:
The time allotted to send a response typically depends on the type of income tax notice you have received. For instance, there is no need to send a response if you have received a Section 143(1) notice, whereas a response must be provided within 15 days of receipt if you have received a tax notice u/s 139(9).
Ans:
If you have received an income tax demand notice in your email but are not sure if it is real, it is best not to download the suspicious attachment. Instead, you should log into your e-filing account on the official e-filing portal and check if a demand notice is available under the menu “Pending Actions”. If you find a demand notice on the portal, you can download the document from the e-filing portal to get details and plan next steps.
Ans:
The word Income has a very broad and inclusive meaning. In case of a salaried person, all that is received from an employer in cash, kind or as a facility is considered as income. For a businessman, his net profits will constitute income. Income may also flow from investments in the form of Interest, dividends, and Commission etc. Infect the Income Tax Act does not differentiate between legal and illegal income for purpose of taxation. Under the Act, all incomes earned by persons are classified into 5 different heads, such as:
Ans:
The income derived from the following assets in India acquired in foreign currency shall qualify for special treatment:
Ans:
Some investments under Section 80C:
Ans:
Filing Income Tax Return timely offers these benefits to NRIs:-
Ans:
Even Non-Resident Indians come under the ambit of Advance tax. Advance tax is paid in the financial year/previous year on the basis of estimated tax liability for the year. If the tax liability is higher than Rs.10,000 then the assessee is required to pay his advance tax liability in four installments as mentioned in the Act.
In case of failure to pay advance tax on the specified due dates or on payment of less advance tax than the actual tax liability, interest under Section 234B & Section 234C is levied on the taxpayer.
Ans:
NRI Pan Card is a legal Document for NRIs involved in financial transactions in India. It is a unique identifier given by the Income Tax Department. For NRIs earning income in India, through investments made in mutual funds, rental Property, and money transactions.
Ans:
The NRI PAN card has many importance for financial transactions involving Non-Resident Indians (NRIs):
Ans:
No, NRIs need a PAN card because they will have to file an income tax return if they have rented out the property. Also, if the property is sold later, the profit resulting from the sales would be subject to capital gains tax. Capital gains would be included in the total income while it is being taxed.
Ans:
Here is the list of documents required for the NRI PAN card application:
Copy of your passport
A proof of address
A copy of a bank account statement where you live or a copy of an NRE bank account statement with at least 2 transactions in the past 6 months attested by the Indian embassy.
PAN card application
Proof of Date of Birth
Passport sized photographs
Ans:
One needs to fill out an online application form for an NRI duplicate PAN card and upload scanned copies of the documents and self-attested proofs with the application form.r e-validation. You can then pay for the procedure either through a credit card, debit card, or net banking. That means one can get an NRI PAN Card without an Aadhaar card.
Ans:
After the submission of the NRI PAN application to the authorities, the applicant will get the PAN card within 15 days of application at the address indicated by the applicant in the form.
Ans:
No, Obtaining or possessing more than one PAN is against the law. {Section 139A (7)}
Ans:
NRIs, or Indian citizens living abroad, can complete Form 49A. Form 49A is available at UTIITSL, Protean eGov Technologies Limited’s official website, and the NSDL e-Governance website.
Get in touch
Your Name
Phone Number
Official Email ID
Any questions for our experts? (optional)
