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The form is a declaration by the assessee. The format is specified by the Income Tax Department of India. Form 10BA applies to a certain section of assessees who are required to claim deductions under section 80GG. This declaration is filed by the assessee himself. Rule 11B specifically applies to the use of Form 10BA. [1]
It can also be obtained in the form of a PDF file known as an e-PAN from the website of the Indian Income Tax Department. A PAN is a unique identifier issued to all judicial entities identifiable under the Indian Income Tax Act, [1] 1961. The income tax PAN and its linked card are issued under Section 139A of the Income Tax Act.
Delays in obtaining Registration Certificate, a penalty of Rs. 5/- per day. In case of non/late payment of profession tax, penalty will be 10% of the amount of tax. In case of late filing of returns, a penalty of Rs. 1000 per return will be imposed if you filed after due date in 1 month. After 1 month, a penalty of Rs. 2000 will be imposed. [3]
In India, a Tax Deduction and Collection Account Number (TAN) is a 10 digit alpha-numeric number issued by the Income Tax Department to the persons who are required to deduct or collect tax on payments made by them under the Indian Income Tax Act, 1961. [1]
Income tax return is the form in which assesses file information about his/her income and tax thereon to Income Tax Department. Various forms are ITR 1, ITR 2, ITR 3, ITR 4, ITR 5, ITR 6 and ITR 7. When you file a belated return, you are not allowed to carry forward certain losses. [1] The Income Tax Act, 1961, and the Income Tax Rules, 1962 ...
Economically Weaker Section (EWS) in India is a subcategory of people having an annual family income less than ₹ 8 lakh (US$9,200) and who do not belong to any category such as SC/ST/OBC (Central list) across India, nor to MBC in Tamil Nadu. [1]
The income of the panchayat samiti comes from: [10] [11] [12] Land and water use taxes, professional taxes, liquor taxes and others; Income-generating programmes; Grants-in-aid and loans from the state government and the local zila parishad; Voluntary contributions; For many panchayat samiti, the main source of income is state-aid. For others ...
Service tax had been first levied at a rate of five per cent flat from 1 July 1994 till 13 May 2003, at the rate of eight per cent flat w.e.f 1 plus an education cess of 2% thereon w.e.f 10 September 2004 on the services provided by service providers. The rate of service tax was increased to 12% by Finance Act, 2006 w.e.f 18.4.2006. Finance Act ...