1. What is PAN (Permanent Account Number) The provisions of Section 139A of the Income Tax Act, to be read with Rule 114 of the Income Tax Rules deal with the requirement of application and obtaining of Permanent Account Number (PAN). PAN is a 10-digit code allotted to each essessee […]
Read MoreReturn of Income and Procedure of Assessment
1. Submission of Return of Income [Section 139(1)] Section 139(1) requires that every person,— (a) being a company or a firm; or (b) being a person other than a company or a firm, if (i) his total income or (ii) the total income of any other person in respect of […]
Read MoreForms and Manner of Furnishing Return of Income (Rule 12)
1. Name of Forms for Furnishing Return of Income [Rule 12(1)] As per rule 12(1), The return of income required to be furnished under section 139(1) or 139(3) or 139(4A) or 139(4B) or 139(4C) or 139(4D) or 139(4E) or 139(4F) or section 142(1)(i) or section 148(1) or section 153A relating […]
Read MoreSubmission of Return of Income [Section 139(1)]
1. Who is required to Furnish Return of Income U/s 139(1) : According to section 139(1), the following persons are required to furnish return of income: (1) A company or a Firm 1. Every company has to file a return in respect of its income or loss in every assessment […]
Read More
