Income Tax

Form 15G or EPF Form 15G is a document people submit to ensure no TDS is deducted on the interest you earn from your EPF, RD or FD. This form can be filled out by individuals below 60 years of age and Hindu Undivided Families (HUFs). For individuals aged 60 years and above have a different form- Form 15H.  Benefits of Submitting Form 15G To avoid deduction of TDS by banks. Banks deduct TDS, if the interest on the fixed deposit exceed a sum of Rs 10,000 in a given financial year. For premature withdrawal (before five years) of funds from EPF, subject to the condition that the balance in the particular fund is above Rs 50,000. To avail the benefit of post office deposits and national savings schemes. To avail exemption from TDS on income from corporate banks and debentures, provided that the income generated from the same exceeds Rs 5,000. To avail exemption from TDS on income from maturity proceeds arising out of life insurance policy. The assessee can claim for the same if the income from the proceeds is limited to a sum of Rs 1 lakh. To avail exemption from TDS on rental income if the total rental consideration in a given year exceeds Rs 1.8 lakhs. The concerned person can make a claim against TDS if his/her total income falls below the basic exemption limit. Is Form 15G mandatory for PF withdrawal? Yes, Form 15G is mandatory if you don’t want TDS to be deducted from the PF withdrawal amount. Section 192A of the Finance Act 2015 states that PF withdrawal will attract TDS if the withdrawal amount is more than Rs.50,000 and your employment tenure is of less than 5 years. Keeping these above conditions in view, these are the PF withdrawal rules that will be applicable: 10% TDS: if you submit your PAN card but fail to submit Form 15G 30% TDS: if you fail to submit both your PAN card and Form 15G No TDS if you submit Form 15G. Eligibility for Filing Form 15G It can be submitted by a person who isn’t a company or a firm, and whose age is below 60 years. The person raising the claim must be an Indian resident. The person raising the claim is devoid of any tax liability. The total interest income of the person with respect to the particular financial year is below the basic exemption limit. Process of filing form 15G Step 1:- Login to the respective bank’s internet banking. Step 2:- After logging in, select the online fixed deposits tab which will redirect you to the page which depicts your fixed deposit details. Step 3:- You will be provided with an option to generate Form 15G and Form 15H, among which Form 15G must be chosen. Step 4:- In the following page, fill the requisite details as specified in the particulars above. Step 5:- Specify the branch details of the bank. Form 15G can either be submitted physically or after prior verification, through electronic means in accordance with the procedures, formats and stipulated standards. The person making the claim should ensure that Form 15G is furnished with a valid PAN, non-adherence to which will result in deduction of tax @20%. The person making the claim must specify the following particulars: Name (as specified in the PAN card). Previous year, for which nil deductions are claimed for. Residential status. Communication address. Status of assessment of tax. Latest assessment year for which the returns are assessed. Estimated income for which declaration is being made. Total estimated income for the particular financial year. Details of previous declaration of Form 15G (if any), along with the aggregate income. Investment details for which declaration is being filed. Providing incorrect information in Form 15G could result in any of the following scenarios: Imprisonment for a period ranging between 6 months to 7 years for providing incorrect declaration with the objective of evading taxes which amounts to one lakh rupees. For defaults other than the above-mentioned one, the assessee could be imprisoned for a period ranging between 3 months to 3 years. FAQs What is Form 15G? Form 15G is a self-declaration form used by individuals to declare that their total income is below the taxable limit, and hence, no tax needs to be deducted at source (TDS) on certain incomes like interest from fixed deposits, dividends, etc. Who can submit Form 15G? Individuals below the age of 60 years and Hindu Undivided Families (HUFs) can submit Form 15G if their total income for the financial year is below the taxable limit. What is the purpose of submitting Form 15G? The purpose of submitting Form 15G is to prevent the deduction of tax at source (TDS) on certain incomes where the total income of the individual is below the taxable threshold. This helps individuals avoid the hassle of claiming a refund for excess TDS deducted. 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Tax Deducted at Source was introduced with the purpose of collecting tax from the source of income. According to this concept, a person, known as a deductor, is liable to make a payment of specific nature to another person, known as a deductee. A person called a deductee shall then deduct tax at source and transfer the amount to the account of the Central Government.  The person whose income tax is deducted at source would be entitled to a credit of the deducted amount on the basis of a TDS certificate that will be issued by the deductor or by Form 26AS. Meaning of TDS TDS (Tax Deducted at Source) is a concept where a specific amount is reduced at the time of making a particular payment like salary, rent, commission, professional fees, interest, etc.  The person that makes the payment deducts TDS, while the person that receives the payment pays tax. It lowers evasion of tax as the tax would be collected at the time the payment is made. Every such assesse requires filing a TDS return who is liable for the TDS deduction. These returns shall be filed within particular time intervals, and information has to be submitted to the income tax (IT) authorities. Such information will include details of Tax Deduction and Collection Account Number (TAN), TDS payment, the amount deducted, Permanent Account Number (PAN), nature of payment, etc.  Every taxpayer must be aware of the exact due dates for filing of the TDS returns otherwise they may have to deal with penalties and fines.  Payments on which TDS is deducted Tax Deducted at Source (TDS) is deducted on the following types of payments: Salaries, Interest payments by banks, Commission payments, Rent payments, Consultation fees, and Professional fees However, Individuals do not require to deduct TDS at the time of making payments such as rent or fees of professionals like lawyers and doctors.  Duties of Persons Liable to TDS Deduction A person that deducts TDS is responsible for the following; Obtaining Tax Deduction Account Number and mentioning it in all of the documents that relate to TDS, Deduction of the TDS at the rate applicable, Depositing the TDS amount to the Central Government within the due date, Filing of TDS returns within the due date, Issuing the TDS certificate to the payee within the due date that is specified Non-Filing of TDS/TCS Returns Section 234E provides that the person that is required to collect/deduct tax deducted at source will be liable to a penalty of Rs 200/- (two hundred) per day until the date the TDS return is filed.  The deductor of TDS will be liable to pay a such fine for each day till such delay continues and until the fine amount becomes equal to the amount that such person was supposed to pay as the amount of TDS. Consequences of Non-Payment of TDS/TCS The person who fails at filing the statement for TDS/TCS may be directed by the Assessing Officer to pay a minimum penalty of Rs 10,000/- within the due date, which may be further extended to Rs 1,00,000/-.  The penalty that is levied u/s 271H is in addition to the fee that is levied for late filing u/s 234E The exception to the Penalty (u/s 271H) The tax deducted at source or collected at source is paid to the credit that belongs to the Central Government, Late filing fees are paid to the credit of the Central Government, The TDS or TCS return is filed before the period of one year expires from the due date that is specified on this behalf Prosecution In case a person fails to pay TDS with the credit of the Government as required, then such person shall be punishable with imprisonment for a term of at least three months which may extend to seven years, and in addition to imprisonment, a fine can also be levied. Penalty for Non-Payment of TCS If the person fails to collect tax at source (TCS) and fails to deposit it with the government within the prescribed duration, then such a person will be required to pay interest at the rate of 1% per month or a part of it on the TCS amount.  The collector of tax is liable to pay interest on the due amount up to the date the tax gets actually paid, from the date on which such tax became due or collectible. Is TDS paid monthly? If the deductors (other than office of government) deduct TDS in any month, tax must be paid on or before 7th of the next month. However, the TDS deducted in the month of March can be deposited till 30th April. For TDS deducted on rent and purchase of property, the due date is 30 days from the end of the month in which TDS is deducted. How is TDS calculated on salary? TDS on salary is calculated according to the income tax slab applicable to the employee after adjusting all eligible deductions and exemptions. Salary is one of the incomes where the employer (deductor) deducts full tax liability as TDS. Can I file TDS return after the due date? You can pay TDS after the due date, however penalty of Rs 200 per day as per Section 234E needs to be paid. The deductor is liable to pay the penalty for every day during which the failure continues. However, the amount of late fees cannot exceed the TDS.  Also, penalty under Section 271H can be levied by the department which is in the range of Rs 10,000 – Rs 1,00,000. Penalty under this section is in addition to the late filing fees specified above under Section 234E. Practice area’s of B K Goyal & Co LLP Income Tax Return Filing | Income Tax Appeal | Income Tax Notice | GST Registration | GST Return Filing | FSSAI Registration | Company Registration | Company Audit | Company Annual Compliance | Income Tax Audit | Nidhi Company Registration| LLP Registration | Accounting in India | NGO Registration | NGO

The Book Identification Number (BIN) quoting has been termed mandatory for government deductors, who are reporting TDS without payment through bank challans. The BIN is a unique verification key, that is disseminated by the Assessing Officer (AO) to the corresponding DDO should be correctly filled in the TDS/TCS statement, in accordance with the information which is available in the BIN view. When is BIN generated? Based upon the details submitted by the DDOs, the respective DTO/PAO will file Form No.24G (which is a monthly e-TDS return). On the successful filing of Form No.24G, a unique Book Identification Number will be stated on the Tax Information Network (NSDL) after the respective Principal Accounts Officer files monthly statements with Form 24G. This BIN needs to be quoted in the quarterly returns. The user may contact the respective Assessing Officer and collect the necessary BIN details. Consequences of non-quoting BIN BIN details and the amount of TDS reported in the quarterly TDS statement filed by the DDO will be cross-checked with the details recorded in the Form No.24G filed by the PAO for verification purposes. In case of any incorrect information reported by the DDOs in TDS statement; the attempted verification will result in mismatch due to which the credit to the respective deductee will not be available in the Form 26AS corresponding to the deductee. Therefore, the BIN disseminated by the respective PAO should be reported accurately along with the corresponding amount in the TDS statement filed by the DDOs. BIN Verification Access the TIN portal Step 1: The user has to visit the official site of the TIN portal to view/ download the Book Identification Number (BIN) Details. Step 2: Click on the BIN verification link on the portal, the user will be guided through the following pages where BIN will be verified. Fill in the right credentials Step 3: The user has to complete all the following details: TAN Number Nature of Payment. AIN/ Treasury Number. The period for which the user has to view their BIN(Date). Captcha text image. Step 4: Different types of options will be available in the section “Nature of Payment”. Here, the user needs to select a suitable form type from the dropdown menu for which the user needs to view/verify their BIN details. Note: If the user needs to see the BIN-Verification details for all the form types at the same time (use: “All Form Types” option available from the drop-down menu). Step 5: The user has to click on the “View BIN details” icon. Verification of Amount The verification of the amount of tax remitted to Government is optional. Step 6: Once the above step is completed, the user will be moved to the following BIN verification page. Here, the user needs to enter the following details: BIN Amount (enter the amount in the suitable place corresponding to that Receipt Number & DDO serial number). Check the Boxes Step 7: The user has to click on the “Verify Amount’ icon. Step 8: The user can view their BIN verification status as it will be displayed on the screen. BIN Verification Status- The BIN status will be displayed with any one of the following messages. If the status of their BIN Verification/ BIN View shows the message “Amount Matched”, it is a valid Book Identification Number (BIN) detail. If the status of their BIN Verification/BIN View shows the “Amount Not Matched”, it is an invalid Book Identification Number (BIN) detail. FAQs What is a Book Identification Number (BIN)? A Book Identification Number (BIN) is a unique identifier assigned to a specific edition or version of a book. Unlike the ISBN, which is a globally recognized standard, a BIN might be a proprietary identifier used by a specific publisher, distributor, or retailer. How is a BIN different from an ISBN? While both serve the purpose of identifying books, a BIN may not adhere to the international standards like the ISBN does. It could be a system created internally by a company for their own tracking and inventory purposes. Why would a book have a BIN instead of an ISBN? There could be several reasons for using a BIN instead of an ISBN. For example, a publisher might use a BIN for internal tracking or inventory management, or a retailer might assign a BIN to differentiate between editions or versions of a book sold exclusively through their platform. 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Apart from depositing the tax the deductor also has to do TDS return filing. TDS return filing is a quarterly statement that is to be given to the Income Tax department. It is necessary to submit the TDS returns on time. TDS return filing can be done completely online. Once the TDS returns are submitted the details will come up on Form 26 AS. While filing the TDS returns the various details to be mentioned are: PAN of the deductor and the deductee. Amount of tax that is paid to the government TDS challan information Others, if any. What is TDS? Tax deducted at source or TDS is the tax that is collected by the Government of India at the time when a transaction takes place. Here, in this case, the tax is to be deducted at the time the money is credited to the payee’s account or at the time of payment whichever happens earlier. In this case of salary payment or the life insurance policy, the tax is deducted at the time when the payment is done. The deductor is required to deposit this amount with the Income Tax Department. Through TDS a portion of the tax is paid directly to the Income Tax Department. The Tax is deducted usually over a range of 10%. What is TAN? TAN or the Tax Deduction and Collection Number is a mandatory 10 digit alpha number that is to be obtained by all the people who are responsible for deducting tax at source or tax collection at source on behalf of the government. Salaried individuals are not required to obtain TAN or to deduct the tax at the source. In the case of the proprietorships businesses and other entities are required to deduct tax at the source while making certain payments like the salary, payments to the contractor, payment of rent that is exceeding Rs.2,40,000 per year. IndiaFilings can help in obtaining the TAN registrations. The entities that have a valid TAN registration have to file the TDS returns quarterly. Our TDS experts can help in computing the TDS payments and file the TDS returns while complying with the TDS regulations. Eligibility Criteria TDS return filing is done by organizations or employers who have availed a valid tax collection and deduction number (TAN). Any person who is making specified payments mentioned under the Income Tax Act is required to deduct the taxes at the sources and they are needed to deposit the tax within the stipulated time for making the following payments. Salary Payment Income on securities Income by winning the lotteries, puzzles, and others. Income from winning horseraces Insurance commissions. Payment concerning the National saving scheme and many others. TDS return filing procedure Step 1: Firstly, Form 27 A containing multiple columns has to be filled and in case of the hard copy of the Form, it has to be verified along with the E-TDS return that has been filed electronically. Step 2: In the next step, the tax that is deducted at the source and the total amount that has been paid needs to be correctly filled as well as tallied. Step 3: The TAN of the organizations is to be mentioned on Form 27 A. There will be difficulties in the process of verification if the mentioned TAN is incorrect. Step 4: While filing the TDS returns the appropriate challan number, the mode of the payment, and the tax details have to be mentioned. In case of the incorrect challan number or the incorrect date of the payment, there will be a mismatch and the TDS returns also need to be filed again. Step 5: To bring consistency the basic Form used for Filing the e-TDS must be used. The 7 Digit BSR has to be entered for easing the tallying process. Step 6: Physical TDS returns are to be submitted at the TIN FC, which is managed by NSDL. In case of the online filing, they can be submitted on the official website of the NSDL TIN. Step 7: If the provided information is correct then a token number or a provisional receipt is received. This is a proof that TDS return has been filed. Step 8: In case of rejection, a non-acceptance memo along with the reason for the rejection is issued and the returns have to be filed again. What are the different types of TDS Forms? Form Periodicity Particulars Form 24Q Quarterly The quarterly statement for TDS from “Salaries” Form 26Q Quarterly Quarterly statement of TDS in respect of all payments other than “Salaries” Form 27Q Quarterly Quarterly statement of TDS from interest, dividend, or any other sum payments to non-residents Form 27EQ Quarterly Quarterly statement of collection of tax at source TDS Form 24Q- Under Section 192 of the Income Tax Act 1961, an employer deducts the TDS while paying the salary to an employee. An employer has to file the Salary TDS returns in Form 24 Q, which needs to be submitted every quarter. The details of the salary that are paid to employees and the TDS deducted from the payment are to be specified in Form 24 Q. In other words, Form 24 Q is the quarterly statement of the payment that is made to the employee and the TDS is deducted that is made by the deductor. TDS Form 26Q- When a taxpayer is paying the taxes the payee is deducting TDS on certain occasions. Form 26Q is used to file TDS details on the payments that are made other than salary. The Form mentions the total amount that is paid during a particular quarter and the TDS amount that has been deducted. It is necessary to submit Form 26 Q every quarter. Form 27Q- Form 27 Q is a TDS return or a statement that contains the details of the Tax Deducted at Source on payments other than salary made to a Nonresident India and foreigners. Form 27 Q is to be furnished every quarter or before the due date. Form 27 Q contains the details

ax Planning is the process of evaluating a financial plan or conditions in relation to taxes in order to achieve the greatest possible tax efficiency by coordinating all of the financial plan’s elements to function efficiently with regard to taxes. A financial plan’s key component is tax planning, which lowers tax obligations and increases contributions to retirement plans. Additionally, in order to get the greatest outcomes, various retirement plans and investments must be combined with Tax Filing and deductions. Tax planning places a strong emphasis on several factors, including the timing of income, the timing of purchases, the magnitude of expenditures, and the planning associated with those expenditures. Tax Planning for Individuals under Income Tax Act, 1961 All taxpayers in India have access to a variety of tax-saving choices. Wide-ranging exclusions and deductions are possible with these alternatives, which helps keep the overall tax burden under control. Sections 80C through 80U offer deductions, which qualified taxpayers may claim. These deductions are made from the total amount of tax obligations. Other provisions of the Income Tax Act, of 1961, such as tax credits and exemptions, might lower your tax obligations. Tax planning is entirely legal and, in fact, a wise choice when done within the boundaries established by the relevant authorities. However, employing shady strategies to evade tax obligations is against the law, and you risk legal repercussions. Tax avoidance, tax evasion, and tax planning are all ways to save money on taxes. The only legal way to lower your tax obligations out of these is through tax planning. The government provides a variety of tax-saving alternatives with the goal of lowering tax burdens on taxpayers through ethical income tax planning strategies. Types and Role of Tax Planning Any person’s potential to thrive financially depends on their ability to manage their taxes since one cannot avoid paying taxes if their income is in a certain income tax bracket. The right tax planning assists people in streamlining their tax payments, ensuring returns over a specific time period, and lowering their tax liabilities. Three categories of planning, including tax planning, are as follows: Adaptive tax planning that complies with the law is known as Permissive Tax Planning. Tax preparation that is done with a specific goal in mind is referred to as purposeful tax planning. Long-Range/Short-Range Tax planning is the planning done at the beginning and at the end of the fiscal year. Benefits and Importance of Tax Planning Although paying taxes is a big part of a person’s obligation to the country, you may use financial planning to reduce your taxes while still carrying out your civic duty by taking advantage of the government’s tax-saving programs. If you carefully follow the tax planning guidelines created by a CA or CS specialist,  Timing of income, the timing of purchases, budgeting for expenses, and size are all factors to be taken into account during tax planning. Tax planning is essential for both small and large enterprises since it will aid in accomplishing business-related objectives. Benefit from a deduction for Tax Planning Individuals and members of the Hindu Undivided Family are eligible for advantages under deductions under Sections 80C and 80CC of the Income Tax Act, 1961. If the policy is taken out in the individual’s name, the name of his/her spouse, or the names of his/her children, the premiums paid during the policy duration are eligible for tax savings under this provision. Only premium amounts whose values do not exceed 10% of the total amount covered in the policy issued on or after April 1, 2012, are eligible for this sort of deduction. The deduction will be permitted for premium payments of up to 20% of the aggregate insured amount for policies issued before March 31, 2012. These advantages are available on investments up to 1, 50,000 in life insurance products in accordance with Section 80C of the Income Tax Act, 1961. Under Section 80CCC: Only pension plans are eligible for deductions. For up to one lakh fifty thousand in premiums paid to the plan, deductions are permitted. Under Section 80D: Along with policies purchased in the names of a person, his or her spouse, and any dependent children, deductions are available for individuals or a member of a Hindu Undivided Family. The highest amount that may be deducted is 25000 rupees. However, if the policy is in the name of the parents, an extra deduction advantage of 25,000 rupees can be obtained. Under Section 80DD: The annual deduction for premiums paid on insurance taken out in the name of a dependant who is disabled is INR 75,000 (disability is greater than 40% but less than 80%). For persons who are severely handicapped (disability is greater than 80%), a deduction of INR 1, 25,000 is permitted. This deduction has a set amount that is made regardless of actual spending. Under Section 10 (10D): Taxes are not applied to benefits received under a life insurance policy. Such benefits also include any money received from the insurance under Section 80DD (3), the Key Man Insurance Policy, or in bonus form. Under Section 80C: Through tax-saving investment programs, Section 80C allows taxpayers to save up to INR 1, 50,000 per year in taxes. The best of these is the equity-linked savings scheme (ELSS), which provides a dual advantage of tax reduction and financial gain. Other government savings programs, like as Public Provident Fund (PPF), tax-saving FDs, and National Savings Certificate (NSC), are also quite advantageous and provide deductions of up to INR 1.5 lakh when cumulative deposits are made in these choices. Payments paid for children’s school or tuition fees and principal repayment on house loans are also eligible for deductions under Section 80C. The HRA Exemption: Taxpayers who rent an apartment are entitled to claim an HRA exemption on the rent they pay as long as they present the rent receipts issued by their landlord. The least of the following amounts of exemption is available for the claim: The total HRA granted. 10% of the base pay minus the total amount of rent paid. Taxpayers who

The Income Tax Department has launched its new e-filing portal on 7th June 2021 to make the routine income tax return (ITR) filing process easier and hassle-free. This is another initiative by the Central Board of Direct Taxes (CBDT) towards providing ease of compliance to its taxpayers and other stakeholders.  This new e-filing Portal has various advantages that aim to make income tax return (ITR) filing easy and seamless.  The objective of e-Filing 2.0 Income Tax New e-filing 2.0 Portal is the official portal of the Income Tax Department, Ministry of Finance, and Government of India. The portal has been developed as a Mission Mode Project under the National E-Governance Plan. The key objective of this portal is to provide single window access to income tax-related services for taxpayers and other stakeholders. Benefits of Income Tax New e-filing Portal The new income tax filing portal comes with advantages like free Income Tax Returns (ITR) preparation software for forms ITR-1,4 (online and offline) and ITR-2 (offline). The New e-filing Portal is merged with the processing of ITs which will enable the taxpayers to get a quick refund. The new software will be taxpayer-friendly and easy to use. The new portal will also assist the taxpayers to file Income Tax forms, submit responses to various scrutiny and appeals and also add tax professionals. A single dashboard will be present for the taxpayers on the new online tax portal to assist them with multiple interactions and uploads. One can also follow all their pending requests easily now on the new e-filing portal. In an attempt to help the taxpayers and make the process of taxpaying hassle-free, a new call center will be set up by the income tax department. On this portal, the taxpayers can update all the professional details and other relevant information related to their business which will be used at the time of filing ITRs. Services Offered e-Verify Return – Verify ITRs without login to the portal Link Aadhaar – Link Aadhaar with PAN to e-file return and know details about Aadhaar Details e-Pay Tax – Pay your pending taxes online ITR Status – Track status of e-filed Income Tax Returns Verify PAN – Ensure your PAN Details are correct Know TAN – Know about Tax Deductor across India Tax Information & Services – Know more about the Tax Services Authenticate order notice by ITD – Know if notice/order received is authentic Know Your AO – Know about your Jurisdictional Assessing Officer Instant E-PAN – Apply for New PAN/Update PAN details/Check PAN Status TDS on Cash Withdrawal – TDS on Cash Withdrawal under section 194N Verify Service Request – verify pending service request initiated by ERI on your behalf Salient features of Income Tax New e-filing Portal The new e-filing portal will issue detailed frequently asked questions (FAQ), chatbox, video, live agent to help the taxpayers understand the features of the new portal. The portal also comes with a reminder about the necessary compliance which will prompt the taxpayers to complete all their pending filings. Taxpayers will now be able to pre-fill their salary income, interest, and dividends and all the capital gains will be reflected after TDS and SFT deductions. The new portal will also have a new online tax payment system with various options like net banking, credit card, UPI, NEFT, and RTGS for easy payment of taxes. A new mobile application will also be launched subsequently which will help the taxpayers to understand various features of the new portal. Static Password Feature of New e-filing Portal To make e-filing easier for taxpayers, the income tax department has added many features in this new income tax e-filing portal that includes static password generation, which is re-usable in nature The static password feature of the new income tax site is useful for taxpayers who don’t have limited internet connection or access to mobile phones. Such taxpayers find it difficult to get OTP (One Time Password) or EVC (Electronic Verification Code). For such taxpayers, the static password will be a useful tool given by the income tax department’s new portal.  By using a static password, one can do the authentication as the new website requires two-layer authentication. Procedure to Generate Static Password on New e-filing Portal The taxpayer who wishes to generate a static password needs to log in to the portal. Then click on the ‘My Profile’ option and follow some simple steps and their static password will get generated. Log in at the new official income tax portal and Click on the ‘My Profile’ option available on the profile page There the taxpayer can find the ‘Generate Static Password’ option on the left menu. Click on that to proceed further. Note: Read all instructions, terms, and conditions carefully before clicking on the ‘Generate Static Password’ option The taxpayer will be given 10 static passwords anyone of it can be used for login. However, the taxpayer must note that these 10 static passwords will be valid for 30 days only and one can’t use the same password for next time login. The Grievances Cell As mentioned above, a single-window is developed to raise all the grievances through the e-filing portal. This window enables taxpayers to address any concern that arises during the filing process or after. e-Preceeding e-Proceedings are an electronic platform for conducting proceedings in an end-to-end manner. All the notices, intimations, letters from the department are made available under e-proceedings, where the assessee would be able to view and submit the response, along with attachments by uploading the same on the e-filing portal. It enables safe storage and tracking of all-e-submission made by the assessee and makes the entire process paperless. Online e-Filing Process The process of filing ITR-1 and ITR-4 on the new e-filing portal is discussed below: The taxpayer needs to access the new e-filing portal and go to the e-File option and then file an income tax return. Now, the taxpayers have to select the assessment year, filing type, ITR type, and submission mode. Select the status option. Continue

In India, it is mandatory for businesses to have a Tax Deduction Account Number (TAN). This number is issued by the Income Tax Department and is used as a unique identifier for individuals or entities responsible for deducting or collecting Tax at source.It is compulsory to mention the TAN in all TDS returns and on other documents related to income tax procedures. Non-compliance may lead to penalties. What is TAN? TAN, or Tax Deduction and Collection Account Number, is a unique 10-digit alphanumeric identifier issued by the Income Tax Department. It’s primarily used by individuals or entities responsible for deducting or collecting Tax at source (TDS/TCS). TAN Number: Definition and Configuration he Tax Deduction and Collection Account Number, abbreviated as TAN Number, is a ten-character alphanumeric identifier designed with a specific structure: First Four Characters (Alphabetic): The TAN’s initial three characters represent the jurisdiction where it was issued. The fourth character, meanwhile, signifies the first letter of the name of the entity or individual applying for the TAN. Middle Five Characters (Numeric): These central five characters are system-generated unique numbers. Final Character (Alphabetic): The concluding character is a system-generated unique letter. The Importance of Securing a TAN Number As outlined in Section 203A of the Income-tax Act, 1961, any individual or entity tasked with the responsibility of deducting or collecting Tax at source is required to obtain a TAN (Tax Deduction and Collection Account Number). Moreover, this section stipulates that the TAN Number be incorporated in multiple documents. The TAN should be clearly stated in the following documents: TDS (Tax Deducted at Source) or TCS (Tax Collected at Source) statements/returns. Challans related to TDS or TCS payments. Issuance or presentation of TDS or TCS certificates. Various forms and documents associated with income tax procedures and submissions. Who Should Obtain a TAN? Tax Deducting Entities: Any individual or organization that needs to deduct Tax at source during certain transactions, such as salary distributions, contractor payments, or rent payments exceeding Rs.1,80,000 annually. Non-Profit Organizations: Non-profits that make specific payments surpassing the designated threshold. Business Branches: Branches of companies that execute specified payments exceeding the set threshold limits. Salaried Individuals: Those earning a salary do not need to obtain a TAN or deduct Tax at the source. TAN Registration TAN Registration is the process through which eligible entities apply for and obtain their TAN. Once registered, the entity can legally deduct or collect Tax at source and remit that Tax to the government. This Registration also mandates that the TAN be mentioned in all TDS/TCS transactions, returns, and related compliance documents. Without a valid TAN, entities may face penalties for non-compliance when conducting tax-related activities. It ensures that the Income Tax Department can efficiently track and manage tax collections and deductions, thereby streamlining tax administration in the country. Features of TAN Registration Lifetime Validity: Once obtained, a TAN is valid for a lifetime. This means entities or individuals don’t need to renew or reapply for it periodically. Mandatory for TDS Payments: When making Tax Deducted at Source (TDS) payments to an authorized bank, the TAN must be quoted. Without a TAN, banks will not accept your TDS deposits. Requirement for Proprietors: Even individuals running a sole proprietorship business are mandated to obtain TAN if they are liable to deduct Tax at the source. This underscores the importance of TAN not just for larger entities but also for individual business owners. Unique Identifier: TAN is a distinct 10-character alphanumeric code. This unique identifier is issued by the Income Tax Department specifically for those individuals or entities responsible for deducting or collecting Tax at source. Advantages of TAN Registration Ensuring Legal Compliance: Securing a Tax Deduction and Collection Account Number (TAN) is pivotal for any entity tasked with a tax deduction or collection. Holding a TAN guarantees adherence to tax regulations, shielding you from potential legal repercussions or penalties due to non-compliance. Streamlined Tax Operations: Possessing a TAN enhances the efficiency of your tax deduction and collection mechanisms. This paves the way for timely and accurate tax deductions and submissions to the government, mitigating any scope for errors or lags in the cycle. Effortless Monitoring and Reconciliation: A TAN empowers you with a straightforward method to monitor and reconcile your tax transactions. You can swiftly retrieve your TDS/TCS records and certificates, which confirms the accurate deduction and payment of taxes. Such a systematic approach simplifies the oversight of tax transactions and reinforces regulatory compliance. Documents Needed for TAN Registration Passport Size Photograph Proof of Address for the Registered Office Company’s PAN Card TAN Application Form TAN Registration Process in India Offline TAN Registration Process- For the manual method, the individual needs to fill out Form 49B (the TAN allotment application form) and provide it, with the required payment, to any TIN-Facilitation Center (TIN-FC) of Protean. Additionally, the individual can retrieve the TAN application from the NSDL site, complete it, and then hand over the filled form along with the necessary fees to the TIN-FC. Online TAN Registration Process- Individuals looking to obtain a TAN can conveniently apply online through the NSDL website. It’s essential to read the guidelines thoroughly, complete the online application form with accuracy, and then submit it electronically for processing. Mandatory PAN: It’s crucial to include your PAN (Permanent Account Number) Registration number in the application. A PAN serves as an essential identification marker, regardless of whether the tax collector or deductor account number follows an old format. Consequently, it’s beneficial to undergo online PAN Registration simultaneously when applying for online TAN Registration. FAQs What is TAN? TAN, or Tax Deduction and Collection Account Number, is a unique 10-digit alphanumeric code issued by the Income Tax Department in India. It is mandatory for entities and individuals responsible for deducting or collecting taxes at the source. Is TAN mandatory for all businesses and individuals? TAN is mandatory for those who are required to deduct or collect taxes at the source. It is not mandatory for individuals or entities that do not have TDS or TCS obligations. Who needs to obtain a TAN? Any person or entity responsible for

The Income Tax Department facilitates taxpayers to track the status of their challan deposits through an Enquiry of Challan Status on TIN-NSDL website. Enquiry of challan status enables the taxpayers to verify whether their tax payments have been properly accounted for in their name. These services can be availed by both taxpayer and banks. Challan Enquiry – Taxpayers Challan Identification Number- Challan Identification Number (CIN) is a proof of payment of tax, as well as a necessary resource that can be used for making status enquiries. The taxpayer is required to ensure that CIN is stamped on the challan by the bank. If it is not, the assessee may approach the bank requesting the stamp to be affixed. If the bank is unable to handle the issue, the grievance must be intimated to the Bank’s Regional Manager and the Regional Office of Reserve Bank of India. CIN consists of three parts: Seven digit BSR code of the depository Bank Branch. Date of Deposit. Serial Number of Challan. CIN Based View- The taxpayer can view the following details after entering the Challan Identification Number (CIN): BSR Code Date of Deposit Challan Serial Number Major Head Code With Description TAN/PAN Name of Tax Payer Date of Receipt of TIN Confirmation of the correctness of the amount entered if it was specified earlier Status Inquiry for taxpayers Status of TDS Challan can be checked either by using CIN or Tax Deduction and Collection Account Number (TAN) of deductor. While, status enquiry for all kinds of tax payments can be made using CIN based view, status enquiry for TDS challan can be made using both CIN and TAN based view. Challan Status may be viewed after a week from depositing the challan with the bank. While making the query on website, if the following message is displayed ‘no records found for the above query’ or if there is any other discrepancy in the data, taxpayer may enquire with the bank where tax has been deposited. In case of no  satisfactory reply, taxpayers may email/write to National Securities Depository Ltd. Procedure for Checking Challan – CIN Based Step 1: Go to Challan Enquiry Page – CIN Based Step 2: Enter details of the challan including BSR code of branch, date of deposit and challan serial number. The challan status will be updated only after a week. Step 3: The system will display the challan status. In case the message displayed is “no records found” and it has been more than 1 week, contact the bank through which Challan was deposited. TAN Abbreviated as Tax Deduction and Collection Account Number, TAN is a 10 digit number issued on an individual basis for the purpose of deducting or collecting tax on payments remitted by them.  Section 203 of the Income Tax Act mandates every taxpayer who is liable to deduct tax at source to quote their TAN number in all their correspondences with the Income Tax Department.  TDS Returns and Payments wouldn’t be processed without compliance with the same. TAN Based View The taxpayer can view the following details after providing TAN and Challan Tender Date range for a specific financial year: CIN Major Head Code with description Minor Head Code Nature of Payment Note: – If the taxpayer mentions the amount against a CIN, the system will validate whether the amount specified by the taxpayer matches with the one uploaded by the bank. Procedure for Checking Challan – TAN Based Step 1: Go to Challan Enquiry Page – TAN Based Step 2: Enter the date and provide the deposit date in range. Step 3: The system will display the challan status of all payments made during this time. In case the message displayed is “no records found” and it has been more than 1 week, contact the bank through which Challan was deposited. FAQs What is a challan? A challan is a form or document used to make a payment, typically to a government agency. It includes details such as the amount to be paid, purpose of payment, and a unique identification number. What information is needed to inquire about the challan status? You may need details such as the challan number, date of payment, and the name of the bank through which the payment was made. 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The Income Tax Act of 1961’s Section 153A specifies the income assessing system that will be used in the case of a searched individual. According to the previously stated clause, the assessor may frame the assessment of the searched individual for a period of six years prior to the search year. One of the issues is also whether the disallowance or addition (if any) in the assessment under Section 153A must be restricted to the materials that are ‘incriminating.’ These should be found during the search process for the assessment year for which the process is still ongoing. Section 153 A of the Income Tax Act, 1961 specifies the system for assessing income in the case of a searched person. In terms of the stated clause, the Assessing Officer might frame assessment of a searched individual for six assessment years immediately proceeding the year of search. One such aspect is whether, when framing assessments under the said section, the addition/disallowance, if any, with respect to the assessment year for which the proceedings do not abate (means there has either been assessment done previously or the time period for making such an assessment has elapsed), should be limited only to the ‘incriminating’ materials discovered during the course of search proceedings. Provision of Section 153 A under Income Tax Act 1961 Section 153 A of the Income Tax Act, 1961, specifies a process for determining income in the case of a searched individual. The Assessing Officer has the ability to define an individual’s assessment for the six assessment years immediately proceeding the year of search, according to the aforementioned clause.Further, one such issue is whether, in framing the assessment under the said section, the addition/disallowance, if any, should be limited to the ‘incriminating’ materials discovered during the search proceedings for the assessment year for which the proceedings do not abate (that is, there has been prior assessment or the time period for making such an assessment has expired). Until now, the majority of judicial precedents noted below suggest that while constructing an assessment under section 153A of the Act, the Assessing Officer cannot make an addition or disallowance based on any ‘incriminating’ data. “Assessment in case of search or Requisition,” Section 153A of the Income Tax Act 1961 Sections 139, 147, 148, 149, 151, and 153, if a search is commenced under section 132 or books of account, other papers, or any assets are requisitioned under section 132A after May 31, 2003, the Assessing Officer shall- Issue notice to such person requiring him to furnish the return of income in the prescribed form and verified in the prescribed manner for each assessment year falling within six assessment years and for the relevant assessment year or years referred to in clause (b), in the prescribed form and setting forth such other particulars as may be prescribed, within such period as may be specified in the notice, and the provisions of this Act shall, so far as may be, apply accordingly as if; Assess or reassess the total income of the six assessment years immediately before the relevant assessment year or years and for the relevant assessment year or years. Further, the Assessing Officer must evaluate or review the total income for each of the six assessment years, as well as for the relevant assessment year or years. Moreover, assessment or reassessment pending on the date of initiation of the search under section 132 or making of requisition under section 132A, as the case may be, for any assessment year falling within the period of six assessment years and for the relevant assessment year or years referred to in this subsection shall cease. The Central Government may specify the class or classes of cases in which the Assessing Officer is not required to issue notice for assessing or reassessing the total income for six assessment years immediately preceding the assessment year relevant to the previous year in which search is conducted or requisition is made by rules made by it and published in the Official Gazette (except in cases where any assessment or reassessment has abated under the second proviso). The Assessing Officer shall not issue a notice of assessment or reassessment for the relevant assessment year or years unless- The Assessing Officer has books of account, other documents, or evidence in his possession that show that the income, represented in the form of an asset, that has escaped assessment amounts to or is likely to amount to fifty lakh rupees or more in the relevant assessment year or in the aggregate in the relevant assessment years; The income mentioned in paragraph (a) has eluded assessment for the year or years in question; and On or after April 1, 2017, a search under section 132 is commenced or a demand under section 132A is submitted. Explanation of Section 153A of the Income Tax Act 1961 The term “relevant assessment year” refers to the assessment year preceding the assessment year relevant to the previous year in which the search or requisition is conducted or made, which is more than six assessment years but less than ten assessment years from the end of the assessment year relevant to the previous year in which the search or requisition is conducted or made. “Asset” includes immovable property such as land, buildings, or both, shares and securities, loans and advances, and bank account deposits for the purposes of the fourth proviso. (2) If any proceeding initiated or any order of assessment or reassessment made under sub-section (1) is annulled in an appeal or other legal proceeding, the assessment or reassessment relating to any assessment year which has abated under the second proviso to sub-section (1) shall be revived with effect from the date of receipt of the order of such annulment by the Principal Commission. Except, nonetheless, that such resurrection shall cease to have effect if the annulment decree is overturned. Explanation- For the avoidance of doubt, it is hereby declared that:  except as otherwise provided in this section,