Subsequent to making PAN mandatory for obtaining Director Identification Number (DIN), the MCA has issued a circular stating that all DIN holders are required to intimate their PAN to the Ministry. The intimation is to be done by filing Form DIN 4 on or before 30th September 2011. Non-filing of the form on time would [...]
Salaried Employees will no longer be required to file Income Tax Returns if their total income is less than Rs. 5 lakh an annum.. A few conditions are to be satisfied for the purpose, such as reporting of PAN to the assesee’s employer, declaration of entire income from bank deposits to the employer and the [...]
Value Added Tax or VAT is an indirect tax, which is imposed on goods and services at each stage of production, starting from raw materials to final product. VAT is levied on the value additions at different stages of production. VAT is different from sales tax in various aspects. While sales tax is to be [...]
Permanent Account Number (PAN) is a ten-digit alphanumeric number, issued in the form of a laminated card, by the Income Tax Department. This number is required for many activities such as opening an account, getting a phone line, receiving salary or professional fees. The primary purpose of PAN is to prevent tax evasion by [...]