Monthly Archives: January 2016

Electronic Verification Code (EVC) – Additional Modes

Tax payers can generate Electronic Verification Code in many ways as directed by Central Board of Direct Taxes vide notification 2/2015 dated 13th July 2015. The new measures will eliminate the procedure to sending the physical copy of ITR V acknowledgment to CPC Bangalore. This article is in addition to our earlier publication on EVC,… Read More »

Rules regarding quoting of PAN for specified transactions

PAN (Permanent Account Number) is a ten digit unique alphanumeric number issued by the Income Tax Department. PAN gives identity to each tax payer thru which the income tax department code and co relate the income and taxes. There are certain transactions which require mandatory action of quoting of PAN. Thru which your transactions are… Read More »

Different types of Income Tax Penalties

An assessee has been made liable to penalties for the defaults or non-compliance committed by him under the various provisions of income tax act. As against various exemptions, reliefs & deductions income tax act also levy/charge various types of penalties on its tax payers who does not comply with provisions of the income tax act.… Read More »