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If you are unsure about whether your PAN and Aadhaar is linked, select the link Aadhaar status option under the quick links section

Attention Taxpayers: Link your PAN and Aadhaar by May 31 to avoid higher TDS, warns Income Tax Department

If you are unsure about whether your PAN and Aadhaar is linked, select the link Aadhaar status option under the quick links section

If you haven't yet linked your PAN and Aadhaar, you must do it by the 31st of May or face the consequences.
The Income Tax Department has issued another reminder to taxpayers to link their PAN and Aadhaar by end of this month, failing which there will be a higher tax deduction at source or TDS that will be levied.
Last month, the income tax department detailed the PAN-Aadhaar linking regulations and outlined consequences for non-compliance.
<blockquote class="twitter-tweet">
Kind Attention Taxpayers, Please link your PAN with Aadhaar before May 31st, 2024, if you haven&rsquo;t already, in order to avoid tax deduction at a higher rate. Please refer to CBDT Circular No.6/2024 dtd 23rd April, 2024. <a href="https://t.co/L4UfP436aI">pic.twitter.com/L4UfP436aI</a>
&mdash; Income Tax India (@IncomeTaxIndia) <a href="https://twitter.com/IncomeTaxIndia/status/1795326518832554454?ref_src=twsrc%5Etfw">May 28, 2024</a></blockquote>
You can link your PAN and Aadhar by logging on to the incometaxindiaefiling.gov.in website and following the instructions after selecting the Link Aadhaar option. If you are unsure about whether your PAN and Aadhaar is linked, select the link Aadhaar status option under the quick links section.
After entering your PAN and Aadhaar numbers click on view link Aadhaar status to check if your documents are linked.
Here's how you can link your Aadhaar and PAN:
<ol>
<li>Visit the Income Tax e-filing portal and click on 'Link Aadhaar Status' under the quick links on the homepage.</li>
<li>Enter your PAN and Aadhaar details, then click on 'View Link Aadhaar Status'.</li>
<li>If they are not linked, a pop-up message will prompt you to do so.</li>
<li>Provide the required details: PAN number, Aadhaar number, name on Aadhaar, and mobile number.</li>
<li>Additional checks: Select the square if only the birth year is mentioned on the Aadhaar card, and agree to validate Aadhaar details.</li>
<li>Link Aadhaar: Enter the Captcha code. An OTP will be sent to your registered mobile number; validate it.</li>
<li>Note that Aadhaar and PAN can only be linked after paying a Rs 1,000 fine.</li>
</ol>

As the deadline for filing your ITR 2022 is around the corner, it is important for the taxpayers to know the correct type of Income Tax Return (ITR) form applicable to them.

Income Tax Return: Which ITR Form to choose?

Deadline for Income Tax Returns is drawing close, do you know which ITR form to pick?

The most basic - ITR-1 or Sahaj - is to be filled by the salaried class of taxpayers

As the deadline for filing your ITR 2022 is around the corner, it is important for the taxpayers to know the correct type of <a href="https://www.editorji.com/business-news/personal-finance/itr-filing-mistakes-that-you-should-avoid-while-filing-income-tax-returns-1658312400305" target="_blank" rel="noopener">Income Tax Return (ITR)</a> form applicable to them.
EJ Biz explains which form to choose while filing income tax return:&nbsp;
<h3>ITR 1 Form or Sahaj</h3>
ITR1 Form Sahaj is for salaried individuals having a total income of up to Rs 50 lakh. You can also file a return in ITR 1 if you earn income from other sources such as interest from bank deposits, house property and agriculture income up to Rs 5,000.&nbsp;
<h3>ITR-2</h3>
There is no earning limit prescribed for ITR-2 and the Form is suitable for the taxpayers having following incomes:
<ul>
<li>Salary / Pension</li>
<li>One or more House Properties</li>
<li>Income from Other Sources such as Interest, Family Pension, Dividend etc.</li>
<li>Capital Gains &ndash; both short-term and long-term gains including gains from intraday trade and Future &amp; Options (F&amp;O)</li>
<li>Agricultural Income of over Rs 5,000</li>
</ul>
<h3>ITR 3 Form</h3>
ITR 3 form is for individuals or Hindu Undivided Families (HUFs) who earn from a business or any other profession (not salaried). Those who are partners at a company, must opt for ITR 3 while filing income tax return for AY 2022-23.
Those who are filing business or professional income on presumptive basis and if the taxable income exceeds Rs 50 lakh and have income under the head &lsquo;capital gains&rsquo;, must go for ITR 3.
<h3>ITR 4 Form</h3>
ITR-4 can be used by both resident individuals, firms, and HUFs (Hindu Undivided Family) who had income either from profession or business and whose total income includes:
However, Limited Liability Partnerships (LLPs) cannot opt for this form.
Individuals who have also chosen the presumptive income scheme according to Section 44AD, Section 44ADA, and Section 44AE of the Income Tax Act 1961, should also opt for this form.

The ghost of retrospective tax resurrected by UPA&nbsp;II is finally being buried.&nbsp;&nbsp;The&nbsp;Modi government on Thursday moved to amend the Income Tax Act following which the controversial retrospective tax law that led to row with Vodafone, Cairn Energy will be scrapped. Finance Minister Nirmala Sitharaman introduced The Taxation Laws (Amendment) Bill in the Lok Sabha&nbsp;on Thursday.&nbsp;With this move, tax demands made on asset transfers prior to May 28, 2012 will be withdrawn."It is proposed to provide that the demand raised for indirect transfer of Indian assets made before 28th May, 2012 shall be nullified on fulfilment of specified conditions such as withdrawal or furnishing of undertaking for withdrawal of pending litigation and furnishing of an undertaking to the effect that no claim for cost, damages, interest, etc., shall be filed. It is also proposed to refund the amount paid in these cases without any interest thereon," the government stated.This bill affects tax cases of at least two big companies Cairn Energy Plc and Vodafone Group of UK, both had won international arbitrations against the tax levied on them.&nbsp;

Govt to amend Income Tax Act, scrap retrospective tax law, will it mend fences with Vodafone?

Modi Govt buries retro tax introduced by UPA&nbsp;II; Lok Sabha&nbsp;amends bill to withdraw demands on Cairn, Vodafone
&nbsp;

Retro Relief | Tax demand on Cairn and Vodafone to be withdrawn

<ul>
<li>Govt amends Income Tax Act, scrap&nbsp;retrospective tax law</li>
<li>Govt to withdraw tax demand notice on Vodafone, Cairn Energy&nbsp;</li>
<li>Retrospective tax law was introduced by UPA&nbsp;II government&nbsp;</li>
<li>FM introduced&nbsp;The Taxation Laws (Amendment) Bill in Lok Sabha&nbsp;</li>
<li>No Retro Tax Demand If Transaction Done Before May 28, 2021&nbsp;</li>
<li>Govt to refund any retro tax collected from companies under provision</li>
<li>Tax demand notice on Vodafone, Cairn to be withdrawn</li>
</ul>

No retro tax demand for indirect transfer of Indian assets made before May 28, 2012, states the Bill proposed by govt.

The ghost of retrospective tax resurrected by UPA&nbsp;II is finally being buried.&nbsp;&nbsp;The Lok&nbsp;Sabha&nbsp;approved the amendment to the Income Tax Act which means the the controversial retrospective tax law that led to row with Vodafone, Cairn Energy will be scrapped. Finance Minister Nirmala Sitharaman introduced The Taxation Laws (Amendment) Bill in the Lok Sabha&nbsp;on Thursday.&nbsp;With this move, tax demands made on asset transfers prior to May 28, 2012 will be withdrawn. "It is proposed to provide that the demand raised for indirect transfer of Indian assets made before 28th May, 2012 shall be nullified on fulfilment of specified conditions such as withdrawal or furnishing of undertaking for withdrawal of pending litigation and furnishing of an undertaking to the effect that no claim for cost, damages, interest, etc., shall be filed. It is also proposed to refund the amount paid in these cases without any interest thereon," the government stated. This bill affects tax cases of at least two big companies Cairn Energy Plc and Vodafone Group of UK, both had won international arbitration cases against the tax levied on them.&nbsp; The big question however many are asking are is this too late as after seven years, is the damage to India's international reputation been too severe?

NGOs in India (2/2) - Legality | Summachar

While many NGOs work hard for different social causes, there are legal and financial benefits of NGOs and NPOs as business entities. These benefits are often used as important business structuring tools.
There are three different types of NGOs on a legal basis:&nbsp; 1. Trust 2. Society 3. Section 8 Company
Section 8 Companies, trusts and societies are exempted from income tax if they are registered under 12AA (tax exemption) of the Income Tax Act. NPOs or non profit organisations also fall under the ambit of section 8 companies. NGOs wanting to receive funds from abroad are required to register under the Foreign Contribution Regulation Act (FCRA) with the Ministry of Home Affairs.
There are some common financial and regulatory benefits of NGOs. They have a separate legal entity, and have limited liability towards stakeholders. Besides getting exemption from income tax, they are also exempt from government audits and get certain legal protect

income tax act

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