The Income Tax Department NEVER asks for your PIN numbers, passwords or similar access information for credit cards, banks or other financial accounts through e-mail.
The Income Tax Department appeals to taxpayers NOT to respond to such e-mails and NOT to share information relating to their credit card, bank and other financial accounts.
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There are two modes of payment of direct taxes (i) physical mode i.e. payment by using the hard copy of the challan at the designated bank; and (ii) e-payment mode i.e. making payment by using the electronic mode. In this part you can gain knowledge about various provisions relating to e-payment of direct taxes.
Tax Deduction Account Number or Tax Collection Account Number is a 10-digit alpha-numeric number issued by the Income-tax Department (we will refer it as TAN). TAN is to be obtained by all persons who are responsible for deducting tax at source (TDS) or who are required to collect tax at source (TCS). In this part you can gain knowledge about various provisions relating to TAN.
A person is liable to pay interest for various delays/defaults like interest under section 201(1A) for failure to deduct tax at source/delay in payment of tax deducted at source and interest under section 206C(7) for failure to collect tax at source/delay in payment of tax collected at source. In this part you can gain knowledge about various provisions relating to interest for delay in payment of TDS/TCS and for non-payment of tax demanded.
Under the Income-tax Law, penalties are levied for various defaults committed by the taxpayer. Some of the penalties are mandatory and a few are at the discretion of the tax authorities. In this part, you can gain knowledge about the provisions relating to various penalties leviable under the Income-tax Law.
Apart from enacting penalty provisions, the Income-tax Law also designed provisions empowering the Commissioner of Income-tax to grant relief from penalty to taxpayers in genuine cases. Such power is granted under section 273A and section 273AA. In this part you can gain knowledge about various provisions relating to section 273A and 273AA.
Apart from levy of penalty for various defaults by the taxpayer, the Income-tax Law also contains provisions for launching prosecution for offences committed by the taxpayer.
At times it may happen that the taxpayer is aggrieved by an order of the Assessing Officer. In such a case he can file an appeal against the order of the Assessing Officer before the Commissioner of Income-tax (Appeals). In this part you can gain knowledge about various provisions relating to Commissioner of Income-tax (Appeals).
In this part you can gain knowledge about period of limitation prescribed under the Income-tax Law.
A person who fails to file the TDS/TCS return or does not file the TDS/TCS return by the due dates prescribed in this regard has to pay late filing fees as provided under section 234E and apart from late filing fees he can be liable to pay penalty under section 271H. In this part you can gain knowledge about the provisions of section 234E and section 271H.
Apart from penalty for various defaults, the Income-tax Act also contains provisions for launching prosecution proceedings against the taxpayers for various offences. In this part you can gain knowledge about the various provisions relating to prosecution under the Income-tax Law.
Note: The Taxation and Other Laws (Relaxation and Amendment of Certain Provisions) Act, 2020 has amended various sections of the Income-tax Act, 1961. Readers are requested to please check the relevant document from below link:
• Taxation and Other Laws (Relaxation of Certain Provisions) Ordinance, 2020
Advisory: Information relates to the law prevailing in the year
of publication/ as indicated . Viewers are advised to ascertain the correct position/prevailing law before relying upon any document.