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In the case of online applications, these documents need to be sent over mail (post/courier) to NSDL - TAN Application division. When NSDL receives the TAN application along with said documents (either through TIN FC / Online), the details are verified and then sent to the Income Tax Department. Once approved, the Department allocates a unique ...
The company also manages the Tax Information Network (TIN) for the Income Tax Department, Government of India. [12] As part of this system, Protean facilitates the issuance of Permanent Account Number (PAN) cards and enables electronic submission of Tax Deducted at Source (TDS) returns, along with assisting banks in uploading tax payment data.
Tax deduction at source (TDS) has come into existence with the motive of collecting tax from different sources of income. As per this concept, a person (Payer) who is responsible to make payment of specified nature to any other person (Payee) shall deduct tax at source before making payment to such person (Payee) and remit the same into the account of the Central Government.
A common example of this is the taxation of oil and natural gas royalty interest revenue. In order to ensure that the state receives a portion of the revenue from oil and gas leases within the state, any payments made to an address outside of the state require that a tax be withheld and paid directly to the state.
A permanent account number (PAN) is a ten-character alphanumeric identifier, issued in the form of a polycarbonate card, by the Indian Income Tax Department, to any person who applies for it or to whom the department allots the number without an application. It can also be obtained in the form of a PDF file known as an e-PAN from the website of ...
Now, NSDL is one of the largest Depositories in the World. It has established a state-of-the-art infrastructure that handles most of the securities held and settled in de-materialized form in the Indian securities markets. [6] Securities are held in depository accounts, which are similar to holding funds in bank accounts.
Income tax returns are due in India generally on 31 July, 30 September or 30 November, depending on the category of taxpayer. Everyone who earns or gets an income in India is subject to income tax. Income is divided into five categories: Income from Salary, Income from Other Sources, Income from House Property, Income from Capital Gains, and ...
The Income Tax Department (also referred to as IT Department; abbreviated as ITD) is a government agency undertaking direct tax collection of the government of the Republic of India. It functions under the Department of Revenue of the Ministry of Finance. [5] The Income Tax Department is headed by the apex body Central Board of Direct Taxes (CBDT