In order to promote digital financial transactions and curb cash transactions, the government has introduced Section 194N in the Union Budget of 2019. This section is further amended by the Finance Act 2020, where tax has been imposed in the form of TDS on cash withdrawal above Rs 1 crore by any taxpayer.
Our finance minister had announced in the Union Budget that a facility for an instant e-PAN shall be launched. Accordingly, this facility has been launched and available where taxpayers can apply for PAN basis the Adhaar they hold. Through this facility, applicants can apply and get PAN immediately and free of cost.
All about Advance Tax for Taxpayers
What is Advance Tax?
As it can be easily understood, it is payment of the taxes in advance instead of lump sum payment at the end of the year. A taxpayer is liable to pay taxes in advance i.e. before the end of the year. Any taxpayer whose tax liability for the year is Rs. 10,000/- and more shall be liable to pay advance tax. It is popularly known as ‘pay as you earn’ scheme.
As we are in the mid of March which is last month of the financial year, many of us are concerned as to where and how much to invest to save tax. As one can claim a set limit deduction from his / her income under the Income Tax Act, one must be very careful about the amount of investment.
The Income Tax Department may keep an eye on those buyers who have brought property from non-resident and have failed to deduct/deposit TDS on the purchase of property from a non-resident.
