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Income Tax

In India, all individuals who earn more than a specified amount of annual income through salary, business or voluntary contribution, are liable to pay Income Tax. Income Tax is a Direct Tax, which is collected by the government directly from the tax payer, and constitutes 30 per cent of the government’s revenue.

The apex body of the Income Tax Department in the Country is the Central Board of Direct Taxes (CBDT), and it functions as a part of the Finance Ministry of the Government of India. It performs various statutory functions. It has the power to assign jurisdiction to the required authorities and to issue orders, instructions, and directions to them for the administration of the tax laws. It also enjoys certain powers of delegated legislation, and is competent to make rules for carrying out the implementation of the direct tax laws.

Permanent Account Number (PAN)

PAN is an all India, unique number of 10 characters allotted by the Income Tax Department. It is permanent for your life, and will not change with change of your address or station, or change of your Assessing Officer, etc. To acquire a PAN, you have to file an application in Form 49A, which is available in all Income Tax offices. You can also download the form and submit it in the Income Tax offices in your vicinity.

E-Return

Income Tax Department has launched the Electronic Furnishing of Return of Income Scheme, under which eligible assessees can file their returns of income electronically through persons authorised to act as e-return intermediaries. The intermediaries will digitise the data of such returns, and transmit the same electronically to the e-filing server of Income Tax Department under their digital signatures. An eligible person opting to file his return of income under this Scheme shall approach and give his consent to any one of the e-intermediaries to act as his agent for the purpose of furnishing his e-return for the relevant assessment year.

For Further Information Please Visit : https://dgft.delhi.nic.in/