As it is well known that the income tax department has allowed Aadhaar card holders to use the biometric id number in lieu of the Permanent Account Number (PAN). But as per new provision of Income Tax, fine of Rs. 10,000 may be levied in case of wrong Aadhar Number. As per the latest amendments in the Finance Bill 2019, not only allowed people to use Aadhaar in lieu of PAN but also introduced a penalty for giving a false Aadhaar number. However, the new penalty rules are applicable only in cases where you are using Aadhaar in lieu of PAN and where quoting PAN is mandatory according to the income tax department rules. It is well known that although Aadhaar is issued by the Unique Identity Authority of India, yet the fine is not imposed by UIDAI but by the income tax department. Under Section 272B of the Income Tax Act, 1961, the department can impose a penalty in case of default in complying with provisions relating to PAN, i.e., failure to obtain, quote, or authenticate PAN. ...
I T Deptt News: Withdrawal of Tax-Exemption in Case of Four Cricket Associations and contribution of IRSA to Uttarakhand Relief Fund
Withdrawal of Tax-Exemption in Case of Four
Cricket Associations
The
Income Tax authorities have looked into the affairs of the four cricket
associations, namely Saurastra Cricket Association, Baroda Cricket Association,
Kerala Cricket Association and Maharashtra Cricket Association and have found
that these cricket associations were engaged in certain activities which were
considered commercial in nature in view of the amended provisions of Sec 2 (15)
of the Income Tax Act, 1961. Consequently, the scrutiny of assessments in these
cases has resulted into the withdrawal of tax-exemption. Past assessments in
these cases have also been reopened by the Department to examine the
correctness of their claim for income tax exemption during the periods
concerned.
IRS Association Contributes More than Rs.
Thirty Four Lakhs Sixty Thousand for Relief and Rehabilitation of the People of
Uttarakhand Affected by the Nature's Unprecedented Fury in June, 2013
Indian
Revenue Service (IRS) Association presented cheques worth over Rs. 34,60,458 /
-. (Thirty Four Lakhs Sixty Thousand Four Hundred and Fifty Eight) to the Union
Finance Minister Shri P.Chidambaram in his office here today. Cheques are drawn
in favour of the Uttarakhand Chief Minister's Relief Fund and will be sent to
the Chief Minister, Uttarakahnd. The Members of Indian Revenue Service
Association in a letter to the Finance Minister said that they were equally
grieved and propose to lend a helping hand to the people of Uttarakhand for
their relief and rehabilitation.
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