FEMA ensures that there is orderly development and maintenance of the foreign exchange market in India, and external trade and payments are in order as well. FEMA deals with all the provisions relating to the procedures, formalities, dealings, etc., with respect to the foreign exchange transactions in India.
The transactions relating to the foreign exchange have been classified under FEMA in two main categories,
Under the head “Capital Gains”, any gain or profit arising from the transfer of a capital asset during the year is charged to the Tax.
The Income-tax Law has incorporated a system of deduction of tax at the point of generation of income for the quick and efficient collection of the taxes. This system is known as the “Tax Deducted at Source”, commonly known as the TDS. Under this system of TDS, the tax is deducted at the origin of the income.
The tax is deducted by the payer, and the same is remitted to the Government by the payer on behalf of the payee.
The provisions related to the deduction of tax at source are applicable to the following payments: –
In respect of the payments to which the TDS provisions apply, the payer has to deduct the tax at source on the payments made by him, and he/she has to deposit the tax deducted by him to the credit of the Government.
The excess Tax paid can be claimed as a refund by filling the Income-tax return. It is refunded to the person by crediting the same in their bank account through ECS transfer.
Before the Income Tax Appellate Tribunal (ITAT) within 60 days from the date of order under Form 36.
Before the Commissioner within 30 days from the date of order under Form 35.
PAN stands for Permanent Account Number. It is a ten-digit unique alphanumeric number which is issued by the Income Tax Department.
A permanent Account Number is issued in the form of a laminated plastic card, commonly known as a PAN card.
A PAN Card enables the department to link all the transactions of the assessee with the department. These transactions include TDS/TCS credits, tax payments, returns of income, specified transactions, correspondence, etc. It also facilitates the easy retrieval of information of an assessee and comparing of various investments, borrowings and also other business activities of the assessee.
No, the Agricultural income is not taxable.
An exempted income is the income which is not charged to tax, and under Income-tax Law, there is a specific exemption from tax to such incomes. The Taxable incomes are those incomes which are chargeable to tax.