Section 206AA is a non-obstante clause which provides the consequence of non-availability PAN. Sub section (1) of the section provides that where the PAN of payee including non-residents and foreign companies are not furnished or not available then the payer is liable to deduct tax at source at highest rate. Sub section (7) of the section provides that where the PAN of the non-resident or a foreign company is not available then the provisions of

Assessments u/s 147 of The Income Tax Act, 1961. Important Provisions. Section 147 of the act On the basis of Reasons to believe Assess or reassess Income escaped assessment (other than which are subject matter of appeal) or any other income come to notice during proceeding In case already assessment made, then no notice after 4 years unless there is a failure on the part of assessee to truly and fully disclose all material facts

Brief about the scheme. The Vivad Se Vishwas Scheme 2020 is a direct tax dispute resolution scheme announced in Union Budget 2020. This scheme is introduced to put an end to the long list of disputed income taxes cases pending in the appeal at any appellate forum. This scheme is applicable for all those assessees, whose cases are pending at any appellate forum as on 31st January, 2020. This scheme allows the assessee to pay only

INCENTIVES, EASE OF DOING BUSINESS AND REMOVING DIFFICULTIES. 1.    No changes in income tax rates proposed for the A Y 2020-21. 2.    New Optional tax rates proposed for Individuals/ HUF for A Y 2021-22. It is proposed to insert new section 115BAC with following tax rates:- Total Income (Rs) Rate Upto 2,50,000 Nil From 2,50,001 to 5,00,000 5 per cent. From 5,00,001 to 7,50,000 10 per cent. From 7,50,001 to 10,00,000 15 per cent. From

Class 1: Chemicals, Resins, and Plastics: Class 1 includes Chemical used in industry, science, photography, agriculture, horticulture and forestry; unprocessed artificial resins, unprocessed plastics; manures; fire extinguishing compositions; tempering and soldering preparations; chemical substances for preserving foodstuffs; tanning substances; adhesive used in industry. Class 1 includes mainly chemical products for use in industry, science and agriculture, including those which go to the making of products belonging to other classes such as: Sensitized paper; Tyre repairing