CURRENT AFFAIRS

Detailed explanation-1: -Section 139A of the Income-tax Act, 1961, prescribes various conditions under which an assessee is required to obtain PAN. He needs to mention his PAN in all communications with the Income-tax Dept. and while entering into specified financial transactions.

Detailed explanation-2: -Section 139A(5)(c) read with rule 114B under Income Tax Act, 1961 has prescribed that all the sellers raising an invoice of Rs 2, 00, 000 or more should mention the 10-digit PAN number of vendor & customer on each such invoice wef 01.10. 2021 onwards along with verification of such PAN as per Rule 114C.

Detailed explanation-3: -[(6A) Every person entering into such transaction, as may be prescribed, shall quote his permanent account number or Aadhaar number, as the case may be, in the documents pertaining to such transactions and also authenticate such permanent account number or Aadhaar number, in such manner as may be prescribed.

Detailed explanation-4: -As per Section 139(8A), any taxpayer can file an Updated Return to report any additional income and pay relevant tax on it. The taxpayer can file an Updated Return even if they have not filed an Original, Revised, or Belated ITR.

Detailed explanation-5: -income derived from property held under trust or other legal obligation wholly for or charitable purposes or religious purposes, or in part only for such purposes; or. income by way of voluntary contribution on behalf of such trust or institution.