What is Rule 114 income tax?
Rule 114 of the Income-tax Rules, 1962 (I.T. Rules) inter alia provides for the manner in which an application for allotment of a permanent account number (PAN) shall be made in Form No. 49A and Form No. At present, furnishing of father’s name is mandatory for the allotment of PAN.
What is sub rule 4 of Rule 114 of the income tax Rules 1962?
A format has been prescribed for verification certificate under provisions of Rules 114(4) of IT Rules, 1962. An individual / HUF PAN Applicant who files certificate of MP / MLA / MC / Gazetted officer as proof of his / her identity or address is to file the same in prescribed format only.
What is Section 10 14 income tax?
Section 10(14) Education Allowance (Partially Exempt Income) An allowance of up to INR 100 per month, per child, is tax-free under Section 10. Also, there is a hostel allowance for expenses that are made towards a child’s hostel fee, up to INR 300 per month per child.
What is Form 61 under income tax?
What is Form 61. This is a form of declaration that is to be filled by an individual who receives income solely from agriculture and is not the recipient of any other income that is taxable, with respect to transactions mentioned in Clauses (a) to (h) Rule 114B.
What is Form No 60 114B?
60 (See third provision to rule 114 B) Form of Declaration to be filled by a person who does not have either a Permanent Account Number (PAN) or General Index Register (GIR) No. and who makes payment in cash in respect of transaction specified in clauses (a) to (h) of rule 114B. 1.
How can I get signature of gazetted officer?
Character certificate can only be attested by Police record verification and Group A gazetted officer. For copies of original documents, both Group A and Group B officers can attest the documents. The name, designation, and contact number of the gazetted officer should be clearly mentioned.
What is Rule 2BB 2 in income tax?
Rule 2BB(2) lists down the prescribed allowances as- 1. Special compensatory allowance / climate allowance for working in a hilly area or high altitude or- INR 800 per month for the prescribed areas. INR 7000 per month for the Siachen area.
When was Income Tax Rules, 1962 amended?
Income-tax Rules, 1962 were amended vide Notification No. 62 of 2015 dated 7th August, 2015 by inserting Rules 114F to 114H and Form 61B to provide a legal basis for the Reporting Financial Institutions (RFIs) for maintaining and reporting information about the Reportable Accounts.
What does specified insurance company mean in rule 114f?
Specified Insurance Company is defined in Explanation (d) to Rule 114F (3) to mean any entity that is an insurance company (or the holding company of an insurance company) that issues, or is obligated to make payments with respect to, a Cash Value Insurance Contract or an Annuity Contract.
How is a depository institution defined in rule 114f?
Depository Institution is defined in Explanation (b) to Rule 114F (3) to mean any entity that accepts deposits in the ordinary course of a banking or similar business. An Entity is considered to be engaged in a “banking or similar business” if, in the ordinary course of its business with customers, it regularly engages in activities such as:
What is the definition of FIS in rule 114f?
The definition of Financial Institution in the Rule 114F (3) classifies FIs in four different categories, namely Specified Insurance Companies.
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