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Directorate of Income Tax

Tax department reduces time for taxmen to decide on refund adjustment

Tax department reduces time for taxmen to decide on refund adjustment

Sun, Dec 04, 2022

Under Section 245 of the Income Tax Act, the AO can adjust the refund (or a part of the refund) against any tax demand that is outstanding from the taxpayer. Taxpayers can submit a response to the intimation notice if he/she disagrees with the tax demand.

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Income Tax Dept changes PAN rules for automobile sales above Rs 2 lakh

Income Tax Dept changes PAN rules for automobile sales above Rs 2 lakh

Wed, Oct 19, 2016

The Directorate of Income Tax (Intelligence and Criminal Investigation) conducted a seminar on Tuesday on quoting of permanent account number (PAN) in respect of transactions of sale or purchase of automobiles above Rs 2 lakh and furnishing of statement of financial transaction in case of receipt

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