Tax Department | Pixr8 News

India’s tax department has now launched the provision of e-PAN occurring immediately. This move is anticipated to bring down the interaction with the department and assist the taxpayers in creating the permanent account number (PAN) without facing any difficulty. This provision of the tax department is totally free of cost and the taxpayers can log on to the income tax portal to create their e-PAN. The people are not required to submit any documents, instead, the e-PAN will be generated on the basis of details available in the user’s Aadhaar card. “Thanks to the elevated use of technology and digitization adopted by the government in the tax department, it is now resulting in truly convenient and paperless interface with taxpayers. One may expect more of such initiatives in the coming ...

The income-tax department demanded Flipkart to classify its marketing expenses and discounts as capital expenditure and therefore asked the E-commerce giant to pay the sum of Rs 110 crore as tax demand for the financial year 2015-16 due to a reclassification order on how startups are taxed. However, Flipkart does not look likely to give up Rs 110 crore so easily and are challenging the order by appearing before the Income Tax Appellate Tribunal (ITAT) with the argument that tax cannot be collected from “fictional income”. Nothing in the IT Act mandates that a product has to be sold at a particular price, and revenue not earned (due to discounts grants) cannot be treated as capital expenditure, said Senior Advocate of Flipkart, Percy Pardiwala to the tribunal. The revenue departmen...

Tag: Tax Department

Tax Dept Launches Prompt e-PAN on The Basis of Aadhaar

Flipkart Refuses To Pay Rs 110 Crore Income Tax