CBDT Clarifies Key Points on PAN 2.0 via FAQs

 The Central Board of Direct Taxes (CBDT) has issued a press release providing clarifications on the newly introduced PAN 2.0 system. Among the Frequently Asked Questions (FAQs) shared, two stand out for their importance: FAQ 3 and FAQ 7. These address concerns about the continued validity of existing PAN cards and the functionality of QR codes in PAN 2.0.

Taxability of Transfers Between HUF Members and the HUF

 The taxation of transactions within a Hindu Undivided Family (HUF) is governed by specific provisions under the Income Tax Act, 1961. This article examines the tax implications of transfers from HUF members to the HUF and vice versa, focusing on income derived, gifts, and the treatment of HUF partition.

TAX DUE DATE - DECEMBER 2024.

 

S No	Due Date	Related to	Compliance to be made
1	11.12.2024	GSTR – 1	Filing of GSTR – 1 for the month of November 2024
2	20.12.2024	GST	Payment of GST for the month of November, 2024 Filing of GSTR 3B for the month of November, 2024
3	07.12.2024	TDS/TCS (Income Tax)	· Deposit TDS for payments of Salary, Interest, Commission or Brokerage, Rent, Professional fee, payment to Contractors, etc. during the month of November 2024. · Deposit TDS from Salaries deducted during the month of November 2024 • Deposit TCS for collections made under section 206C including sale of scrap during the month of November 2024, if any • Deliver a copy of Form 15G/15H, if any to CCIT or CIT for declarations received in the month of November 2024, if any
4	15.12.2024	Income tax	Payment of Advance tax for the Corporate and Non Corporate assesses –Amount not less than 75% and 60% of advance tax respectively.
5	31.12.2024	GST	Filing of Annual Return -  GSTR 9 & 9C.