HENCY R SHAH AND ASSOCIATES

  What happens if ITR is not Filed? If the  income tax  is not filed for the annual financial year, you will likely be pulled up by the government. Also, it is an illegal practice not to comply with these orders as it can backfire on you if you need to immigrate or secure a loan. Hence all citizens should be aware that there is a penalty if  ITR (Income Tax Return)  is not filed.     What are the Dates for Filing Income Tax for FY 2022-23 (AY 2023-24)? The important dates for filing income tax for the Financial Year 2022-23 and Assessment Year 2023-24 is as follows: Category of Taxpayer Due Date for Tax Filing - FY 2022-23 Individual/Hindu Undivided Family/AOP/BOI (no auditing required) 31st July 2023 Businesses that require auditing 31st October 2023 Businesses that require Transfer Pricing Report 30th November 2023 Revised ITR ...

Consequences of an Inoperative PAN: Financial Transactions You Can't Do Without PAN-Aadhaar Linkage  The government introduced the Permanent Account Number (PAN) to make it easier to access taxpayer information and match it with their investments, loans, and business activities. This helps detect and prevent tax evasion and broaden the tax base. According to the Income Tax Act of 1961, it became mandatory to link Aadhaar number with PAN by June 30, 2023. Failing to do so would render PAN inactive from July 1, 2023. If PAN is not linked with Aadhaar, it can create difficulties in certain transactions. For example, routine banking transactions such as depositing more than Rs. 50,000 in a bank account, paying insurance premiums exceeding Rs. 50,000, or applying for credit/debit cards may be affected. Senior citizens (except those aged 80 years or more) who haven't linked PAN with Aadhaar may also face consequences. However, residents of Assam, Jammu and Kashmir, Meghalaya, non-res...