Friday, August 30, 2013

What is TRACES- TDS Reconciliation Analysis and Correction Enabling System

About The Portal

TRACES is a web-based application of the Income Tax Department that provides an interface to all stakeholders associated with TDS administration. It enables viewing of challan status, downloading of NSDL Conso File, Justification Report and Form 16 / 16A as well as viewing of annual tax credit statements (Form 26AS).

Documents Required for PAN Application for Individuals

Individuals must be need the following documents Apply PAN Card. In the Income tax View Individuals are four types.

1. Citizen of India (Located in India)
2. Citizen of India (Located Outside India)
3. Foreign Citizen (Located in India)
4. Foreign Citizen (located outside India)


It is mandatory to quote PAN on return of income, all correspondence with any income tax authority. From 1 January 2005 it will be mandatory to quote PAN on challans for any payments due to Income Tax Department.

It is also compulsory to quote PAN in all documents pertaining to the following
financial transactions :-

(a ) sale or purchase of any immovable property valued at five lakh rupees or more; 

Permanent Account Number (PAN)

Permanent Account Number (PAN) is a ten-digit alpha numeric number, issued in the  form of a laminated card, by the Income Tax Department, to any “person” who applies for it or to whom the department allots the number without an application.  

PAN enables the department to link all transactions of the “person” with the department. These transactions include tax payments, TDS/TCS credits, returns of income/wealth/gift/FBT, specified transactions, correspondence, and so on. PAN, thus, acts as an identifier for the “person” with the tax department.

OBJECTIVES,SCOPE, DEFINITIONS of Indian Accounting Standard (Ind AS) 1

This Indian Accounting Standard includes paragraphs set in bold type and plain type, which have equal authority. Paragraphs in bold type indicate the main principles