Tax Information : Detailed about Tax Rule and Regulations.


Tax information refers to a detailed information system present in most of the countries across the world giving detailed information on the tax rules and regulations of the country which can be of much help to its citizens.

The Tax Information Network (TIN), repository of the different taxes applicable in India has been set up by the National Securities Depository Limited (NSDL) on behalf of the Income Tax Department of India. It provides services for e-filing of tax returns, viewing the status of tax credit and online information of various taxes from income tax, sales tax to excise duties.

Tax Deductions at Source (TDS), filed by the employers with the Income Tax Department on behalf of the employees by deducting the amount of eligible taxes from the gross income can also now be filed online with the TIN facility available throughout India. Tax Collections at Source (TCS) returns can also be filed online. Every person deducting tax in accordance with the provisions of the Income Tax Rules is allotted a Tax Deduction Account Number according to rule 114A of the Income Tax Rules, 1962 by filling up form 49B and submitting it with the Assessing Officer. This can now be done online and TAN numbers can now be allotted online to the employers. By providing the TAN and the respective Provisional Receipt Number, the employer can check the status of his e-TDS, TCS statements submitted by him with the TIN facil


Permanent Account Numbers (PAN) services are also available with NIT. These are configuration of ten alpha-numeric characters given to all assesses who are eligible for taxes by the Income Tax Department. PAN numbers have been made mandatory by the Income Tax Department for all assesses under Sec. 139A of the IT Act and can be obtained by filling up form 49A with the Department. Like TAN numbers, PAN numbers are notified in all challans and returns wherever necessary and are to be retained for all correspondence with the Income Tax Department. In this context, it can be noted that newly computerized challan forms, information for non-resident Indians or people of Indian origin, important deadlines for filing of tax returns, tax savings schemes and cost inflation index are available with the Tax Information Network.

With mobile phones becoming ever more popular, SMS (Short Messaging Service) updates are available for the individual to see the status of his TAN or PAN application.

In case of the USA, the Internal Revenue Service (IRS) provides all relevant information about the many taxes applicable in the country. Free online filing of tax returns, fast tax refunds are some of the facilities offered by the Department. It should be noted that IRS provides all relevant tax information for both Federal and State Taxes like such differential Income Tax rates employed by different states. Some of the other facilities include providing tax tips, providing professional help through fund accountants and tips and helping you avail of many tax deduction schemes and tax exemptions.

Liberty Tax Service is also one of the forerunners for providing help to individuals to prepare individual tax returns. It has also been helping people with notifying them about the tax filing deadlines which are usually fixed at April 30th but may be extended to June 15th if either one of the husband or wife is self employed. The IRS also has the facilities to help citizens file the Alternative Minimum Tax (AMT) wherever eligible and provides with taxpayer advocacy programmes. As a special function the IRS provides people with form 3949-A which can be filled online or mailed in case of anybody suspecting an individual or business not conforming to tax laws.

In case of UK, Her Majesty Department of Revenue and Customs (HMRC) administers the tax system in the country and provides with online tax filing options. It is responsible for collecting the bulk of tax revenue as well as paying Child Benefits and Tax Credits. As mentioned earlier, online filings of taxes are available for Corporation Taxes, Pension schemes, Self Assessment Taxes, Stamp Taxes and Value added Tax (VAT).

Several other services such as Duty Stamp Service and Duty Deferment Electronic Statements Service (DDES) are available. Apart from these, the Department offer general tax services such as notification of impending deadlines and online application facilities for various tax deduction and exemption schemes. Pay-As-You-Earn (PAYE), VAT on e-Services (VOES), Electronic Binding Tariff Information (eBTI) and EC Sales List Service (ECSL) are some of the most prominent services offered by the HMRC Department