Which one of the following is NOT related to Income Tax in India?

Question

Question

This question was previously asked in

UGC NET Paper 2: Commerce 4th March 2023 Shift 1

Answer 1

The correct answer is Taxpayer Identification Number (TIN).

Key PointsTIN:

In India, the term "TIN" or Taxpayer Identification Number is not directly related to income tax. Instead, it is commonly used to refer to the Taxpayer Identification Number issued under the Goods and Services Tax (GST) regime.
Under the GST system in India, businesses are required to obtain a unique identification number known as the Goods and Services Tax Identification Number (GSTIN). The GSTIN is a 15-digit alphanumeric number assigned to registered taxpayers for the purpose of identification and compliance with GST laws. It is used to track and monitor various aspects of a taxpayer's transactions and tax liabilities under the GST regime.
The GSTIN is unique to each registered entity and is used for filing GST returns, claiming input tax credits, and conducting other GST-related activities. It is issued by the Goods and Services Tax Network (GSTN), which is the technology backbone of the GST system in India.
On the other hand, for income tax purposes in India, individuals and entities are typically identified by their Permanent Account Number (PAN), which is a unique 10-digit alphanumeric identifier issued by the Income Tax Department. PAN is used for various income tax-related activities, such as filing income tax returns, making tax payments, and conducting financial transactions.