WHAT IS DIGITAL SIGNATURE
IA digital signature (not to be confused with a digital certificate) is a mathematical technique used to validate the authenticity and integrity of a message, software or digital document.
The digital equivalent of a handwritten signature or stamped seal, but offering far more inherent security, a digital signature is intended to solve the problem of tampering and impersonation in digital communications. Digital signatures can provide the added assurances of evidence to origin, identity and status of an electronic document, transaction or message, as well as acknowledging informed consent by the signer.
In many countries, including the United States, digital signatures have the same legal significance as the more traditional forms of signed documents. The United States Government Printing Office publishes electronic versions of the budget, public and private laws, and congressional bills with digital signatures.
HOW DIGITAL SIGNATURES WORK
Digital signatures are based on public key cryptography, also known as asymmetric cryptography. Using a public key algorithm such as RSA, one can generate two keys that are mathematically linked: one private and one public. To create a digital signature, signing software (such as an email program) creates a one-way hash of the electronic data to be signed. The private key is then used to encrypt the hash. The encrypted hash -- along with other information, such as the hashing algorithm -- is the digital signature. The reason for encrypting the hash instead of the entire message or document is that a hash function can convert an arbitrary input into a fixed length value, which is usually much shorter. This saves time since hashing is much faster than signing.
The value of the hash is unique to the hashed data. Any change in the data, even changing or deleting a single character, results in a different value. This attribute enables others to validate the integrity of the data by using the signer's public key to decrypt the hash. If the decrypted hash matches a second computed hash of the same data, it proves that the data hasn't changed since it was signed. If the two hashes don't match, the data has either been tampered with in some way (integrity) or the signature was created with a private key that doesn't correspond to the public key presented by the signer (authentication).
A digital signature can be used with any kind of message -- whether it is encrypted or not -- simply so the receiver can be sure of the sender's identity and that the message arrived intact. Digital signatures make it difficult for the signer to deny having signed something (non-repudiation) -- assuming their private key has not been compromised -- as the digital signature is unique to both the document and the signer, and it binds them together. A digital certificate, an electronic document that contains the digital signature of the certificate-issuing authority, binds together a public key with an identity and can be used to verify a public key belongs to a particular person or entity.
DEFINITION of 'Electronic Filing - E-File'
The process of submitting tax returns over the Internet, using tax preparation software that has been pre-approved by the relevant tax authority, such as the IRS or the Canada Revenue Agency. E-filing has manifold benefits; the taxpayer can file a tax return from the comfort of home, at any convenient time, once the tax agency begins accepting returns.
BREAKING DOWN 'Electronic Filing - E-File'
Since e-filed returns can be processed much faster than paper returns, the taxpayer can generally expect a faster tax refund, if applicable. The benefits of e-filing have made it increasingly popular in recent years. E-filing saves the tax agency time and money, because the tax data is transmitted directly into its computers, significantly reducing the possibility of keying and input errors.
S.I.B CASE HANDLING
TAN Number is a 10 Digit Alphanumeric Number short for Tax deduction and collection Account Number. Every Assessess liable to deduct TDS is required to apply for TAN No. and shall quote this number in all TDS Returns,TDS Payments and any other communications regarding TDS with Income Tax Department.
All the assessess who are liable to deduct tax must mandatorily quote this number on all the communications with Income tax Department regarding TDS otherwise a heavy penalty of up to 10,000 may be attracted. TDS Returns and Payments would not be received by the Banks if TAN No. is not quoted.
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FEATURES OF TAN
TAN-TAN is a 10 character alpha-numeric code issued by the Income Tax Department for persons responsible for deducting or collecting tax at source.
Validity-Once a TAN is issued, it is valid for lifetime.
TDS Payments-TAN must be quoted when depositing TDS in the authorized bank.
Proprietorship’s require TAN: Individuals running a proprietorship are required to obtain TAN and deduct tax at source when required
WHAT IS PAN CARD?
PAN, or permanent account number, is a unique 10-digit alphanumeric identity allotted it by the Income Tax Department to any person who applies for it. PAN is mandatory for financial transactions such as receiving taxable salary or professional fees, sale or purchase of assets above specified limits, buy mutual funds and many more.
The primary objective of PAN is to use a unique identification key to track financial transactions that might have a taxable component to prevent tax evasion. The PAN number remains unaffected by change of address throughout India.
Documents required in registration
Documents for Individual
Copy of ID Proof (Aadhaar Card, Voter ID)
Proof of Date of Birth
Passport size photograph
Copy of Address Proof (Telephone or Mobile Bill/ Electricity or Gas Bill)
Documents in respect of Company/Partnership
Certificate of incorporation (In case of Company)
Partnership Deed (In case of Partnership)
FEATURES OF PAN
PAN is a 10 digit alpha numeric code issued by the Income tax department.
Once a Pan Card Registration is done and issued it is valid for the lifetime and it requires no renewal.
PAN can be obtained by both Indian Nationals and Foreign Nationals.
PAN is required for payment of Direct Taxes and file Income tax Returns.
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WHAT IS PASSPORT
1. An official document issued by a government identifying a citizen, certifying his or her nationality, and formally requesting admittance and safe passage from foreign countries.
2. An official permit issued by a foreign country allowing one to transport goods or to travel through that country.
3. An official document issued by an allied foreign government to a ship, especially a neutral merchant ship in time of war, authorizing it to enter and travel through certain waters freely.
4. Something that gives one the right or privilege of passage, entry, or acceptance.
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