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of <h1>Simplified Tax Scheme for Small Businesses Introduced in 1992: No PAN Required, Easy Filing for Tailors & Carpenters.</h1> The Finance Act, 1992 introduced a simplified income-tax payment scheme for small businessmen under Chapter XII-C of the Income-tax Act. The scheme covers vocations requiring minimal intellectual input, such as tailoring and carpentry, but excludes professionals like lawyers and engineers. Taxpayers must file Form No. 4A or 4B, available at banks and local associations, without visiting the Income-tax Office. The scheme, initially for two years, aims to assist individuals and HUFs with limited income and turnover. It restricts inquiries into past or future capital sources and exempts participants from needing a Permanent Account Number.
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