Click on the “Services” tab and then click on “Apply PAN.”
Select “New PAN” from the options available and select “Individual” as the category.
Fill in the required personal details, including your name, date of birth, address, and other relevant information.
Upload a scanned copy of your supporting documents, including your identity proof and address proof.
Pay the applicable fee for the PAN card application using a debit card, credit card, or net banking.
After the payment is confirmed, you will receive an acknowledgement receipt. Keep this receipt safe, as you will need it for tracking the status of your PAN card application.
Once the PAN card is processed and approved, you will receive the PAN card at the address provided in the application.
It’s important to ensure that all the information provided in the PAN card application is accurate and complete to avoid any delays or issues in the processing of the application. If you face any difficulties while applying for a PAN card using a smartphone, you can seek assistance from the customer support team of the PAN Card Apply online.
Does the Income Tax Department charge penalties for PAN card holders?
Yes, the Income Tax Department can charge a penalty for failure to comply with the PAN card requirements. If a person is required to have a PAN card but does not have one, or if the PAN card details are not updated or are incorrect, the department may impose a penalty of up to ₹10,000 under section 272B of the Income Tax Act, 1961.
Similarly, if a person does not quote their PAN number while making specified financial transactions, such as the sale or purchase of immovable property, payment of professional fees, or deposit of over ₹50,000 in a bank, a penalty of ₹10,000 may be imposed.
It’s important to note that the penalty may be imposed in addition to any other tax liability that may arise from the transaction. Therefore, it’s advisable to obtain a PAN card and keep the details updated in order to avoid any penalties or inconvenience.
Income tax in India is calculated based on the taxable income of an individual or a company. The taxable income is calculated by subtracting allowable deductions and exemptions from the total income. The taxable income is then taxed at the applicable tax rate, as specified by the Income Tax Act.
Here’s a step-by-step guide to calculating income tax:
Determine the total income: This includes all sources of income, such as salary, business or professional income, rental income, capital gains, and other income.
Deduct allowable exemptions and deductions: From the total income, deduct any exemptions or deductions that are eligible under the Income Tax Act. For example, you can claim deductions under Section 80C for investments in specified schemes, or deductions under Section 80D for medical insurance premiums.
Determine the taxable income: The taxable income is calculated by subtracting the total exemptions and deductions from the total income.
Determine the tax liability: The tax liability is calculated by multiplying the taxable income by the applicable tax rate. Tax rates vary based on the taxable income and the category of the taxpayer (individual, company, etc.).
Pay the tax: The tax liability must be paid to the government by the due date, usually July 31st of the financial year.
It’s important to note that this is a simplified explanation of the process of calculating income tax, and the actual calculation may be more complex depending on the individual’s or company’s circumstances. Additionally, it’s recommended to seek professional help from a tax consultant or chartered accountant to ensure that the tax calculation is done accurately and in accordance with the Income Tax Act.
Which income tax regime is better Old Regime or New Regime
The choice between the old and new income tax regimes depends on an individual’s financial circumstances and priorities. Both regimes have their own advantages and disadvantages, and the best option for an individual will depend on their specific financial situation.
The old income tax regime is the traditional tax regime, where taxpayers can claim deductions and exemptions under various sections of the Income Tax Act. This regime is best suited for individuals who have multiple sources of income, own multiple properties, or have significant investments in tax-saving instruments.
The new income tax regime, on the other hand, does not provide for any exemptions or deductions, but offers a lower tax rate for individuals who are willing to forego these benefits. This regime is best suited for individuals who have a single source of income, do not have significant investments or properties, and do not require any exemptions or deductions.
When deciding between the old and new regimes, it’s important to consider the individual’s tax liability under both regimes and choose the regime that results in a lower tax liability. It’s also important to consider the long-term impact of the decision, as the choice of the regime is irrevocable for a financial year and cannot be changed later.
It’s recommended to seek professional help from a tax consultant or chartered accountant to determine the best regime for your financial situation and to ensure that the tax calculation is done accurately.
What are Tax benefits given to Senior Citizens?
Senior citizens in India are eligible for several tax benefits under the Income Tax Act. These benefits are aimed at providing additional financial support to senior citizens, who may have limited sources of income in their retirement years. Some of the major tax benefits available to senior citizens are:
Higher basic exemption limit: The basic exemption limit for senior citizens (60 years and above) is higher than that for other taxpayers. For the financial year 2021-22, the basic exemption limit for senior citizens is ₹300,000, while it is ₹250,000 for other taxpayers.
The higher limit for Health Insurance Premiums: Under Section 80D, senior citizens are eligible for a higher limit for tax deductions on health insurance premiums. For the financial year 2021-22, the limit for tax deductions for senior citizens is ₹100,000, while it is ₹75,000 for other taxpayers.
The higher limit for Interest on Deposits: Senior citizens are eligible for a higher limit for tax deductions on interest earned from bank deposits, post office deposits, and other eligible instruments. For the financial year 2021-22, the limit for tax deductions on interest income for senior citizens is ₹50,000, while it is ₹40,000 for other taxpayers.
Tax exemptions on pension income: Pension income received by senior citizens is exempt from tax up to a certain limit, as specified under Section 80TTB. For the financial year 2021-22, the limit for tax exemption on pension income is ₹300,000.
Tax exemptions on rent received: Senior citizens who receive rent from a property are eligible for a tax exemption on the rent received, up to a certain limit. For the financial year 2021-22, the limit for tax exemption on rent received is ₹2,40,000.
It’s important to note that these tax benefits are subject to change from time to time-based on changes in the Income Tax Act, and it’s recommended to consult a tax consultant or chartered accountant for the most up-to-date information on tax benefits for senior citizen
If I file a zero ITR, can it be beneficial?
Filing a zero income tax return (ITR) means you’re reporting to the government that you have had no taxable income in the previous financial year. If you have had no taxable income, there’s no tax liability, and you don’t need to pay any tax. In this case, filing a zero ITR can serve as a record of your financial status for the year, which can be helpful in certain situations.
For example, if you plan to apply for a loan in the future, the lender may ask for proof of your income and financial history. Filing a zero ITR can serve as evidence that you did not have any taxable income and help support your loan application.
In conclusion, filing a zero ITR may not directly benefit you in terms of tax savings, but it can be beneficial in some cases as a record of your financial status and history.
Your credit card usage can have an impact on your credit score, which is also known as a CIBIL score in India. CIBIL is one of the leading credit information companies in India that maintains a database of credit information of individuals and companies.
If you don’t use your credit card, it won’t necessarily have a negative impact on your credit score. However, it could potentially have a neutral or positive effect, depending on the factors that are considered by the credit bureau when calculating your credit score.
For example, if you have a long history of responsible credit card usage, such as paying your bills on time and keeping your credit utilization low, it could positively impact your credit score. On the other hand, if you have a short credit history, not using your credit card could result in a neutral or negative impact on your credit score.
In conclusion, not using your credit card can have both positive and negative impacts on your credit score, depending on the specific circumstances. It’s generally a good idea to use credit responsibly, including credit cards, in order to maintain a healthy credit score.
I have not taken a loan but it’s showing in my CIBIL. What should I do?
If a loan is appearing on your CIBIL report that you have not taken, it could be a case of identity theft or a mistake in the information reported to CIBIL by the lender. Here are the steps you can take to resolve the issue:
Review your CIBIL report: Review the details of the loan appearing on your CIBIL report, including the loan amount, interest rate, and loan account number. If you find any inconsistencies or errors, make a note of them.
Contact the lender: Contact the lender whose information is appearing on your CIBIL report. Explain the situation and provide them with any relevant information, such as your name, address, and identification number, to prove your identity.
File a dispute with CIBIL: If you have been unable to resolve the issue with the lender, you can file a dispute with CIBIL. CIBIL will investigate the dispute and make any necessary corrections to your CIBIL report.
Report identity theft: If you believe that your identity has been stolen, you should report it to the relevant authorities, such as the police and the credit bureaus.
It is important to take immediate action to resolve the issue, as an incorrect loan on your CIBIL report can negatively impact your credit score and make it difficult for you to obtain credit in the future. Additionally, it may also lead to legal consequences if the loan is found to be fraudulent.
Filing a zero income tax return (ITR) means you’re reporting to the government that you have had no taxable income in the previous financial year. If you have had no taxable income, there’s no tax liability, and you don’t need to pay any tax. In this case, filing a zero ITR can serve as a record of your financial status for the year, which can be helpful in certain situations.
For example, if you plan to apply for a loan in the future, the lender may ask for proof of your income and financial history. Filing a zero ITR can serve as evidence that you did not have any taxable income and help support your loan application.
In conclusion, filing a zero ITR may not directly benefit you in terms of tax savings, but it can be beneficial in some cases as a record of your financial status and history.
No, changing your PAN number (by issuing a new PAN card) will not cause your CIBIL score to disappear. The CIBIL score is a reflection of your credit history and is linked to your credit report, which is maintained by the credit bureaus.
The credit report contains information on your credit accounts, such as credit cards, personal loans, home loans, and other types of credit. This information is used to calculate your CIBIL score, which is a three-digit number that indicates your creditworthiness.
If you change your PAN number, your credit history and credit report will still be maintained by the credit bureaus, and your CIBIL score will still reflect your credit history. The credit bureaus will update your credit report with the new PAN number, and your credit history will continue to be reflected in your credit report and CIBIL score.
However, if there are any errors or inaccuracies in your credit report, it’s important to get them corrected as soon as possible, as they can impact your CIBIL score and credit history. To check your CIBIL score and credit report, you can request a copy of your credit report from the credit bureaus, either online or by submitting a request in writing along with the required information and fees.
In India, you can get maximum tax benefits from a home loan by taking advantage of the deductions available under the Income Tax Act. Some of the key tax benefits you can claim are:
Interest on Home Loan: You can claim a deduction for the interest paid on a home loan up to a maximum of Rs. 2,00,000 per financial year.
Principal Repayment: You can claim a deduction for the principal repayment of the home loan up to a maximum of Rs. 1,50,000 per financial year under Section 80C of the Income Tax Act.
Pre-Construction Interest: If you have taken a home loan for a property under construction, you can claim a deduction for the pre-construction interest paid on the loan up to a maximum of Rs. 2,00,000 per financial year.
Stamp Duty and Registration Fees: You can claim a deduction for the stamp duty and registration fees paid for the purchase of the property up to a maximum of Rs. 1,50,000 per financial year under Section 80C.
It’s important to keep accurate records of all the expenses related to your home loan, including interest payments, principal repayment, and any other relevant costs, as these can be used to claim tax deductions.
It’s advisable to consult a tax professional or check the official website of the Income Tax Department of India for the latest information on tax benefits for home loans and to determine the deductions that you may be eligible for.
CIBIL’s (Credit Information Bureau (India) Limited) score is updated by the credit bureaus in India. The credit bureaus collect information from banks, financial institutions, and other credit providers to compile credit reports.
The CIBIL score is updated on a monthly basis, reflecting any changes in the credit history of an individual. The credit report is generated based on an individual’s credit history, including information on credit cards, personal loans, home loans, auto loans, and other types of credit.
It’s important to maintain a good CIBIL score, as it is one of the key factors that banks and financial institutions consider when evaluating loan applications or credit card applications. A good CIBIL score can improve the chances of getting a loan or credit card at a lower interest rate, while a low CIBIL score can make it difficult to get credit or result in higher interest rates.
Individuals can request a copy of their credit report from the credit bureaus to check their CIBIL score and credit history. This can be done annually or as needed to monitor any changes in the credit history and to ensure that the information is accurate.
What are the details required to check CIBIL?
To check your CIBIL score and credit report, you will need to provide the following details:
Full Name: Your full name as it appears on your credit records and government-issued ID proofs.
Date of Birth: Your date of birth, is used to verify your identity.
Address: Your current and previous addresses, including the city and state.
PAN Card Number: Your Permanent Account Number (PAN), which is a unique 10-digit identification number assigned by the Income Tax Department of India.
Contact Information: Your current phone number and email address, which the credit bureau will use to communicate with you.
It’s important to ensure that the information provided is accurate and up-to-date, as errors or discrepancies in the information can affect the accuracy of the credit report and CIBIL score.
You can request your credit report and CIBIL scores from the credit bureaus directly, either online or by submitting a request in writing along with the required information and fees. You can also check your CIBIL score through authorized third-party services, such as banks and financial institutions, that provide access to credit reports.
In India, individuals and Hindu Undivided Families (HUFs) are required to file an income tax return if their taxable income exceeds the basic exemption limit set by the government.
For the financial year 2022-23 (the assessment year 2023-24), the basic exemption limit for individuals below the age of 60 years is Rs. 2,50,000. For senior citizens (above 60 years of age) the limit is Rs. 3,00,000 and for super senior citizens (above 80 years of age) the limit is Rs. 5,00,000.
In addition to the basic exemption limit, there are other criteria, such as having a taxable income from house property, capital gains, or professional or business income, that may require an individual to file an income tax return.
Other entities such as companies, firms, Association of Persons (AOPs), Body of Individuals (BOIs), and trusts are also required to file an income tax return if they meet certain conditions, such as having a certain level of gross receipts or income, or if they are engaged in certain types of business or profession.
It’s advisable to consult a tax professional or check the official website of the Income Tax Department of India to determine if you are required to file an income tax return.
The deadline for filing income tax returns in India for individuals and Hindu Undivided Families (HUFs) is July 31st of every financial year. If you are a non-resident Indian or a person not ordinarily resident in India, the deadline is extended to December 31st.
For companies and other taxpayers, the deadline is usually September 30th. However, if the company has undergone a tax audit, the deadline is extended to November 30th.
It’s important to note that the deadlines may be subject to change based on government notifications and circulars, so it’s advisable to check the official website of the Income Tax Department of India for the most up-to-date information. Late filing of returns may result in penalties and interest charges, so it’s advisable to file returns on time to avoid any inconvenience.
What is the deadline for filing income tax returns in India?
The deadline for filing income tax returns in India for individuals and Hindu Undivided Families (HUFs) is July 31st of every financial year. If you are a non-resident Indian or a person not ordinarily resident in India, the deadline is extended to December 31st.
For companies and other taxpayers, the deadline is usually September 30th. However, if the company has undergone a tax audit, the deadline is extended to November 30th.
It’s important to note that the deadlines may be subject to change based on government notifications and circulars, so it’s advisable to check the official website of the Income Tax Department of India for the most up-to-date information. Late filing of returns may result in penalties and interest charges, so it’s advisable to file returns on time to avoid any inconvenience.
Not all Permanent Account Number (PAN) cardholders are required to file an Income Tax Return (ITR). Filing of ITR is mandatory for individuals and Hindu Undivided Families (HUFs) whose taxable income exceeds the basic exemption limit set by the government.
For the financial year 2022-23 (the assessment year 2023-24), the basic exemption limit for individuals below the age of 60 years is Rs. 2,50,000. For senior citizens (above 60 years of age) the limit is Rs. 3,00,000 and for super senior citizens (above 80 years of age) the limit is Rs. 5,00,000.
In addition to the basic exemption limit, there are other criteria, such as having a taxable income from house property, capital gains, or professional or business income, that may require an individual to file an ITR.
It’s advisable to consult a tax professional or check the official website of the Income Tax Department of India to determine if you are required to file an ITR. PAN is mandatory for most financial transactions and is required for filing ITR, but not all PAN cardholders are required to file ITR.
If you have surrendered your duplicate PAN and have confirmation of it, it may take some time for the information to be updated in the system. In the meantime, you may try the following steps to link your existing PAN and Aadhaar:
Visit the official website of the Income Tax Department of India and click on the “Link Aadhaar” option.
Enter your PAN number, Aadhaar number, and your name as mentioned on your Aadhaar card.
Verify your details using an OTP (one-time password) sent to your registered mobile number.
If your details match, your PAN and Aadhaar will be linked successfully.
If you still face issues linking your PAN and Aadhaar, you can reach out to the UIDAI or the Income Tax Department for further assistance. It’s also a good idea to keep a track of the status of your request and follow up if necessary.
The Aadhaar card, also known as the Aadhaar number, is issued by the Unique Identification Authority of India (UIDAI) and is valid for life. There is no requirement for the renewal of an Aadhaar card.
PAN card, or Permanent Account Number, is issued by the Income Tax Department of India and is also valid for life, but must be updated if there are any changes in the personal details provided in the PAN card application.
What are aadhaar and its uses?
Aadhaar is a 12-digit unique identification number issued by the Unique Identification Authority of India (UIDAI), a government agency. It serves as proof of identity and address for Indian residents. The Aadhaar card contains personal information, such as the holder’s name, photograph, and biometric data, such as fingerprints and iris scans.
Aadhaar is used for a variety of purposes, including:
Government subsidies and benefits: Aadhaar is linked to various government schemes, such as the Public Distribution System, National Food Security Act, and LPG subsidy, allowing beneficiaries to access these services efficiently and securely.
Taxation: Aadhaar is linked to the Permanent Account Number (PAN), which is used for filing income tax returns and other financial transactions.
Banking and finance: Aadhaar is used for opening bank accounts and availing various financial services.
Telecom and utility services: Aadhaar is used for KYC (know your customer) verification for various services, such as mobile phone connections and electricity connections.
Education and employment: Aadhaar is used for various purposes, including admission to schools and colleges and applying for a passport.
Overall, Aadhaar serves as a single, unified and secure identity document that can be used across multiple platforms, simplifying many common processes and reducing the need for multiple identification documents.
What are PAN cards and their uses?
A Permanent Account Number (PAN) is a 10-digit alphanumeric unique identification number issued by the Income Tax Department of India. It is a unique identifier for Indian citizens and is used for various financial transactions, such as filing income tax returns, applying for a loan, or opening a bank account.
The PAN card serves as proof of identity and is linked to all financial transactions, making it easier for the government to track an individual’s financial activities. Some of the key uses of PAN cards are:
Taxation: PAN is mandatory for filing income tax returns and for any financial transaction where the amount exceeds a certain limit set by the government.
Banking and finance: PAN is required for opening a bank account, applying for a loan, or making any other financial transactions.
Investment: PAN is mandatory for investments in stocks, mutual funds, and other securities.
Property transactions: PAN is required for buying, selling, or renting property.
Company registration: PAN is mandatory for registering a company or a trust.
Overall, the PAN card acts as a single, unified identifier for all financial transactions, helping the government to keep track of an individual’s financial activities and prevent tax evasion.
only one middle name single character is accepted in the first name and middle name min 3 join characters to be entered
To keep your father’s initial first and middle name in a PAN (Permanent Account Number) card, you will need to provide the initial first and middle name in the “Father’s Name” field while filling out the PAN card application form. You can abbreviate the first and middle name using their initial letter followed by a dot (e.g., M. K. Mohan).
Please note that the PAN card application form requires the full name of the father to be provided, but the abbreviated initial name can be used in the final PAN card.
