Author: Mohan

PAN or Permanent Account Number is a 10-digit unique alphanumeric identifier issued by the Income Tax Department of India to individuals, firms, and companies for tax purposes. It serves as a primary means of identification for financial transactions in India, including opening bank accounts and filing tax returns.

In India, you may open a bank account without a PAN card but with a valid government-issued photo ID and address proof

To open a bank account in India without a PAN card, you will typically need the following documents:

1. Government-issued photo ID: Aadhaar card, passport, driving license, voter ID card, etc.
2. Address proof: Utility bill, rent agreement, passport, bank statement, etc.
3. Recent passport-sized photographs

Note: Requirements may vary by bank, so it’s best to check with the bank where you plan to open the account for specific documentation requirements.

WHAT ARE DOCUMENTS REQUIRED FOR A PAN CARD APPLICATION?
1) Aadhaar card copy
2) Pan card copy
3) Two passport-size photo
4) Signature
5) Mail id and mobile number

WHERE TO APPLY THE PAN?
CLICK THE LINK: https://www.pancardapplyonline.com/

VISIT US: PANCARDAPPLYONLINE

If you have a Kotak salary account and have been charged for not maintaining the minimum balance, you have the following options:

Pay the charges: If you don’t mind paying the charges, you can simply pay the amount due to the bank to settle the matter.

Close the account: If you no longer need the salary account and don’t want to pay the charges, you can close the account. Before closing the account, ensure that there are no outstanding transactions or debts and that all your important documents and certificates have been collected.

Change to a different account: If you want to continue to use the salary account, but don’t want to pay the charges, you can change to a different account type that is exempt from minimum balance requirements.

Maintain the minimum balance: You can also choose to maintain the minimum balance required by the bank in your salary account to avoid being charged in the future.

It is advisable to check with Kotak Bank for the specific charges and procedures related to your salary account, as well as the requirements for changing to a different account type or closing the account. Additionally, you may want to consider reviewing your banking needs and finding an account that better fits your requirements.

The “PAN card not valid” message you are encountering during the filling of a form may be due to a few reasons:

• Incorrect PAN Number: You may have entered an incorrect PAN number. Verify that the PAN number you have entered is correct and matches the one on your PAN card.
• PAN not linked to your name: If the name on the PAN card does not match the name on the form, you will get a “PAN card not valid” message. Ensure that the name on the form is exactly the same as the name on your PAN card.
• PAN not registered with the Income Tax Department: If your PAN card is not registered with the Income Tax Department, you may receive a “PAN card not valid” message.
• Technical error: There may be a technical error in the system that is preventing the validation of your PAN card. In such cases, you can contact the relevant authorities for assistance.

It is advisable to check with the relevant authorities or the entity you are trying to fill the form for, to understand the exact reason for the “PAN card not valid” message and the necessary steps to resolve it.

Inoperative pan card

An inoperative PAN card refers to a PAN card that is not usable for financial transactions as it has been deactivated or blocked by the Income Tax Department. This may happen due to several reasons, such as:

• Incorrect details: If the PAN card has incorrect or outdated details, it may be inactivated by the Income Tax Department.
• Non-filing of income tax returns: If you have not filed your income tax returns for several years, your PAN card may become inoperative.
• Duplicate PAN card: If you have more than one PAN card in your name, one of the PAN cards may become inoperative.
• Will your PAN become inoperative after March 31, 2023? “Failure to do so will lead to the unlinked PAN becoming inoperative. Don’t delay, link it today. Last date 31/03/2023,” the income tax department said.

If your PAN card is inoperative, you will need to apply for a new PAN card or re-activate your existing PAN card. To do this, you will need to fill out a PAN card application form and submit it along with the required documents and fees. Once the process is completed, you will receive a new PAN card or your existing PAN card will be reactivated, and you will be able to use it for financial transactions.

It is advisable to check with the Income Tax Department for the specific requirements and procedures to reactivate an inoperative PAN card.

Yes, you can open an Axis Bank zero-balance savings account online without visiting the branch. Axis Bank offers an online savings account opening facility through its digital platform, Axis Bank Online. To open an Axis Bank zero balance savings account online, you need to follow these steps:

1. Visit the Axis Bank Online website
2. Click on the ‘Open an Account’ option
3. Fill in the online application form with your personal and contact details
4. Upload the required documents (PAN CARD, address proof, and signature)
5. Submit the form and wait for the bank’s verification process

Once your application is verified and approved, you will receive an account number and other details through email and SMS. You can start using your zero balance savings account immediately and avail of various digital banking services offered by Axis Bank.

Note: The process may vary slightly based on your location and the bank’s specific procedures. It is advisable to check with Axis Bank for the latest requirements and procedures for opening a zero-balance savings account online.

It is difficult to definitively state the “top 5 bank accounts in India” as it largely depends on personal preferences, financial goals and needs, and the current market scenario. However, here are some of the popular bank accounts in India based on various factors like interest rates, services offered, and customer satisfaction:

1. SBI Savings Account: SBI (State Bank of India) offers a variety of savings accounts with attractive interest rates and a wide range of services. It is one of the largest banks in India and has a strong nationwide presence.
2. HDFC Bank Savings Account: HDFC Bank is a leading private sector bank in India and offers savings accounts with high interest rates, free personal accident insurance, and a wide range of digital banking services.
3. ICICI Bank Savings Account: ICICI Bank is another popular private sector bank in India and offers savings accounts with attractive interest rates, mobile and internet banking facilities, and a range of other services.
4. Axis Bank Savings Account: Axis Bank is a leading private sector bank in India and offers savings accounts with attractive interest rates, free personal accident insurance, and a wide range of digital banking services.
5. Kotak Mahindra Bank Savings Account: Kotak Mahindra Bank is a leading private sector bank in India and offers savings accounts with attractive interest rates, free personal accident insurance, and a wide range of digital banking services.

Note: It’s important to compare various options and consider factors like minimum balance requirements, charges for non-maintenance of minimum balance, interest rates, and services offered before choosing a savings account.

How to open a bank account in India

To open a bank account in India, you can follow these steps:

1. Choose a bank: Research and compare various banks and choose the one that best suits your needs and requirements.
2. Gather required documents: To open a bank account, you will need to provide identity proof (Aadhaar, PAN, passport, etc.), address proof (Aadhaar, passport, voter ID, etc.), and income proof (salary slips, IT returns, etc.).
3. Visit the bank branch: Go to the nearest branch of the bank you have chosen and fill out the account opening form. The bank executive will assist you with the process.
4. Submit required documents: Submit the required documents along with the account opening form.
5. Complete KYC (Know Your Customer) process: Banks in India are required to follow the KYC norms to verify the identity and address of the account holder. You will be required to provide your personal details, photographs, and signature/thumb impression.
6. Wait for account activation: After submitting the required documents and completing the KYC process, the bank will process your application. It may take a few days for the account to be activated.
7. Get your ATM/Debit Card and Cheque Book: Once your account is activated, you will receive your ATM/debit card and chequebook.

Note: The process and required documents may vary slightly depending on the bank you choose. It is advisable to check with the bank for their specific requirements and procedures.

Without PAN Card Can I open a bank account

In India, it is mandatory to provide a PAN (Permanent Account Number) card while opening a bank account, as per the Income Tax Department regulations. However, there are a few exceptions where you can open a bank account without a PAN card.

1. Small Accounts: Banks can open a ‘Small Account’ for individuals who do not have a PAN card but are able to provide valid identity and address proofs. The balance in such accounts cannot exceed INR 50,000 and the total credits in a financial year cannot be more than INR 1 lakh.
2. NRE (Non-Residential External) and NRO (Non-Residential Ordinary) accounts: If you are a non-resident Indian (NRI) or a Person of Indian Origin (PIO), you can open NRE or NRO accounts without a PAN card, but you will need to provide valid identity and address proofs.

It is advisable to check with the bank you are considering for the specific requirements and procedures to open an account without a PAN card. However, it is recommended to obtain a PAN card as soon as possible as it is required for various financial transactions in India.

It is possible to receive an income tax notice for transactions made in a current account. The Income Tax Department may view such transactions as taxable income if they exceed a certain threshold.

In India, banks report all cash deposits and withdrawals above a specific limit (currently Rs. 10 lakhs in a financial year) in a current account to the Income Tax Department as part of their compliance with the Prevention of Money Laundering Act (PMLA) rules. If the Income Tax Department finds any discrepancies or inconsistencies in the reported transactions, it may issue a notice seeking clarification or demanding payment of taxes on the transactions.

It is important to maintain accurate records of all transactions in a current account and to declare all taxable income to avoid receiving an income tax notice.

How dept know current account transactions?

The Income Tax Department in India is aware of current account transactions made by individuals and entities through the information provided by banks. Banks are required to report all cash deposits and withdrawals above a specific limit (currently Rs. 10 lakhs in a financial year) in a current account to the Income Tax Department as part of their compliance with the Prevention of Money Laundering Act (PMLA) rules.

This information is then analyzed by the Income Tax Department using PAN data analytics and other tools to identify any discrepancies or inconsistencies in the transactions. If the department finds any such transactions, it may issue a notice seeking clarification or demanding payment of taxes on the transactions.

In this way, the Income Tax Department is able to track and monitor current account transactions and take appropriate action in cases where taxable income has been generated.

Section 80D of the Income Tax Act in India allows individuals to claim tax deductions for specified medical expenses. This section provides for deductions on health insurance premiums paid for self, spouse, dependent children, and parents.

The maximum deduction limit under this section is Rs. 25,000 for self and parents (if they are senior citizens, the limit is Rs. 50,000), and an additional Rs. 25,000 for health insurance premiums paid for spouses and dependent children. If the taxpayer’s parents are senior citizens, the limit increases to Rs. 50,000. The deduction is allowed as a part of the overall limit of Rs. 1.5 lakh under section 80C.

a PAN (Permanent Account Number) is required to claim tax deductions under Section 80D of the Income Tax Act in India. The PAN is a unique 10-digit alphanumeric identifier issued by the Income Tax Department and is mandatory for certain financial transactions, including claiming tax deductions. To claim deductions under Section 80D for health insurance premiums paid, the taxpayer must provide the PAN of the policyholder and the PAN of the insured individuals (if different). This is to ensure that the claims are properly recorded and linked with the taxpayer’s tax records.

Pan cards are an important part of budget 2023, as it has been for previous budgets.

A pan card is a 10-digit alphanumeric code that the Indian Income Tax Department issues to every taxpayer, which serves as a unique identity for them. It is used to identify and track financial transactions and is an important part of the Indian taxation system.

The pan card serves as a means for the government to ensure that the taxpayer pays the correct amount of taxes. It helps the government to track the taxpayer’s financial transactions and assess their tax liabilities. The pan card is also used to identify the taxpayer in the case of any investigation or audit by the Income Tax Department.

Many financial institutions also require the pan card as proof of identity while opening a bank account or trading in stocks and securities. It also serves as identification proof when applying for loans or other credit facilities.

The pan card is also important for budget 2023 as it helps the government to track tax collections and compliance. The government can use the pan card to identify individuals who are not paying the correct amount of taxes and take corrective action. By tracking the pan card, the government can also identify those individuals who are evading taxes.

Important Point by Point

1. PAN (Permanent Account Number) card is a unique 10-digit alphanumeric identity assigned by the Indian Income Tax Department to individuals, firms, and companies.
2. A PAN card is mandatory for various financial transactions, including opening a bank account, filing income tax returns, and processing loans.
3. In the Union Budget 2023, the government may announce various tax reforms, and having a PAN card will be essential to avail of these benefits and comply with the tax regulations.
4. PAN card acts as proof of identity and can be used as a single identifier for multiple financial transactions, making them a crucial document in the Indian financial system.

The government has proposed to use Permanent Account Number(PAN) as a familiar identifier for all business establishments using the digital systems of various government agencies. In the Union Budget for FY23, the government introduced this proposal to improve the ease of doing business and help the regulators collate and process the data.

Business establishments are required to have PAN, which will be used as a common identifier for all Digital Systems of specified government agencies, the finance minister said in her union budget speech. Currently, every government portal uses different kinds of documents as the primary identifier for data. Also, with a common identifier, the government bodies will be able to process the data.

In India, the PAN card (Permanent Account Number) is a unique 10-digit alphanumeric identifier assigned by the Income Tax Department to individuals and organizations for tax purposes. The PAN card serves as a single identification number for all financial transactions and can be used for various purposes, including opening bank accounts, applying for loans, and filing income tax returns.

Suppose the budget for 2023 legalizes the PAN card as a single business identification. In that case, it will likely simplify the process for individuals and organizations to conduct financial transactions, as they will only need to provide one identification number instead of multiple ones. This could result in increased efficiency and reduced administrative costs for businesses and individuals.

To cancel a PAN number that has been compromised, you need to follow these steps:

1. Report the compromise: Report the settlement of your PAN number to the Income Tax Department of India. You can do this by calling the PAN centre or emailing the Income Tax Department.
2. Submit a written request: Submit a written request to the Income Tax Department to cancel your PAN number. Your request should include your full name, date of birth, PAN number, and a brief explanation of why you believe your PAN number has been compromised.
3. Provide supporting documentation: You may be asked to provide supporting documentation, such as a police report, to support your request to cancel your PAN number.
4. Wait for the outcome: The Income Tax Department will review your request and inform you of the work. If your request is approved, your PAN number will be cancelled and you will receive a new one.

It’s important to note that canceling a PAN number is a serious matter and should only be done in extreme cases where your PAN number has been compromised and cannot be used safely. If you’re not sure whether your PAN number has been compromised, it’s best to contact the Income Tax Department for guidance.

Is the basic income tax exemption limit to be increased to Rs 5 lakh?

Budget speech by FM

Personal Income Tax

1. Now, I come to what everyone is waiting for — personal income tax. I have five significant announcements to make in this regard. These primarily benefit our hard-working middle class.

2. The first one concern rebate. Currently, those with income up to 5 lacks do not pay any income tax in both old or new tax regimes. I propose to increase the rebate limit to 7 lacks in the new tax regime. Thus, persons in the new tax regime, with income up to 7 lacks will not have to pay any tax.

3. The second proposal relates to middle-class individuals. I introduced, in the year 2020, the new personal income tax regime with six income slabs starting from 2.5 lacks. I propose to change the tax structure in this regime by reducing the number of slabs to five and increasing the tax exemption limit to 3 lacks. The new tax rates are:

Basic Exemption Limit Increased for New Regime only New Slab Rates are Income 0-3 Lakh Tax Nil Income 3-6 Lakh Tax @ 5% Income 6-9 Lakh Tax @ 10% Income 9-12 Lakh Tax @ 15% Income 12-15 Lakh Tax @ 20% Income above 15 Lakh Tax @ 30%

This will provide major relief to all taxpayers in the new regime. An individual with an annual income of 9 lacks will be required to pay only 45,000/-. This is only 5 per cent of his or her income. It is a reduction of 25 per cent on what he or she is required to pay now, ie, 60,000/-. Similarly, an individual with an income of 15 lacks would be required to pay only 1.5 lacks or 10 per cent of his or her income, a reduction of 20 per cent from the existing liability of 1,87,500/.

My third proposal is for the salaried class and the pensioners including family pensioners, for whom I propose to extend the benefit of the standard deduction to the new tax regime. Each salaried person with an income of 15.5 lacks or more will thus stand to benefit by 52,500.

My fourth announcement on personal income tax is regarding the highest tax rate which in our country is 42.74 per cent. This is among the highest in the world. I propose to reduce the highest surcharge rate from 37 per cent to 25 per cent in the new tax regime. This would result in a reduction of the maximum tax rate to 39 per cent.

Lastly, the limit of 3 lacks for tax exemption on leave encashment on the retirement of non-government salaried employees was last fixed in 2002, when the highest basic pay in the government was 30,000/- pm. In line with the increase in government salaries, I am proposing to increase this limit to 25 lacks.

We are also making the new income tax regime the default tax regime. However, citizens will continue to have the option to avail the benefit of the old tax regime.