PAN Delhi

06/03/2017

https://www.youtube.com/watch?v=uMsjK49uSi0

In this Video I had covered Medical reimbursement, LTA and deduction under section 80

26/02/2017

https://youtu.be/MB6fVWeNWao

This video will help to know about House rent Allowance

24/02/2017

https://youtu.be/I9PiPhQksMM

In this video you will come to know what is form 16

23/02/2017

https://www.youtube.com/watch?v=Jt1DyIdB6ak

This video will help salaried person to know how to compute income tax for the FY 2016-17

21/01/2017

PAN can be made @200 at every street corners but here the benefits to use the services of professionals:
1. We ensures that your PAN application does not have any mismatch
2. We ensures that your PAN delivers within in time period
3. We ensures that particular on PAN reconciles with your other docments details

Never apply for New PAN, if you already have a PAN.
A person can have multiple PAN cards of same number but should not have more than one Permanent account number.

PAN Delhi

15/01/2017

PAN's new look wef 1st Jan, 2017

15/01/2017

WHY GET A PAN NUMBER?

- For payment of direct taxes
- To file income tax returns
- To avoid deduction of tax at higher rate than due
- To enter into specific transaction such as:

(a) Sale or purchase of immovable property valued at Rs 5 lakh or more
(b) Sale or purchase of a vehicle other than a two wheeler
(c) Payment to hotels or restaurants an amount exceeding Rs 25,000 at any one time
(d) Payment in cash an amount exceeding Rs 25,000 in connection with travel to any foreign country
(e) Payment of an amount of Rs 50,000 or more to the Reserve Bank of India for acquiring bonds
(f) Payment of an amount of Rs 50,000 or more to a company or an institution for acquiring bonds or debentures
(g) Payment of an amount of Rs 50,000 or more to a company for acquiring shares
(h) Any mutual fund purchase
(j) Deposit exceeding Rs 50,000 with any single banking institution in 24 hours.
(k) Payment exceeding Rs 5 lakh for purchase of bullion and jewellery

15/01/2017

FAQ / PAN / General

1. What is PAN?

Permanent Account Number (PAN) is a ten-digit alphanumeric identifier, issued by Income Tax Department. Each assessee (e.g. individual, firm, company etc.) is issued a unique PAN.

2. Who can apply for PAN?

All existing assessees or taxpayers or persons who are required to file a return of income, even on behalf of others, must have a PAN. Any person, who intends to enter into economic or financial transactions where quoting PAN is mandatory, must also have a PAN.

3. Who can apply on behalf of minor, lunatic, idiot, mentally re****ed, deceased and wards of court?

Section 160 of IT Act, 1961 provides that a minor, lunatic, idiot, mentally re****ed, deceased, wards of court and such other persons may be represented through a Representative Assessee.

In such cases,
A. in the application for PAN, details of the a minor, lunatic, idiot, mentally re****ed, deceased, wards of court, etc. should be provided.
B. Details of representative assessee have to be provided in item 14 of the application for PAN.

4. Is it compulsory to quote PAN on 'return of income'?

Yes, it is compulsory to quote PAN on return of income.

5. Do I need to apply for a new PAN when I move from one city to another?

Permanent Account Number (PAN), as the name suggests, is a permanent number and does not change.

Changing the address though, may change the Assessing Officer. Such changes must, therefore, be intimated to ITD so that the PAN database of ITD can be updated. One can intimate change in address by filling up the form for Request for New PAN Card or/and Changes or Correction in PAN data. This form can be submitted at any TIN-FC or online at NSDL-TIN website.

6. Can I have more than one PAN?

No. Obtaining/possessing more than one PAN is against the law and may attract a penalty up to ₹10,000. Therefore, it is advisable not to obtain/possess more than one PAN.

7. What should I do if I have more than one PAN?

If you have more than one PAN, you should surrender the additional PAN(s) by logging into ITD website at http://incometax.sparshindia.com/pan/newPAN.asp. Alternatively, you may fill and submit PAN Change Request application form by mentioning the PAN which you wish to retain on the top of the form. All other PAN/s inadvertently allotted to you should be mentioned at item no. 11 of the form and the corresponding PAN card copy/ies should be submitted for cancellation along with the form.