HOW TO GET DUPLICATE PAN or HOW TO CORRECT PAN CARD DETAILS

You can apply online to get duplicate PAN or to correct PAN card details - click here & fill online form

1. For Changes or Correction in PAN data, fill all mandatory fields (marked with *) of the Form and select the corresponding box on left margin of appropriate field where correction is required.

3. If the application is for re-issuance of a PAN card without any changes in PAN related data of the applicant, fill all fields in the Form but do not select any box on left margin.

Apply and Verify PAN card details online

PAN (Permanent account Number) is 10 digit alphanumeric identifier issued to individual and company under income tax act 1961. It is issued by Income tax department. PAN number is mandatory for doing any and every financial transaction in India.

Today we will discuss following:-

• HOW TO APPLY FOR NEW PAN CARD ONLINE
• VERIFY PAN CARD DETAILS
• HOW TO GET DUPLICATE PAN
• HOW TO CORRECT PAN CARD DETAILS

HOW TO APPLY FOR NEW PAN CARD ONLINE

New PAN card can be issued by UTI or  NSDL.  For applying for PAN card one need to fill following form.

FORM 49A: – To be filled by Indian citizens including those who are located outside India.

FORM 49AA: – To be filled by foreign citizens.

1. An applicant will fill Form 49A online and submit the form.

Online application for PAN card -NSDL click here.

Online application for PAN card -UTI click here.

2. A confirmation screen with all the data filled by the applicant will be displayed.
3. On confirmation, an acknowledgement will be displayed. The acknowledgement will contain a unique 15-digit acknowledgement number.
4. The applicant is requested to save and print this acknowledgement.
5. Individual’ applicants should affix two recent color photographs with white background in the space provided in the acknowledgement.
6. Apply Signature / Left Thumb Impression within the box provided in the acknowledgement.
7. Fees of processing PAN card application is 105 Rs/- if communication address is within India and 971 Rs/- if communication address is outside India.
8. This payment can be done online on successful credit card / debit card / net banking payment acknowledgement will be displayed. Applicant shall save and print the acknowledgement.
9. Send application and acknowledgement to NSDL (‘Income Tax PAN Services Unit, NSDL e-Governance Infrastructure Limited, 5th floor, Mantri Sterling, Plot No. 341, Survey No. 997/8, Model Colony, Near Deep Bungalow Chowk, Pune – 411016) or UTI (UTI Limited Plot No. 3, Sector 11, CBD Belapur NAVI MUMBAI – 400614 )  for processing along with proof of Identity and proof of address within 15 days from date of application.Income tax site:-
   To Know and verify PAN card details from Income Tax site – click here
10. • Provide your date of birth, First Name and Surname.
    • Enter Captcha code and press submit button.
    On submission you will find webpage mentioning your PAN details including jurisdiction – IT ward details and status.
    NSDLsite:-
    To verify PAN card details from NSDL – Click here
    Input 15 digit acknowledgement number or Name and date of birth/incorporation.
    On submission you will find webpage mentioning your PAN card details and date of dispatch.
    UTI Site:-
    To verify PAN card details from UTI – Click here
    You need to register at UTI for PAN verification. Once you are register and login please input your details and you will get information about PAN card.
    Although it is easy to verify PAN card but many people find it difficult task. The reason is they put wrong information or does spelling mistake. Remember following to verify PAN details online.
    • Input correct information.
    • Avoid spelling mistake
    • Use case sensitive letters (UPPER CASE)
    • Think what you have filled in PAN application and input same information
    • 
      

How to Avoid TDS on FD?

Fixed deposited is most preferred investment option by Indians, fixed deposit offers fixed return with safety. Fixed deposit although give benefit of fixed return and safety but also brings problem of TDS.

You must be aware that it is mandatory by bank to deduct TDS @ 10%, if interest earned from FD exceed above Rs 10,000. This TDS deduction will significantly reduce your maturity amount.

So question arise is how to avoid TDS on FD? Do we have any scope? Yes investor can avoid TDS on FD by following ways.

1. Submitting form 15G/15H

Very simple way to avoid TDS on FD is by submitting form 15G/15H.If investor total income is below exemption limit, he can submit form 15G and bank will not deduct any TDS on interest earned on FD. If investor is senior citizen than he can submit form 15 H to avoid TDS.

You can download form 15 G and 15 H from here.

This form you need to submit to bank at the beginning of every financial year. This form should contain information about your FD.

2. Timing FD

You can avoid TDS on FD by timing FD. For timing FD you need to take care that interest earn on FD is not exceeding Rs 10,000 in financial year.

Suppose you want to invest Rs 1.2 lac in FD giving 10% interest. If you start this FD with1 year on 1^stApril, 2014 than interest earned on FD will be Rs 12,000 as amount is exceeding limit of Rs 10,000 TDS will be applicable. But if you start this FD on 1^st July, 2014 than 9 month interest amount will be calculated as income and you can avoid TDS.

3. Splitting FD across banks and branches

If you split FD across multiple banks and branches you can avoid TDS. You need to split FD in such a manner that the interest earned on FD does not exceed the Rs 10,000 limits.

For this you need to take care that you are keeping this FD in multiple banks and branches. However by choosing this option you are just avoiding TDS but you still need to include this income in to your income tax return and pay tax according to your income.

Suppose you want to invest Rs 1.2 lac in FD giving 10% interest. If you place this FD in single bank for 1 year starting from 1^st April, 2014, than the interest earned per annum will be Rs 12,000 and TDS will be deducted. However if you split your investment across two banks with FD of  Rs 60,000 each then interest earned on each FD will be Rs 6000 only and no TDS will be deducted.

What do you do to avoid TDS on FD share your views…..

14 Tax Saving options for 2014

Before starting my actual talk on tax saving let me share one small incident of my friend. My friend has purchased ULIP insurance policy in hurry for tax saving purpose. This ULIP policy was purchased before 2 year.

This insurance policy purchased in hurry at the end of year still could not give him good return. This could happen with you also.

Lesson Learned from above:-

 (1)   Don’t take any financial decision in hurry, always plan.

(2)   Investment done without planning and knowledge can turn in to disaster.

(3)   Carry out independent analysis before making any investment.

Financial Year 2013-14 is about to end, you might receive call from your accounts department for submission of your tax saving details. So if you have yet not planned for saving Income tax than you don’t have much time now for tax planning. You must do your tax planning as early as possible so that you can make investment before 31st March, 2014.

In order to help you for tax saving we are herewith 14 Tax saving options for 2014

 Top tax saving options for individual are:-

(1)   PPF, EPF Investment:-  

(2)   Life Insurance Premium:-

(3)   ELSS:-

(4)   Tax Saving Fix Deposit:-

(5)   Home Loan:-

(6) Tax Saving Bonds:-

(7)   NSC & SCSS:-

(8)   Mediclaim premium:-

(9)   Tuition Fees:-

(10) Critical illness or disability:-  

(11) Donation:-

(12) NPS:-

(13) Education loan:-

(14) LTA

20 Types of taxes in India

Ever since I started working full time & earning at age of 23 years, I have started complaining to my father see how much I paid in taxes, my father always use to say “if you have started paying taxes its good thing that you earned an income.”

How many of you actually love to pay tax & how many of you know that government ask us to pay tax via 20 different manners?  In this article I will provide you brief information about these 20 taxes in India.

Tax is imposing financial charges on individual or company by central government or state government. Collected Tax amount is used for building nation (infrastructure & other development), to increase arms and ammunition for defense of country and for other welfare related work. That’s why it is said that “Taxes are paid nation are made”.

Type of Taxes in India:-

Direct Taxes:-

These types of taxes are directly imposed & paid to Government of India. There has been a steady rise in the net Direct Tax collections in India over the years, which is healthy signal. Direct taxes, which are imposed by the Government of India, are:

(1)   Income Tax:-

Income tax, this tax is mostly known to everyone. Every individual whose total income exceeds taxable limit has to pay income tax based on prevailing rates applicable time to time.

By doing investment in certain scheme you can save Income Tax.

For FY 2014-15 Income tax rates are:-

(2)   Capital Gains Tax:-

Capital Gain tax as name suggests it is tax on gain in capital. If you sale property, shares, bonds & precious material etc. and earn profit on it within predefined time frame you are supposed to pay capital gain tax. The capital gain is the difference between the money received from selling the asset and the price paid for it.

Capital gain tax is categorized into short-term gains and long-term gains. The Long-term Capital Gains Tax is charged if the capital assets are kept for more than certain period 1 year in case of share and 3 years in case of property. Short-term Capital Gains Tax is applicable if these assets are held for less than the above-mentioned period.

Rate at which this tax is applied varies based on investment class.

Example:-

If you purchase share at say 1000 Rs/- (per share) and after two months this price increased to 1200 Rs/-(per share) you decide to sale this stock and earn profit of 200 Rs/- per share. If you do so you have to pay Short term CGT (capital gain tax) @ 10% +Education cess on profit as it is short term capital gain. If you hold same share for 1 year or above it is considered as long term capital gain and you need not to pay capital gain tax.it is considered as tax free.

Similarly if you purchase property after two year if you find that property price in which you invested has increased and you decide to sale it you need to pay short term capital gain tax.

For property it is considered as long term capital gain if you hold property for 3 years or above.

(3)   Securities Transaction Tax:-

A lot of people do not declare their profit and avoid paying capital gain tax, as government can only tax those profits, which have been declared by people. To fight with this situation Government has introduced STT (Securities Transaction Tax ) which is applicable on every transaction done at stock exchange. That means if you buy or sell equity shares, derivative instruments, equity oriented Mutual Funds this tax is applicable.

This tax is added to the price of security during the transaction itself, hence you cannot avoid (save) it. As this tax amount is very low people do not notice it much.

(4)   Perquisite Tax:-

Earlier to Perquisite Tax we had tax called FBT (Fringe Benefit Tax) which was abolished in 2009, this tax is on benefit given by employer to employee. E.g If your company provides you non-monetary benefits like car with driver, club membership, ESOP etc. All this benefit is taxable under perquisite Tax.

In case of ESOP The employee will have to pay tax on the difference between the Fair Market Value (FMV) of the shares on the date of exercise and the price paid by him/her.

Online Income Tax Calculator

(5)   Corporate Tax:-

Corporate Taxes are annual taxes payable on the income of a corporate operating in India. For the purpose of taxation companies in India are broadly classified into domestic companies and foreign companies.

In addition to above other taxes are also applicable on corporates.

 Indirect Taxes:-

 (6)   Sales Tax :-

Sales tax charged on the sales of movable goods. Sale tax on Inter State sale is charged by Union Government, while sales tax on intra-State sale (sale within State) (now termed as VAT) is charged by State Government.

Sales can be broadly classified in three categories. (a) Inter-State Sale (b) Sale during import/export (c) Intra-State (i.e. within the State) sale. State Government can impose sales tax only on sale within the State.

CST is payable on inter-State sales is @ 2%, if C form is obtained. Even if CST is charged by Union Government, the revenue goes to State Government. State from which movement of goods commences gets revenue. CST Act is administered by State Government.

(7)   Service Tax:-

Most of the paid services you take you have to pay service tax on those services. This tax is called service tax.  Over the past few years, service tax been expanded to cover new services.

Few of the major service which comes under vicinity of service tax are telephone, tour operator, architect, interior decorator, advertising, beauty parlor, health center, banking and financial service, event management, maintenance service, consultancy service

(8)   Value Added Tax:-

The Sales Tax is the most important source of revenue of the state governments; every state has their respective Sales Tax Act. The tax rates are also different for respective states.

Tax imposed by Central government on sale of goods is called as Sales tax same is called as Value added tax by state government.VAT is additional to the price of goods and passed on to us as buyer (end user). Around 220+ Items are covered with VAT.VAT rates vary based on nature of item and state.

Government is planning to merge service tax and sales tax in form of Goods service tax (GST).

Also Read:- Download new 15G/15H Forms

(9)   Custom duty & Octroi (On Goods):-

Custom Duty is a type of indirect tax charged on goods imported into India. One has to pay this duty , on goods that are imported from a foreign country into India. This duty is often payable at the port of entry (like the airport). This duty rate varies based on nature of items.

Octroi is tax applicable on goods entering in to municipality or any other jurisdiction for use, consumption or sale. In simple terms one can call it as Entry Tax.

(10) Excise Duty:-

An excise or excise duty is a type of tax charged on goods produced within the country. This is opposite to custom duty which is charged on bringing goods from outside of country. Another name of this tax is CENVAT (Central Value Added Tax).

If you are producer / manufacturer of goods or you hire labor to manufacture goods you are liable to pay excise duty.

[nextpage title="Another 10 types of Taxes in India"]

(11) Anti Dumping Duty:-

Dumping is said to occur when the goods are exported by a country to another country at a price lower than its normal value. This is an unfair trade practice which can have a distortive effect on international trade. In order to rectify this situation Central Govt. imposes an anti dumping duty not exceeding the margin of dumping in relation to such goods.

Other Taxes:-

(12) Professional Tax    :-

If you are earning professional you need to pay professional tax. Professional tax is imposed by respective Municipal Corporations. Most of the States in India charge this tax.

This tax is paid by every employee working in Private organizations. The tax is deducted by the Employer every month and remitted to the Municipal Corporation and it is mandatory like income tax.

The rate on which this tax is applicable is not same in all states.

(13) Dividend distribution Tax:-

Dividend distribution tax is the tax imposed by the Indian Government on companies according to the dividend paid to a company’s investors. Dividend amount to investor is tax free. At present dividend distribution tax is 15%.

(14) Municipal Tax:-

Municipal Corporation in every city imposed tax in terms of property tax. Owner of every property has to pay this tax. This tax rate varies in every city.

(15) Entertainment Tax:-

Tax is also applicable on Entertainment; this tax is imposed by state government on every financial transaction that is related to entertainment such as movie tickets, major commercial shows exhibition, broadcasting service, DTH service and cable service.

(16) Stamp Duty, Registration Fees, Transfer Tax:-

If you decide to purchase property than in addition to cost paid to seller. You must consider additional cost to transfer that property on your name.

That cost include registration fees, stamp duty and transfer tax. This is required for preparing legal document of property.

In simple sense this tax is imposed on the handing over of the title of property ownership by one person to another. It incorporates a legal transaction fee & stamp duty. This amount varies from property to property based on cost.

(17) Education Cess , Surcharge:-

Education cess is deducted and used for Education of poor people in INDIA. All taxes in India are subject to an education cess, which is 3% of the total tax payable. The education cess is mainly applicable on Income tax, excise duty and service tax.

Surcharge is an extra tax or fees that added to your existing tax calculation. This tax is applied on tax amount.

(18) Gift Tax:-

If you receive gift from someone it is clubbed with your income and you need to pay tax on it. This tax is called as gift tax.

This tax is applicable if gift amount or value is more than 50000 Rs/- in a year.

(19) Wealth Tax:-

Wealth tax is a direct tax, which is charged on the net wealth of the assessee. Wealth tax is chargeable in respect of Net wealth corresponding to Valuation date.Net wealth means all assets less loans taken to acquire those assets. Wealth tax is 1% on net wealth exceeding 30 Lakhs (Rs 3,000,000). So if you have more money, assets you are liable to pay tax.

(20) Toll Tax:-

At some of places you need to pay tax in order to use infrastructure (road, bridge etc.) build from your money given to government as Tax. This tax is called as toll tax. This tax amount is very small amount but, to be paid for maintenance work and good up keeping.

So in total you pay 20 different taxes in direct or indirect way. At the end in order to make you laugh i will tell you one small joke on tax.

Courtesy:-http://moneyexcel.com

Professional Tax in India

What is professional tax?

In India, the professional tax is imposed at the state level. However, not all the states impose this tax, the following states impose this levy in India – Karnataka, West Bengal, Andhra Pradesh, Maharashtra, Tamilnadu, Gujarat, and Madhya Pradesh. Business owners, working individuals, merchants and people carrying out various occupations comes under the purview of this tax.

Professional tax is levied by particular Municipal Corporations and majority of the Indian states impose this duty. It is a source of revenue for the government. The maximum amount payable per year is Rs.2,400/- and in line with your salary, there are predetermined slabs. It is paid by every member of staff employed in private companies. It is subtracted by the employer each month and sent to the Municipal Corporation. It is compulsory just like income tax. You will be eligible for income tax deduction for this payment.

Criteria in various states of India

In Maharashtra, this duty is applicable both on individuals and companies as laid down by the guidelines of the Maharashtra Professional Tax Act of 1975.

Every individual living in Maharashtra, involved in any business, profession, occupation or employment is legally responsible to pay it and has to get a Certificate of Enrolment from the Professional Authority.

As soon as you receive this certificate, you can fulfill your personal tax liability for 5 years by making a one-time payment, which is equivalent to the sum of Professional Tax for 4 years beforehand, getting relief for payment of one year.

In Tamil Nadu, it is imposed by the Municipal Council on businessmen, professionals, and employed individuals.

Every company which conducts business and every individual, who is involved directly in any business, occupation, or employment in the town panchayat on the first day of the half-year for which return has been submitted, needs to pay biannual tax at the rates stipulated.

Professional Tax Slabs in Various States

In West Bengal

Income	Tax to be imposed
Upto 1,500	Nil
From ` 1501 To Rs 2001	Rs. 18
From ` 2001 To Rs 3001	Rs. 25
From ` 3001 To Rs 5001	Rs. 30
Rs. 5001	Rs. 40
From ` 6001 -7001	Rs. 45
From Rs.7001 to Rs.8000	Rs.50
From Rs.8001 to Rs.9000	Rs.90
From Rs.9001 to Rs.15,000	Rs.110
From Rs.15001 to Rs.25,000	Rs.130
From Rs.25,001 to Rs.40,000	Rs.150
Beyond Rs.40,001	Rs.200

In Maharashtra

Income	Tax to be imposed
upto ` 2500	Nil
From ` 2500 to Rs 3500	Rs.60
From ` 3500 to Rs 5000	Rs.120
From ` 5000 to Rs 10000	Rs.175
More than Rs.10000	Rs 200

In Tamil Nadu

Income	Tax to be imposed
Upto Rs.21000	Nil
From Rs.21001 to Rs.30000	Rs.75
From Rs.30001 to Rs.45000	Rs.188
From Rs.45001 to Rs.60000	Rs.390
From Rs.60001 to Rs.75000	Rs.585
More than Rs.75001	Rs.810

In New Delhi

Income	Tax to be imposed
Upto Rs.1,10,000	Nil
From Rs.1,10,000 To ` 1,45,000	Nil
From Rs.1,45,000 To ` 1,50,000	10 %
From Rs.1,50,000 To ` 1,95,000	20 %
From Rs.1,95,000 To ` 2,50,000	20 %
More than Rs.2,50,000	30 %

Corporate Taxes in India

Domestic companies are subject to income tax on all sources of income and capital gains wherever arising.

Foreign companies are subject to income tax only on their income from Indian Sources.

Company tax is levied as follows:	Rates
Domestic companies	33.22%
Foreign companies	42.23%

Note: Where the total income of the domestic or foreign company does not exceed Rupees ten million, no surcharge is levied. In such cases, the effective rate of tax for domestic companies and foreign companies is 30.9% and 41.2% respectively.
However, the following income of foreign companies is taxed at the following specified rates on a gross basis and not at 42.23%.

Royalty and Fees for Technical Services (subject to certain conditions):

• Royalty and Fees for Technical Services received pursuant to an agreement made
– after 31 May 1997 but before 1 June 2005 (if the payment exceeds Rs 10m) 21.12%
– after 1 June 2005 (if the payment exceeds Rs 10m) 10.56%

If the payment does not exceed 10M then the rates would be 20.6% and 10.3% respectively.

• Interest Income 21.12%
• Income from units of Mutual Funds purchased in foreign currency 21.12%
• Income from Global Depository Receipts (GDRs) 10.56%
• Income by offshore funds (overseas company) 10.56%

Income of Foreign Institutional Investors (FIIs) in listed securities:
– Short term capital gains in respect of transactions chargeable to Securities Transaction Tax 15.84%

– Short term capital gains in cases other than the one mentioned above 31.67%

– Long term capital gains (other than those subjected to Securities Transaction Tax) 10.56%

– Other income 21.12%