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How to Apply for a PAN Card


Last updated : 20th March, 2015 PAN card is required for almost all major financial transactions. In this post, I will quicly explain how to get / apply a PAN card. You can apply for PAN card by yourself. Income tax department has ensured that getting PAN is a simple procedure. You just need to submit a Form, passport size photo, fees &  ID & Address proof. You can submit the form either manually or online. 1. Form  :  Get the Form 49A .  Download the form 2. Where to Submit: Submit the Form at locations near to your area. ... Read More »

Budget 2014 : Debt Funds LTCG & holding period increased – less tax efficient now


Last updated : 13th July, 2014 In the Budget today, following changes have been proposed for Taxation of Debt Funds Long term capital gains tax is increased from 10% to 20% Withholding period for long term is changed from  12 months to 36 months These amendments would be effective from April,1 2015 and will accordingly  apply, in relation to the assessment year 2015-16 and subsequent assessment  years. ———– Confusion regarding – from when this is applicable :   Alhough the Finance Minister said that it is applicable from April, 2015 but the assessment year is 2015-16. This means such investments will be ... Read More »

13 things to know before filing Income Tax returns


Last updated : 20th July, 2014 Last date for filing returns in 31-July. Here are some tips & important points you should take care while filing your income tax returns.  (Link to all articles below open in New Window, so you can click directly without leaving this post) 1)      E filing of income tax return is mandatory – if your total Income is Rs 5 lakhs or more, you need to file Income Tax return online / electronically. Digital signature is not required to file e-returns.  Read this post to see when efiling is mandatory 2)      Enter Email Id and Mobile ... Read More »

Mobile Number & EMAIL ID must for filing online tax returns : CBDT


Last updated : 8th July, 2014  The Central Board of Direct Taxes (CBDT) has made mobile number and email address mandatory for filing income-tax returns. This additonal contact details is expected to improve efficiency and add an extra layer of security. “A valid email ID and mobile number has to be registered/updated on the e-filing website of the Income Tax Department so that drect communication with taxpayer can be possible,” the CBDT said in a release issued. A one-time password will be sent to the email address and mobile phone to be entered by the taxpayer after logging into his ... Read More »

eFiling of Income Tax returns ITR is must – For Whom ?


Last updated : 28th July, 2014 e-Filing of Income Tax Returns/Forms is mandatory for : If Total income is Rs 5 Lakhs and above (from AY 2013-14 and subsequent Assessment Years.) A resident who has signing authority in any account located outside India. A person who claims relief under sections 90 or 90A or deduction under section 91. Individual/ HUF, being resident, having assets located outside India from AY 2012-13 and subsequent Assessment Years.   READ – 13 things to know before filing Income Tax Returns this July ———– All companies. Firm (to whom provisions of section 44AB is not ... Read More »

Important Changes in ITR for AY 2014-2015


Last updated : 7th July, 2014 In this post, we are listing some important changes made in Income Tax Return ITR Forms for AY 2014-2015. last date for filing returns is 31-Jul. Direct Credit of Tax Refund  via ECS –  All refunds to be now received via ECS – no refunds via cheques 87A rebate –    Space added to claim relief under section 87A –  Read this to check – if you are eligible to claim Rs 2000  80EE deduction  –    Space added to claim deduction under section 80EE –  Read this to check – if you are eligible   ... Read More »

Taxation on Sweep in FD Interest


Last updated : 4th July, 2014 Many of our site visitors has this query – What is the Tax treatment for Interest earned on Sweep in FD ? When the Swep-in FD is matured or pre-matured at the time of withdrawal, the amount is credited to the Savings Account alongwith interest for that period. Sweep-In FD is a time deposit like any other Fixed Deposit. The only difference is that it is created automatically & matured / prematured automatically. The interest from such Sweepin FD will be treated the same way as interest from another regular FD. The interest earned on fixed ... Read More »

Which Income Tax Forms / ITR Forms to use for AY 2014-2015


Last updated : 8th July, 2014   As Last date for filing Income tax returns is approaching (31-July), you must to looking into your financials to prepare returns.  It is important to check in which ITR form you should file your IT return. You should check , which Income Tax return (ITR) Form is applicable for you ? Salaried employees will normally need to file their Income Tax returns in ITR 1 or ITR 2 (depending on the conditions below). So please read the specific conditions to determine whether you need to file your returns in ITR 1 or ITR 2 ... Read More »

[How to] Change PAN Card Address – Online & Offline Process


Last updated : 9th April, 2014 Have you moved house recently or joined in new company in new city, make sure you also update your current address in your PAN Card. Address on your PAN Card is your primary contact address for Income Tax department, so it is important that you keep it updated. Updating PAN card address is simple – You just need to submit the prescribed form with ID & address proof and nominal fees. Below are the steps / process for updating the address in your PAN Card. You an submit the PAN Change Form either Online ... Read More »

Who can submit Form 15G / 15H to avoid TDS on Bank FD ?


Last updated : 15th September, 2014  Banks are required to deduct Tax (TDS) @ 10 % if the interest earned on FD exceeds Rs 10,000 in a financial year. However, if you meet certain conditions, you can submit Form 15G / Form 15H to the Bank & they will not deduct any TDS. Read my post –  How to avoid TDS on Bank FD. Form 15G can be submitted by Resident, non-senior citizen investor if following conditions are fulfilled: 1) The final tax on his estimated total income should be NIL ; and 2) The aggregate of the interest etc. ... Read More »

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