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How to cancel a PAN if you are alloted more than one?

May 30, 2010 By taxworry Leave a Comment

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Excerpt: It may just happen that you are alloted more than one PAN and having duplicate PAN and not reporting it is punishable under I t Act for penalty of Rs 10,000 under Sec 272 (b) of the Income Tax Act. So what should be done in case you are having more than one. Step 1: Download and fill up the Request for New PAN Card or / and Changes or Correction in PAN Data Form Step 2 : You have to mention the PAN which you are using currently on top of the application form. All other PAN/s inadvertently allotted to you should be mentioned…

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How to change the address or any other data in PAN database?

May 30, 2010 By taxworry Leave a Comment

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Excerpt: Income tax PAN is a must for every one in India .Not just for income tax purpose , but for many other transactions which you may intend to do . Now , if you have a PAN ,  there may just  arise situation that you need to change the data which you had originally given while applying for the PAN. For example, you have been transferred to a new city and want to change the address or you find that the date of birth is wrongly written or you may just find that the spelling of your name is wrong. In all…

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What should you do if you want to deposit fee for filing appeal?

May 30, 2010 By taxworry Leave a Comment

In case you have to deposit income tax  appellate fees , copying charges or other miscellaneous payments,

  • tick box 0020,
  • thereafter tick box ’400 Regular Tax’ under ‘Type of Payment’ and
  • fill up the amount to be paid in ‘Others’ column under ‘Details of Payment’.

In case of non-corporates such as individuals, partnership firms, societies etc. the same procedure is to be followed except that the box 0021 should be ticked at the top of the challan instead of 0020.

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Whom to contact If one finds error in PAN or Assessment Year after tax payment?

May 30, 2010 By taxworry Leave a Comment

As per the NSDL website which handles tax payments on behalf of Income tax department, in such case , a taxpayers hould contact his assessing officer for rectification of mistakes. Here is the excerpts of FAQ

Your Bank provides facility for re-generation of electronic challan counterfoil kindly check the Bank website, if not then you should contact your bank request them for duplicate challan counterfoil.

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Who to contact if counterfoils of tax payment is lost or not generated after making epayment?

May 30, 2010 By taxworry Leave a Comment

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Excerpt: Online income tax payments are not only easy but also very robust accounting for tax payments. However , while making payment , there can be problems in some exceptional case. NSDL which handles tax payments for income tax department FAQs on how to handle such problems .  It is already published What to do if your bank account gets debited twice while making tax payments? . In case , you do not get the electronic challn counterfoil, it is provided on the site of NSDL following answer for dealing with such scenario Your Bank provides facility for re-generation of electronic challan counterfoil kindly check the Bank…

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How to rectify any mistakes in the name, assessment year, PAN, account number printed on the refund cheque delivered to me?

May 16, 2010 By taxworry Leave a Comment

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Excerpt: You already know how to check status of tax  refund online and  what should  be done in case you did not receive the refund , but status online is shown as paid. Now , it may just happen that you have opted for refund banker scheme in your return and you have received the refund cheque from SBI. However, you find that the refund cheque contains error in name or assessment year, or PAN or account number. If that be so, the NSDL site tells following solution In case of any mistakes on the refund cheque delivered to you, the following should…

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Who should be contacted if you do not receive income tax refund but gets refund advice showing refund status as paid?

May 16, 2010 By taxworry 1 Comment

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Excerpt: In case you have have filed return of income and there was claim of refund which you had opted for online credit. You can check the refund status us online. One day you suddenly get refund advice on which you find that the status as “Paid ” . But when you check with your bank account , you find that there is no amount credited . Puzzled . Okay in that case you should contact State Bank of India who are handling refund banker scheme on behalf of income tax department. Cash Management Product (CMP) State Bank of India SBIFAST 31, Mahal Industrial Estate Off Mahakali Caves Road Andheri…

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How to check income tax refund status online ?

May 16, 2010 By taxworry 1 Comment

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Excerpt: The ‘Refund Banker Scheme,’ which commenced from 24th Jan 2007, is now operational for Non-corporate taxpayers assessed in Delhi, Mumbai, Kolkata, Chennai, Bangalore, Bhubaneswar, Ahmedabad, Hyderabad, Pune, Patna, Cochin, Trivandrum, Chandigarh, Allahabad, and Kanpur.In the ‘Refund Banker Scheme’ the refunds generated on processing of Income tax Returns by the Assessing officers/ CPC-Bangalore are transmitted to State Bank of India, CMP branch, Mumbai (Refund Banker) on the next day of processing for further distribution to taxpayers. Step 1 : Keep your PAN ready. Step 2 : click this link , you will be taken to screen of NSDL where you will have to…

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How the Gift of Jewelery Be Valued For Taxing u/s 56 of I.T. Act ?

April 11, 2010 By taxworry Leave a Comment

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Excerpt: From 1/10/2009 , Individuals and HUF receiving any jewelery from a person other than following persons  are to pay tax on the value of jewelery received u/s Section 56(2)(vii) . a)  from any relative; or (b)  on the occasion of the marriage of the individual; or (c)  under a will or by way of inheritance; or (d)  in contemplation of death of the payer or donor, as the case may be; or (e)  from any local authority as defined in the Explanation to clause (20) of section 10; or (f)  from any fund or foundation or university or other educational institution or hospital or other medical institution or any trust or institution referred to in…

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