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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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Not Having PAN Can Be Real Pain For Non Resident & Persons Having Income below taxable Limit! !

April 7, 2010 By taxworry Leave a Comment

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Excerpt: Non residents  are generally charged @ 10 % of tax because of either the relief given to them under I T Act or because of double taxation avoidance agreement with the country of which they are tax residents or citizen. However, form 1/04/2010 , it is provided under I T Act (Section 206AA ) that in case a person does not give his PAN to the deductor , the tax rate at which the deduction will be made is 20 % .CBDT has issued press note dated 20/01/2010 in which the newly inserted section is traied to explain “A new provision relating…

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Filed Under: PAN Tagged With: CBDT, Deduction, double taxation avoidance, exemption limit, H Form, H. It, I T Act, income tax act, Officer . He, PAN, prescribed rate, rate, Section, tax

Now Federal Bank Accepts New PAN Application !

March 30, 2010 By taxworry 1 Comment

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Excerpt: The facilities to get the PAN has extended . UTITSL and NSDL are providing facilities for allotment of PAN. The Federal Bank has now jumped to this and providing the same fascilities. According to its website , this facilities are not restricted to its existing customer , but even non cutomer can avail the facilities. Read what its website states in this regard * You can collect the application form from any of our branches or can be downloaded from our website.(take me there) * Complete the application form, affix a photo and submit it to your nearest Federal Bank…

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Will I Have to File Return For Rental Income in India and Pay Tax in India & USA Both?

January 7, 2010 By taxworry Leave a Comment

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Excerpt: I am an NRI and  USA citizen. I received house from  my father , after his death.I am getting some rental income from this house . D I have to file income tax return or I can show this income in my USA return.Do I need a PAN ? If yes, how to apply? PLEASE HELP RAVI RAJ, New YorkThere is Double Taxation Avoidance Agreement between India and USA.  Article 6 of the said agreement is related to earning from immovable property. As per this Article , the country in which the property…

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Filed Under: PAN, non-resident Tagged With: D i, double taxation avoidance, immovable property, Income, income tax return, India, nbsp, PAN, property, RAVI RAJ, Read, Read How, Return, United States, USA, usa citizen, usa return

How To Get New PAN Card If You Have PAN but No PAN Card or Have Lost PAN Card?

May 7, 2009 By taxworry Leave a Comment

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Excerpt: Step 1 : Click here to go to NSDL’s online form.  Go to bottom of this page. You will get following field. Select the type of assessee you are .Step 2: once you select your type ,you will be taken to actual online . Fill all columns in the form  but do not  tick any of the boxes exceptt box 7 on the left margin. Remember , the box 7 will be ticked automatically as this updated communication address. Let it be the only ticked box. In case any tick  in any other box, deselect it . If you want detailed instruction for…

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How To Know PAN Of Any Person ?

May 4, 2009 By taxworry Leave a Comment

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Excerpt: Step 1 : You should have with you two data : Last Name Date of BirthFather’s full Name Step2 : Click here to visit the site given below .  Step 3 : Fill up at least Last Name And Date of Birth in format DD-MM-YYYY . So if your birth day is 20th May 1969 , you should fill 20-05-1969. After that click “Submit Query ” button. Step 4 : After you click submit query , window as given below will come where you will have to fill out , Last Name , Middle Name and First Name of your father.Once you click “Submit Query”…

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What Should Be Done If you Have More Than One PAN?

April 19, 2009 By taxworry Leave a Comment

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Excerpt: I got two PAN Cards on my name . One is full of mistakes. another one issued to me since one yr. with a new number . As possessing of two PAN is illegal & may cause penalty , I surrendered 1st one to I.Tax authority at my area with an application for permission of surrendering which is duly received. I go the receipt also but did not get any reply . In this case , what I am to do ?Pradip Ranjan Ray, KolkataWhen country is so large and taxpayer base is growing to more than 35 million ,…

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Why Should You Not Surrender PAN?

August 23, 2008 By taxworry Leave a Comment

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Excerpt: My Uncle runs a manufacturing concern.he is thinking to close down the same.I want to know is it compulsory to surrender Permanent Account Number in this case?And what are the consequences of not surrendering the PAN card? I will be grateful for your assistance in this matter.Shruti Goel, New DelhiThere is no provision of surrender of PAN because PAN has no relationship with any business or income. PAN – Permanent Identification Number – is a number identifying a person . This number is required for completing a transaction even if the person is having no taxable income or person is…

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No Penalty For Wrong PAN in The Return!

August 10, 2008 By taxworry 3 Comments

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Excerpt: I am a salaried person. At the time of filing Return I noticed that the PAN number, what I had given to Employer at the time of deduction, is not mine(2 digits are in either sequence). What will be the solution? Do I have to face some penalty for illegal action? Is there any way to get my return? Vikash Kumar , Banglore Contrary to general belief , in my opinion, there is no provision for imposing penalty for quoting wrong PAN in the Return of Income.The reasons for such an opinion is as under: Section 139A is regarding…

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What To Do If Form 16 Is Issued With Wrong PAN?

August 10, 2008 By taxworry Leave a Comment

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Excerpt: I had invested in taxable RBI relief bonds. The UTI bank has deducted tax at source. But when I received the tax certificate, I found that the PAN entered is wrong. Will the IT dept allow with the wrong PAN number? Obviously no. But then how to solve this issue. I have to pay the tax again though UTI has deducted and paid at source. K Gopalkrishnan, Chennai I am working with MNC since Aug 2006 in Delhi. Just week ago, I got my Form 16 (for year 2007-2008) and observed that PAN # was not correct, there was single…

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