If any individual wants to apply for new PAN card but he has no documents as proof of address then he can take certificate from his employer. The format of employer certificate is given below. Annexure -B (for form 49A) (Certificate to be used by the Employer on the letter head of the … [Read more...]
New form for PAN card application procedure and documents requirements for Individual who is NOT citizen of India
New PAN card application form and documents required for PAN application is notified by Central Board of Direct Taxes as on 23rd December 2013. Any one of following listed documents is acceptable as proof of identity for PAN applications for Individual who is NOT citizen of India:- 1. Copy … [Read more...]
Format of Certificate to be used by the bank as proof of identity for PAN application
Bank certificate is acceptable as proof of identity for the PAN application of an individual. Earlier bank statement/pass book was acceptable as proof of identity, but now Bank certificate on the letter of the bank is required for a proof of identity. Format for the same is given below:- … [Read more...]
No PAN without verification of original documents
Income tax department issued a notification regarding the change in the process of issuing the PAN card. As per the notification No. PAN/1/3/2003/part dated 24th January 2014 following are the changes made in the new PAN application process with effect from 3rd Feb 2014 . 1. PAN applicant has … [Read more...]
No TDS on service tax component – CBDT circular
CBDT has clarified that no TDS is require to deduct on service tax component by issuing a circular No. 1/2014 dated 13/01/2014. In the circular it is clearly mentioned that if payment is made to the resident and service tax is mentioned separately, then TDS under chapter XVIII-B of the income tax … [Read more...]
Nature of payment for deduction under section 80C of Income Tax Act
Meaning Individual or Hindu undivided family can claim deduction under section 80C. The qualifying amount under section 80C of income tax act is deductable form gross total income. Deduction is available on the basis of qualifying investment, contribution or payment made by taxpayer during … [Read more...]
Income tax rate for financial year 2013-2014
A. For resident individual (male or female) who is not senior citizen and HUF, AOP, BOI and AJP: Net Income Income Tax Rate Surcharge Up To Rs. 2 Lacks NIL NIL Rs.2 Lacks to Rs.5 Lacks 10% of (total income – Rs. 2 Lacks) NIL Rs.5 Lacks to Rs.10 … [Read more...]