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Know Your PAN

| Filed under Economy

Know Your PAN

PAN, aka, Permanent Account Number is a unique alphanumeric combination. This is issued by the Indian Income Tax Department to all juristic entities identifiable under the Income Tax Act 1961. The issuance of PAN by the Indian Income Tax Department is done under the supervision of the Central Board for Direct Taxes and on a general note, resembles the National Identification Number. This is also considered a very important identity proof. The PAN is unique and permanent and is not at all affected by the change of address, even if the change is from one state to another. So you should Know Your PAN.

know your pan 300x188 Know Your PAN

 

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Impact of Direct Tax Code on Salaried Individuals

| Filed under Economy

So, it is finally here! After months of deliberations and tweaks, the much-awaited Direct Taxes Code (DTC) will replace the age-old Income Tax Act from April 1, 2012. So how will the new DTC impact you and me and the millions of salaried individuals in this country? Let us see!

salary survey 199x300 Impact of Direct Tax Code on Salaried Individuals

Personal taxation slabs: A disappointment!

While there was widespread cheer about the proposed personal taxation slabs in the original form of the DTC when it was proposed last year, the current DTC act wears an insipid look. It has nothing major to offer on personal taxation slabs except that men, women and Hindu Undivided Family (HUF) will now face Rs. 2 lakhs of tax free exemption.

This is how the new tax slabs in DTC will look. There will be no tax up to Rs 2 lakh. There will be 10% tax on income between Rs 2,00,001 and Rs 5 lakh; 20% tax on income between Rs 5,00,001 and Rs 10 lakh; and finally 30% tax for income above Rs 10 lakh.

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New Rules In Income Tax (TDS)

| Filed under Economy

CBDT brings in new changes in TDS rules

The Central Board of Direct Taxes (CBDT) has revised the Income Tax Rules, 1962 by bringing in new changes to the provisions regarding Tax Deduction at Source (TDS) that are filed on or after April 1, 2010.

Tax Deducted @ Source2 300x300 New Rules In Income Tax (TDS)

New rules for TDS deposits

Every month the employers deduct tax on the salaries and other payments distributed to the employees. According to the new rules, the employers should deposit the tax deduction for a month within 7 days from the end of that month. However, the tax deducted for the month of March, which is the end of the financial year, can be deposited on or before April 30 of the year.

For annual TDS certificate

The new CBDT rules also make it mandatory for the employers to issue the Form 16 or the annual TDS certificate to their salaried employees by May 31 soon after the end of the financial year. Previously the deadline was April 30.

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