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2014
  • CBDT has launched a new online Tax Calculator for computing annual I-T liability which can now be emailed to personal inboxes of taxpayers before returns are filed by the end of this month.
  • The Tax Calculator is a computer based programme hosted on the web-based platform of the I-T department and is meant for the aid of the taxpayer before they file their final Income Tax Return (ITR).
  • The calculator is updated every fiscal after budget and is calibrated by the Central Board of Direct Taxes according to the new announcements made by the Finance Minister in respect of tax rates.

2014

Major changes in Income Tax Returns for year 2013-2014 are as under:

  1. All taxpayers filing E-Returns will have to compulsorily update correct mobile number and E- Mail ID’s. Otherwise there will be login issues before uploading of return on income tax Depts Website.
  2. Now onwards Income Tax Refund will be issued directly in the bank account of the taxpayer through ECS only, cheques are discontinued. Therefore at most care should be taken while mentioning Bank Account Number and IFSC Code in the income tax returns.

2014
  • CBDT has revised PAN Application form 49A and 49AA w.e.f. from 16.05.2014 vide its notification no. 26/2014, dated- 16-5-2014.
  • Revised Form 49A and 49AA provides option to get printed Mothers Name on PAN card. So those applying for New PAN card or for revised PAN card have the option to get printed on their PAN card the name of his/her mother. But applicant can select only one option, he /she cannot have the name of both mother and father printed on PAN card.
  • In case Applicant do not exercise his/her option than by default Father’s name will get printed on PAN card.

2014
  • This year, there is change in Forms 15G / 15H.
  • Hence, please check and use latest form.
  • Format of the same is enclosed.

2014

It is important to know everything about Permanent Account No., i.e., PAN.
Following are some FAQs on PAN which serves useful guidance. Just go through it. Its very interesting.

2013
  • The procedure for PAN allotment process will undergo a change w.e.f.03.02.2014. From this date onwards, every PAN applicant has to submit self attested copies of
    • Proof of Identity (POI),
    • Proof of Address (POA) and
    • Date of Birth (DOB) documents

Financial Management