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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.

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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

2013

Medical treatment of specified ailments under section 80DDB

  • Deductions of expenses on medical treatment of specified ailments (such as AIDS, cancer and neurological diseases) can be claimed under Section 80DDB.
  • The maximum amount of deduction allowed from gross total income is restricted to Rs 40,000 (which goes up to Rs 60,000 if the age of the person treated is 60 years or more) on condition that no medical reimbursement is received from any insurance company or employer for this amount.

2013

The Income Tax Department has launched a drive to ensure greater tax compliance. In recent months, thousands of taxpayers have been served notices after discrepancies were noted in their tax returns or their TDS details.

This sudden rise in the number of tax notices is not because people have stopped paying tax or filing their returns. It’s just that the tax authorities now have an integrated database on taxpayers and can track almost all financial transactions of an individual.

The 10-digit alphanumeric PAN, which has been made mandatory for most money transactions, allows the tax department to peek into your financial life.

Financial Management