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HOME | MONEY | TAX | Q & A |
April 6, 2000
Banking |
"What do I do if I have not received my PAN?"The Rediff Money Channel presents everything you wanted to know about tax issues, but didn't know whom to ask. In view of the budget proposals for AY 2000-01, it is likely that retired individuals investors with a low annual income from investments and no salary income, may want to switch to the growth option of debt-oriented schemes of mutual funds from income option. Kindly elaborate the benefits of above, if any.
Specifically explain: — V S Save
I had applied for PAN, two years ago, when I was working for my previous employer in Delhi. Recently, I moved to Bangalore. I have still not received my PAN till now. I have the copy of the application form that I had submitted and given back as an acknowledgement with seal. Whom can I get in touch with? I request you to please provide the address and contact numbers. — Krishna The problem faced by you is a very common one which thousands of Indians are facing today. The Income-tax Department is just not equipped to deal with the deluge of applications received by it for allotment of Permanent Account Numbers. How do I apply for a duplicate PAN Number. Before I left India 16 months ago, I applied and got a PAN through my earlier company. I lost the PAN when the (earlier company) sent it by post to my permanent address. Is there any way to find my pan number or apply for a duplicate PAN? — Sathyamurthi Natarajan In all cities, there is a central office in the Income-tax Department which is in charge of allotting the PAN. The records relating to this department are computerised. You should go to the PAN Cell in your city and ask them to check the data in their computers. They will be able to give you your PAN. In case you are in Mumbai, the address of the PAN Cell is : I newly joined an organisation in November 1999 with a basic salary of Rs 8,800. HRA & HRent India allowance, Medical and yearly befits/month total to Rs 10,000. How much tax do I have to deposit and how can I save? I have not made any investments till now. — Munish Arora For the purpose of calculating the taxable salary, it would be necessary to know the figure of the H.R.A. being received by you. In any case, please note that the responsibility for deducting tax at source from your salary is primarily that of your employer. Thus, the question of your "depositing" the tax on your salary does not arise. You would be required to pay the tax only if your employer fails to deduct the tax at source.
As regards the medical benefits, please note that reimbursement of medical expenses actually incurred by you would not be treated as a taxable perquisite in your hands subject to a maximum of Rs 15,000 per annum. The decision regarding which investment to make is dependant upon various factors such as your age, your other income, your outlook towards investments (type of returns, frequency of return, safety, liquidity etc.). None of these is available in your query and so it is not possible to reply to your query regarding how to save tax by investing. I earn above XX lakh and hence cannot avail of standard deduction. I need to know the best ways to save tax besides the Rs 70,000 investment which includes Infrastructure bonds? — Melissa Nazareth I presume that you are a salaried person and are in the highest tax slab. You also seem to have made the full investment of Rs 70,000 eligible for rebate under section 88 of the Income-tax Act. In your case, I would suggest you look at the following options for saving tax legally:
I am a software engineer working for a MNC in Bangalore. Recently, we were covered under the ESOP . I would like to know the tax implications of the ESOP. The industry talked of double taxation of ESOP, once when the options are elgible to be exercised and later at the time of sale of the shares. — Prasanna The information given to you by the chartered accountant is correct. ESOPs are taxable as a perquisite only if they are offered to the employee at a discount as compared to the market rate prevailing as on the date of exercise of the offer by the concerned employee. If the offer price is more than or equal to the prevailing market price then there is no question of any perquisite.
When the shares are sold at a later date, what is taxed is the difference between the sale price and the cost to the employee.
EARLIER Q&As: 'Can I withdraw my PF money and deposit it in PPF?' 'Can one adjust capital loss against capital gains?' 'Are allowances for business travel taxable?'
Send in your questions to perfin@rediff.co.in |
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