Income tax is a tax applicable on income earned during the financial year from April 1 to March 31. It is categorized based on income slabs for men, women, and senior citizens aged over 65. Applying for a Permanent Account Number (PAN) is mandatory for filing income tax returns and various financial transactions over a certain value. PAN applications can be submitted online or in-person, and provide a unique 10-digit identification number that does not change over a person's lifetime.
1. What is Income Tax ?
Is it applicable to me???
FY 2009-10
2. What is Income Tax ?
Income Tax is a tax applicable on your
income generated during the financial
year, from 1st April to 31st March.
Tax is categorized on income slabs and
men, women and senior citizens (age
above 65 )
FY 2009-10
3. Income Tax : Categories
Men : Age below 65 Years
Women : Age below 65 Years
Senior Citizens : Age above 65 Years ( for Both)
FY 2009-10
4. Men : Age below 65 Years
Total Income Rate of Income Tax
0 <1,60,000 Nil
1,60,001<3,00,000 10% of the amount exceeds Rs140,000
3,00,001<5,00,000 14,000 + 20% of the amount exceeds Rs3,00,000
5,00,001< 54,000 + 30% of the amount exceeds Rs5,00,000
FY 2009-10
5. Women : Age below 65 Years
Total Income Rate of Income Tax
0 <1,90,000 Nil
1,90,001<3,00,000 10% of the amount exceeds Rs1,10,000
3,00,001<5,00,000 11,000 + 20% of the amount exceeds Rs 3,00,000
5,00,001< 51,000 + 30% of the amount exceeds Rs 5,00,000
FY 2009-10
6. Senior Citizen : Age above 65 years
Total Income Rate of Income Tax
0 <2,40,000 Nil
2,40,001<3,00,000 10% of the amount exceeds Rs2,40,000
3,00,001<5,00,000 6,000+20% of the amount exceeds Rs3,00,000
5,00,001< 46,000 + 30% of the amount exceeds Rs5,00,000
FY 2009-10
7. Income includes
Salary/
Wages
House
Capital Gain Property
INCOME Income
Dividend, Other
Interest Sources
FY 2009-10
8. Income for a salaried person
Salaries
&
Wages
Commission Any other
Fees income
& received from
perquisites employer
SALARIED
INCOME
Leave
Bonus
Encashment
Gratuity
&
Pension
FY 2009-10
9. What is PAN ?
Permanent Account Number (PAN) is a ten-
digit alphanumeric number, issued in the form
of a laminated card, by the Income Tax
Department.
Permanent Account Number (PAN) is a
permanent number and does not change
during lifetime of PAN holder.
FY 2009-10
10. Is PAN mandatory ??
Yes, it is mandatory to quote on return of
income, any correspondence with income tax
authority
FY 2009-10
11. PAN is necessary
It is necessary in transactions like
IT Return submission
Purchase or sale of immovable property / vehicle
Cash Deposit in any bank for more than 50000
Opening new bank account
Payment to hotel for more than 25000
Transaction in Shares
FY 2009-10
12. How to apply for PAN ?
PAN application should be made only on Form 49A.
You can visit on any of the below sites
www.incometaxindia.gov.in,
www.utiisl.co.in
tin.nsdl.com
The form is also available at IT PAN Service centers and TIN
Facilitation centers.
FY 2009-10
13. Remember ….
You can get a new PAN in 15 days
Obtaining or possessing more than one PAN
is against the law.
A minor can also be a PAN Holder
FY 2009-10
14. Remember …..
Changing the address or city, though, may
change the Assessing Officer.
Such changes must, therefore, be intimated
to nearest IT PAN Service Center or TIN
Facilitation Center for required correction in
PAN databases of the Income Tax
department. These requests will have to be
made in a form for 'Request For New PAN
Card Or/ And Changes In PAN Data
FY 2009-10
15. We will be discussing more about
Income Tax on next week release.
Let us know your queries about
Income Tax.
FY 2009-10
