Category Archives: Updates

Hybrid Funds

Hybrid Funds: Are you searching for Hybrid Funds? Then you have reached the correct place. Here, we will provide you information about what are Hybrid Funds and the Types of Hybrid Funds.

Read More:  INCOME TAX

 

Hybrid Funds are a type of mutual Funds which invest in different types of asset classes. These Funds are also referred to as the combination of equity, debt, and bonds.

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Hybrid Funds

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Using these Funds one can invest in different areas. Hybrid Class allows investing in different asset classes in order to obtain diversification and reduce risks that are associated with any one asset class. One can invest in these Funds by considering in mind various aspects of it.

Read More:  GUIDE TO INCOME TAX INDIA E-FILING

 

Bottom Line:

To which investors Hybrid Funds will be beneficial?

1. It is useful for all the people who are looking for both current income and long-term capital investment.
2. All the Individuals who are ready to handle moderate risks.
3. Individuals who are expecting higher growth potential as compared to other bond funds.
4. Investors who are ready to diversify their interest in both stocks and bonds within a single bond.

Read More:  KNOW YOUR PAN

 

Different types of Hybrid Funds

There are mainly two types of Hybrid Funds based on the Equity and Debt ratio:

1. Equity Oriented Hybrid Funds

This kind of fund invest major part in the equity segment. These funds will be more favorable for people who are less risks takers and believe in long-term investment.

Most of the time, the exposure to equity is around 65%, while in some cases investment in equity may rise to 75% or 80%. When equity is around 75%, the fund could increase the exposure to mid-cap stocks for higher returns.

2. Debt Oriented Hybrid Funds

Debt Oriented Hybrid Funds can be further classified into conservative, moderate or aggressive funds based on the exposure of equity funds. All these funds will have a different range of equity exposure. Here, conservative funds will have an equity exposure of 10 % while, moderate funds will have an equity exposure of 20% and aggressive funds will have an equity exposure of up to 30%.

The main purpose of these funds is to keep the capital safe by generating higher returns as compared to the main fixed deposit rates.

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But here is the Kicker:

Other Hybrid Funds

Apart from the above two, there are other Hybrid Funds such as Arbitrage funds. Arbitrary Funds are equity Oriented funds which take the main benefit from the difference in stock in the derivatives market and in the cash.

Read More:  HOW TO E-FILE ITR-1

 

In Arbitrage Funds, the fund manager looks of proper chances to generate maximum profit by buying stocks at a low price and selling them at a higher price. Also, these Funds have low risk. Apart from this, long-term returns which are gained from funds are tax-free. Keep in mind that, Arbitrage funds are not available simply. Whenever there is absence or shortage of arbitrage opportunities, funds will stay in debt or in cash. Due to this reason, they are included in Hybrid Funds.

Read More: Documents required for PAN Card

Last but not the least, there are some funds, which invest in gold along with equity and debt. However, the purpose is same: to diversify your investment in various funds, lower risks and increase more returns from the investor.

We hope that you got all the important details about Hybrid Funds. If you like this article, then please share it with your family and friends.

Read More:  PAN CARD CORRECTION

 

Mutual Funds

Mutual Funds: Are you planning to invest in Mutual Funds? Then here, we will provide you basic information about Mutual Funds such as what are Mutual Funds? Benefits and Drawbacks of Mutual Funds and How to invest in Mutual Funds?

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What are Mutual Funds?

Mutual Funds

Mutual Funds

Read More: How to E-File ITR-1

Mutual Fund is a fund of the money which is put together by Investors on their behalf. All the money is collected together by a fund which is managed collectively in order to earn the highest possible refunds. You generally invest in the mutual funds in order in order to make your invested money grow its value.

Read More:  PAN CARD STATUS

 

In order words, Mutual funds can also be called as an ideal investment vehicle for all the efficient investors who don’t know much about the investing. All the Investors can select fund depending on their financial goal and simply start investing in order to achieve the goal.

Mutual Funds are shared among a numerous number of people. All the people who invest in the funds are called investors. The main person who manages the investment vehicle is called the professional fund manager. The fund manager helps you to invest in various funds based on the requirement.

Read More: ONLINE PAN VERIFICATION

 

Major Benefits of Investing in Mutual Funds

Smart Money Management

A Mutual Fund Company hires a team of professional to manage the money which is invested in their funds. The Fund manager and his team are always ready to provide information about various things such as when and where to invest the money, in which stocks to invest the money, or to invest in debt papers or just to keep the money in cash.

Convenience

Earlier we have to visit the fund manager to invest in mutual funds. But now, due to technology, you will be able to invest in Mutual Funds Online within few minutes. Also, now you don’t need to sign any of the documents or cheque leaves in order to invest in fund anymore.

Diversification

At the time of investing in mutual funds, you will be able to invest in various stocks and papers for a small amount. However, in order to invest in direct stock investments, you will require a large amount of money to invest in various sectors & companies. In the current scenario, you will be able to achieve diversification by investing a small amount of Rs 500 also. Due to this, if one company or sector is not performing well, it will not have any effect on your other investments. Hence, diversification allows you to handle risk.

Low Cost

All the Mutual fund companies charge a minimum amount to manage your money. This fee is known as fund’s expense ratio. The annual fund’s expense ratio is usually 2.5%. Most of the mutual funds have an expense ratio of 0.5% to 1.5%. While here, direct funds have very less expense ratio as compared to regular fund. For direct funds, you don’t require to pay management fund separately, it will be directly deducted from your investment.

Systematic investments

A Systematic Investment Plan (SIP) is one of the major benefits of mutual funds. In SIP, you have to invest a sum amount of money every month on a specific date. Due to this, you will be able to invest in various different levels equity markets. Hence you don’t have to worry about when I need to invest.

Flexibility

Other than all the tax-saving funds, no other mutual funds have a lock-in period. All the mutual fund’s investments are fully flexible. In mutual funds, you can invest whenever you want, redeem it anytime, pause the investment or even pause the investment. Also, you can stop investment in one fund and start investing in another fund which is relevant to you. Moreover, all the ELSS fund have a lock-in period of just 3 years.

Liquidity

All the Mutual fund investment is liquid investments. Here, you can redeem your money from all the investments, no questions will be asked. Also here, you don’t need to give any reason to redeem the money. All you need to do is request the mutual fund company and the money will be deposited in your bank within few days.

Read More: PAN CARD CORRECTION

What are the risks involved in mutual funds?

Mutual Funds mainly invest in various stocks or securities based on the fund’s main objectives. That’ why, different funds have different risks involved with them. The investment value may decline due to any economic changes or changes due to any other event. Besides this, Government can also come up with new rules which can affect the industry. All of these risks facts are been attached to mutual funds.

Risk and Reward: Due to Diversification, mutual funds helps us to handle the risk that from some securities along with the gain in other securities. However, this will limit the gain which is obtained by holding a particular security.

Lack of Control: Investors are not able to determine the exact combination of fund’s portfolio at a particular time, also no one can provide perfect guidance which securities a fund manager buys.

Read More:  GUIDE TO INCOME TAX INDIA E-FILING

 

How to invest in Mutual Funds?

There are two ways by which you can invest in Mutual Funds. One is by yourself and other is by with the help of a Mutual Fund Advisor.

If you are investing directly, you have to invest in the direct plan of a mutual fund scheme. However, if you are investing with the help of an advisor you will have to invest regular plan of mutual fund scheme.

If you want to invest directly, you have to visit the official websites of a mutual fund or any of the authorized branches of the Mutual Funds. One of the advantages of this is, you don’t need to pay any commission to the company and also you will gain more profit in the long term. But, if you are investing with the advice of a Fund manager, you have to pay a certain amount of commission.

One of the main drawbacks of direct investing is, you have to research about all the mutual fund, complete all the formalities and monitor all the changes by yourself.

We hope that you g a t basic understanding about the Mutual Funds. If you like this article, then please share it with your family and friends.

Read More:  DOCUMENTS REQUIRED FOR PAN CARD

 

How to E-File ITR-1 – Pan Card Status

How to E-File ITR-1: ITR – 1 Form is one of the most well-known Forms which is mainly applicable to all the salaried employees. While here, all the salaried employees don’t fall into this category, some of the Employees have to file returns under ITR -2 Form. here you will get the information related to Income Tax.

Read More: Pan Card Status

How to E-File ITR-1

How to E-File ITR-1

How to E-File ITR-1

Read More: Online PAN Verification by Name

Who is Eligible for ITR-1 Form in the year 2017-18?

All the Individuals who fall into the below category are Eligible for ITR-1:

1. Income from Salary/ Pension

 If your Employer has paid you any salary which is taxable and it falls under the “Income from Salaries” then you should definitely fill this form.

2. Income from one house property

This means that you are getting rent from a one house property. However, if you are getting -Salary from more than one house property, you don’t fall in this category.

Due to any reason, if you are facing loss under the head income from one house property, then you are not eligible for this Form.

Also Income from one House Property which means that Rental income and it doesn’t include any profit which you have obtained from the sale of the property. All the gains from the sale of property are taxable under head capital gains. Hence, this form is can’t be used for disclosing all of your gains.

In House property, all the rents are included such as Residential, Commercial, Institutional, Industrial, etc.

Also certain times, there is a loss of the head house property as there is more Interest paid on Home loan as compared to the total rent received. In all such cases, the taxpayer should disclose the loss which would then set-off against income from various other sources.

3. Income from all the other sources

This includes income from various sources such as Interest income, dividend income, etc. Thus, you can use this form for submitting the income tax returns.

Please note that this form is not applicable if you are gaining income from lottery, Race horses etc.

Read More: Online PAN Verification by PAN No

Who is not eligible to file ITR 1 for AY 2017-2018?

All the Individuals who are getting an income of Rs 50 lakhs can’t fill this form. Also, all the individuals who are gaining Income from any of the below categories should not fill this form:

  • Having more than one House Property
  • Winning Lottery, Race Horses, Legal Gambling, etc.
  • Income gained from either short term or long term capital gains.
  • Agriculture Income more than Rs 5000
  •  Business or any Profession
  • Any Individual having an asset outside India any signing authority in a bank outside India

Read More: Online PAN Verification

What are the methods of filing ITR Online?

There are mainly two methods of filing ITR Online:

1. E-Filing on Income Tax Portal: Enter all the relevant data of E-filing on the Income Tax Website. This is the most simple and effective method.

2. E-Filing or ITR using Excel Utility: In this process, you have to first download the Excel Utility from the website, fill all the details line by line and then generate XML file. Later, upload the XML file on the same website. This process is much complex as compared to previous one. All the taxpayers who have to pay tax using a form other than ITR-1 and ITR-4S will have to compulsory file returns using this method.

Read More: 7 Unique Ways to Save Tax Legally

How to E-file ITR-1? (Details about Step-1)

To E-File the ITR-1, follow the simple steps given below:

  1. First of all, visit the official website of Income Tax Portal.
  2. Log in with your Credentials.
  3. Then, on the left-hand side, click on the link, “Quick Filing of Returns”.
  4. Now, you will be able to view the image as shown below:How to E-File ITR-1
  5. Then you have to enter all the details and then click on “Submit”. Now, you will be able to see the Instructions as shown in the image below: How to E-File ITR-1
  6. After reading all the details, click on “submit”. You have to fill all the personal information in this tab. Please check all the details twice and then click on “save as draft”. Proceed to the next tab.
  7. The next tab is all about “Income Details”. Here, you have to provide all of your details as mentioned in the Form-16 of the Employer.
  8. All the details about the Tax Deducted from the employee and paid to the Government will be displayed in this tab. All the TDS details can easily be verified using the Form 26AS using an Online feature which contains all the details of Income Tax paid with respect to PAN.
  9. In the second last tab, you will be able to see the total taxes paid. Also, you have to provide verification.
  10. After you have entered the data in all the tabs. Click on the Submit Button and simply generate ITR-V Form. ITR-V Form contains details about the income, deductions and the tax paid.

Read More: PAN Card Damaged

Now, you have to send the post via post to the following address:
Income-Tax Department-CPC,
Post Bag No. 1,
Electronic City Post Office,
Bangalore, 560 100, Karnataka

Please note that you have to send post within 120 days of filing the ITR.

Read More: How to change PAN card Address

Important Changes made in ITR-1 for AY 2017-18

1. Linking of Aadhar Card is Compulsory

All the persons have to compulsory link Aadhar Number with the return of income. If any individual doesn’t possess an Aadhar and has applied for Aadhar then he/she has to link Enrolment ID with the ITR.

2. Disclosure of all cash deposits during demonetization

In the new ITR form, a new column is introduced, where all the taxpayers have to report of all the cash in the demonetization period i.e. from November 9, 2016, to December 31, 2016. If the taxpayers have deposited more than 2 lakhs, then only they have to report.

3. Disclosure of all the Bank Accounts

All the Individuals also have to provide details about savings and current accounts of the last year. But it is not necessary to provide details about inactive accounts which are not working for more than 3 years.

4. Simplified one-page ITR Form for salaried class taxpayers

As per the new rules, Government has simplified one-page form
‘ITR-1 SAHAJ’ for all the people having income up to Rs 50 lakhs as pension, salary or one house property and from any other resources. The Government has removed various columns which are described below:

  • In the new “ITR-1 SAHAJ”, all the tax deductions are being retained such as Section 80C, 80D, 80G and 80TTA. However, if the taxpayer wants to claim any deduction, then he/she can claim under the column title “Any other”.
  • Also here, Schedules of TDS and TCS have been merged into a single order to make ITR-1 simple.
  • Here, new columns have been added to report dividend income and the long term capital gains.

Read More: Apply for Lost PAN Card

Frequently Asked Questions

1. How do I need to verify Income Tax Return I filled online?

You can verify Income Tax Return by two methods:
1. By Sending ITR – V Form to the CPC, Bangalore.
2. Using Electronic Verification code or Aadhar linked OTP within a span of 120 days.

2. Can I fill my return before all the tax payments are done?

Yes, you can file your Tax Payments online or through an agency after all of your tax payments are being made. The last deadline for filing the Income Tax is July 31 of that particular year. Hence, you get 4 months to file the Income Tax Returns.

3. Is it compulsory to file income tax returns by myself or I can take help of someone?

Yes, you can take help of a CA to file ITR. But, in order to ensure security, you should not allow anyone to have your PAN and Password.

4. How can I Check the status of Income Tax Refund?

You will be able to check the Income Tax Refund Status on its Official Portal. You can check after 10 days of filing ITR. To check, you have to provide PAN and correct Assessment Year.

We hope that you got all the important details How to e-file ITR 1 Form? If you like this article, then please share it with your family and friends.

Read More: How to change Photo in PAN Card?

Income Tax

Income Tax: Tax is one of the main revenue earning system of the Indian Government. Apart from various taxes that are present in the country, Income Tax is only the tax that is linked with the taxation of earning of an individual, firm or any organization in the financial year. Here, you can check your Pan Card Status

Income Tax

Income Tax

Income Tax

Read More: Difference Between NSDL and UTI

There are mainly two types of Income Tax

1. Direct Taxes: Direct tax is the tax you directly pay to the government.
2. Indirect Taxes: Indirect Tax is a tax which is collected by restaurants, theaters and e-commerce websites for their service. Later, the indirect tax is being passed to the government. Indirect Taxes can be of many types such as service Tax on restaurants bills and movie tax, VAT on various clothes as well as electronic items.

In July 2017, Government of India rolled out the Good & Service Tax which has replaced all the indirect taxes that all the business owners have to manage.

Read More: Online PAN Verification by Name

What is Income Tax Return?

Income Tax Return is the main proof which shows that you have paid Income Tax. IT-Department contains details of your income and the total income tax you have paid. All the Citizens in India, who earn a Taxable income have to file an Income Tax Return. Also, filing ITR will be beneficial to you for getting a refund if you have paid more Income Tax. However, if you don’t pay tax, you might have to pay a certain penalty and also you face certain legal issues.

Read More: Online PAN Verification by PAN No

Income Tax Slab

In India, all the Citizen’s Income Tax is being grouped into various blocks such as Tax Slabs. Here all the Tax Slabs have a different Tax Rate.

For all the Individuals and HUF (Below 60 years of age):

Read More: 7 Unique Ways to Save Tax Legally

Income Tax Tax Rate
Upto Rs 2,50,000 NIL
Above Rs 2,50,00 and upto Rs 5,00,000 5%
Above Rs 5,00,000 and upto Rs 10,00,000 20%
Above Rs 10,00,000 30%

For all the Individuals and HUF (Age is 60 or above but less than 80):

Income Tax Tax Rate
Upto Rs 3,00,000 NIL
Above Rs 3,00,000 and upto Rs 5,00,000 5%
Above Rs 5,00,000 and upto Rs 10,00,000 20%
Above Rs 10,00,000 30%

For all Senior Citizens (Age- 80 years or above):

Income Tax Tax Rate
Upto Rs 5,00,000 NIL
Above Rs 5,00,000 and upto Rs 10,00,000 20%
Above Rs 10,00,000 30%

Read More: How to change PAN card Address

Is it necessary to file the Income Tax Return?

Following are the main reasons to file the Income Tax Return:

  • If your total gross income is Rs. 2,50,000 (below 60 years),
    Rs. 3,00,000(between 60 to 80 years), Rs. 5,00,000(for 80 years and above).
  •  If you have to claim the tax refund.
  • when you want to carry forward a loss under the head of income.
  • If it’s a company or any Firm, regardless of whether it has made profit or loss in that financial year.
  • If you are a resident of India, but you hold assets or any financial interest in another country.
  • when you receive an Income which is being obtained from a property which is held by a trust or charitable organization or political party or any research organization, news agency, trade union, etc.
  • If you are applying for a loan or a visa.

Read More: Apply for Lost PAN Card

For NRI

If any NRI is gaining his Income from India, then Income is liable to be taxable in India. and he/she has to compulsory pay Income Tax.

When an NRI, falls under any of the cases described below, then he/she has to pay tax.

  • If he/she wants a refund
  • If the Gross Total Income is more than Rs 5,00,000
  • when he/she wants an Income Tax Refund
  • All the ITR-3, 4,5,6,7 are to be e-filed compulsory.

Read More: How to change Photo in PAN Card

Income Tax Returns Forms

Here we will provide you the list of forms along with their main purpose:

ITR-1: It is also known as SAHAJ, which mainly deals with the income of an Individual with a salary or pension or one house property or any other sources.

ITR-2: This form is only applicable to all Individuals or Hindu Undivided Families getting an income other than “Profit and gains of business and profession”.

ITR-3: This form is applicable for all the Individuals or Hindu Undivided Families who income sources are “Profit and gains of business and profession”.

ITR-4S: It is also known as SUGAM, it is mainly applicable for all the Individuals or HUFs who are opting for a presumptive section scheme under the section 44AD/ 44AE.

ITR-4: This is applicable for all the Individuals or profession who are holding a proprietary business or profession.

ITR-5: All the entities having a Firm, LLP, AOP, BOI, artificial juridical person, co-operative society, and local authority. However, all the political parties, institutions, colleges, and institutions have to file a return under the Section 139(4A), 139 (4B), 139(4C) or 139(4B).

ITR-6: This is applicable for all the companies other than who claim a deduction under the section 11.

ITR-7: This is applicable for all the entities who want to provide a return of income under the Section 139(4A), 139 (4B), 139(4C) or 139(4B).

ITR- V: It is the acknowledgment form of filing a return of income.

Read More: PAN Card Damaged

How to file Income Tax Return Online?

Following documents are required:

– Bank Statements
– Form 16
– Copy of the last year’s return

Now follow the simple steps given below:

  1. Visit the Official Income Tax Portal and login with your details.
  2. Check the Tax Credit Statement (Form 26AS) – All the taxes that are deducted are actually deducted from the IT Department.
  3. Verify TDS of Form 16 with Form 26S.
  4. Now, select “Tax Return Forms” under the Download menu and choose Tax Return for the current financial year. Here, you have to download the proper ITR file. Then you have to click on the link which shows “Quick e-file ITR”.
  5. Then you have to fill the file by considering the details given in form 16.
  6. Now calculate Tax by clicking on “Calculate Tab”. Then fill the tax if applicable and then fill all the required details of the challan.
  7. Verify all the details and then click on the “Confirm” tab.
  8. Now, you have to generate the XML file save it on the computer.
  9. Then you have to select the current financial year in the “Upload Return” link and upload the XML File. Later they will ask you for Digital Signature, select “YES” if you have or else select “No”.
  10.  If you have filed the return, you will be view message on your screen. Now, you have to download the ITR-V acknowledgment form.
  11. Then you have to send the copy of ITR-V acknowledgment form to the nearest IT-Department office via post. Please send the copy within 120 days of filing the Income Tax Return.

Read More: Online PAN Verification

Benefits of filing Income Tax Return Online

In this process, you will have to maintain various things in order to file the Income Tax Return Online. But, due to this, you can file the Income Tax Return before the deadline.

  • As we all know, the filing of Income Tax Returns end on the July 31st Every year. If you file the Return before two months then there will be less traffic and also you will be able to complete process smoothly.
  • Due to any reason, if you are not able to file the Income Tax Return till July 31st, then your penalty will increase. Therefore, it is advisable to file the Income Tax Returns in advance.
  • If you file online, all the records of financial history will be saved with the IT-Department this history of financial records is helpful for a lot of organizations, with whom you might like to have a business relationship in future.
  • You will have a proof of ITR – V always ready with you which is useful to you in the case of any financial liability or opening a line of credit.

Read More: PAN Card Correction Form

How to e-file the ITR Offline?

In order to e-file ITR Offline, follow the steps

  • First of all, visit the official website of Income Tax and choose the option of e-filing.
  • Then you have to select the ITR which is suitable for you.
  • For the year 2016-17, the government has launched two utility options such an Excel Utility and Java Utility.

For Excel Utility

  • After downloading it, open and fill the form
  • Verify details, calculate Tax and generate XML
  • Save the form and then upload it to the Income Tax E-filing portal.

For Java Utility

  • After downloading the utility, open and then click on “Prefill”.
  • Enter your UserID, password, DOB and select Prefill address.
  • Enter and verify all the details, calculate Tax and save the XML File.
  • Lastly, click on submit.

Besides this, you can also submit the following documents:

  • Bank Details
  • Copy of last year’s ITR
  • TDS Certificates
  • Deductions or any saving certificates
  • Interest statement which shows your Interest in the particular financial year
  • Balance Sheet, Profit and loss account statement.

Frequently Asked Questions on Income Tax Return’s

I have already paid the advance taxes and I don’t have any dues or refunds, can I skip filing the Income tax return?

Even if you have paid advance taxes, it is compulsory to fill the ITR. Using ITR, the government will be able to track the record of how and where your income is placed. This is also helpful to avoid any case of fraud.

Where is ITR useful in my daily life?

A duly filed ITR is very much useful as a proof of income when you apply for a visa, when you apply for a bank loan, at the time of accident claims in third party insurance, etc.

How much time will it take to get back Income Tax refund?

You can only get back the refund when ITR is fully processed. Sometimes, it may take 1 year after you have filed your ITR. Even if you are claiming the refund, but the taxman may have determined that you are not liable due to an error in calculation from your part. If you think, the calculation is correct, then you can send a letter to IT-department. Also, you will not be able to get a refund due to wrong PAN, bank account number on the ITR. Also, the refund doesn’t reach to you due to an incorrect address or you are not available at home.

Can I file ITR after the due date?

Yes, you can file ITR after the due date. Due to some unpredictable situations, some people are not able to file the ITR on time. All such people can file the ITR under Section 139(4) before the end of the assessment year or before the assessment is completed.

How to check the Status of Income Tax Return?

After you have filed the Income Tax Return, you can check the Income Tax Return Status on the Income Tax e-filing portal. You will be able to check the Income Tax Return status after 10 days since the day you have filed the ITR.

We hope that you got all the Essential Information about the Income Tax. If you like this article then please share it with your Friends and Family members.

PAN Card Correction Form {PAN Correction Online Form}*

PAN Card Correction Form: PAN Card acts as a Proof of Identity for all the Citizens who pay tax. Due to some reason, you need to change the information on your PAN Card. It happens when you need to change information about you in your PAN Card. Here, we will provide you step by step procedure to make PAN Card Correction. Here you can check your NSDL & UTI Pan Card Status.

Read More: Difference Between NSDL and UTI

PAN Card Correction

PAN Card Correction

If you are married and want to change the information on your PAN card and then you should possess the marriage certificate. Marriage Certificate is required as the legal proof of the marriage. That’s why it’s important in this case. Check  DOCUMENTS REQUIRED FOR PAN CARD.

Modification in PAN Card

Due to certain reasons, errors occur in the PAN details, most common errors include incorrect spellings, date of birth, change your address, etc. You might consider that these details are not important, but they are very much vital, and so should change as soon as possible.

Correction can be made in the same form which is used for PAN Card Application. Here, one has to fill all the data appropriately and tick mark all the boxes on the left which are needed to be changed.

After this, all the corrections will be reflected in the PAN, while PAN number will remain same.

Lastly, PAN Card will be sent to your registered address.

Read More: Online PAN Verification

Fees and Charges for PAN Card Correction

  • All the Individuals who want to apply for correction, updating, a reissue of the PAN should know that PAN Card Correction is not free. When anyone applies for the second time, a minimum amount will be charged.
  • The total charge for PAN Card Correction is Rs 110 all over India and Rs 989 outside India.

Read More: Online PAN Verification by PAN No and Online PAN Verification by Name

Documents required for PAN Card Correction

If you want to modify your PAN Card details or you want to apply for a duplicate PAN Card. Then you have to submit some kind of documents. Here, documents vary based on who is applying for PAN Card Correction whether it’s an individual, firm, group or an entity.

  • Indian Individuals or Hindu Undivided Families(HUF): All Indians and HUF who want to make any kind of correction in the PAN Card need to submit a copy of valid government ID proof such as (Aadhar, Driving License, Passport, etc.), Address proof(Utility bill,etc.) and a proof of birth and lastly two passport size photographs.
  • Companies with the office in India: All the companies, Firms or entities all over the India have to submit a registration copy issued by the competent authority as a part of ID and address proof to make changes in PAN Card.
  • Companies with offices outside the country: All the companies whose office is outside India, need to submit a copy of registration certificate which is been issued by the country itself and duly attested by the Indian Embassy/ High Commission or authorized offices.
  • Foreign Citizens: All the Foreign Citizens need to submit an ID proof and an Address proof to apply for correction.
  • Other Foreign entities: All the entities have to submit an ID proof and an address proof which can a registration certificate which is being issued by that country or by Indian Embassy. Also, the entity has to provide a copy of registration certificate which is approved by a local Indian Authority.

Read More: PAN Card Damaged

How to apply for PAN Card Correction?

To make corrections in your PAN Card, you have to follow the same process as the application of PAN Card on NSDL or UTI Website. So, below is the step by step procedure to make PAN card corrections on the NSDL and UTI website.

Read More: How to change PAN card Address

1. NSDL PAN Card correction[Link]

To apply on NSDL, first of all, you have to select the type of applicant and then click on select, then you will be redirected to the PAN Card correction form.

2. UTI PAN Card Correction[Link]

As you, as you click on the link, you will get the PAN Card correction form immediately.

Before you start to fill the PAN Card Correction form, you should have the important documents handy with you. They are as follows:

Valid Identity Proof: Here, you have to upload a valid identification proof of yourself. You can upload proof such as marriage certificate, driver’s license, passport, Election card, Aadhar Card, etc.

Current PAN: In order to apply for correction of your PAN card, you should know your current PAN. In case, if you don’t remember your Current PAN, or it’s not handy with you, then you should follow the procedure as shown below:

– First of visit the Official NSDL Website, then enter your login credentials.
– Next, Enter essential details such as Last Name, First Name, and Middle Name.
– Enter your Date of Birth and then click on Submit.

PAN Card Status

PAN Card Status through NSDL

You will be able to see the status of your PAN card, along with the PAN.

After filling all the details in Correction form, click on Submit button at the button of the page. Lastly, you have to pay the correction fees of RS 107, you can pay this amount using your Debit card, Credit Card, check or Net Banking.

Read More: How to change Photo in PAN Card? 

PAN Card Correction Offline

If you want to apply Offline, you can download the PDF of the Correction form, fill all the essential details such as valid identity proof, passport size photograph, etc and submit your PAN Card to any PAN Card agency. Offline PAN Card Correction is the safest mode of correction.

You will receive your updated PAN Card within 45 days. Usually, it is delivered within 30 days.

If you want to track the status on the PAN Card, then you can easily track PAN Card Status.

If you liked the information available in this guide, then share this with your friends.

Read More: Apply for Lost PAN Card?

Online PAN Verification – Pan Card Status

Online PAN Verification: PAN stands for Permanent Account Number, which is essential for all the Citizens of India who pay tax. PAN is a 10-digit unique Identification Number provided by Income Tax Department. As per the new rules, whether you are Citizen of India or not, you require a PAN card for every transaction above Rs 50,000. So In this post, We are going to share the Step By Step Guideline on How to Verify your PAN Card online. Check Your Pan Card Status Online.

Online PAN Verification

Read More: Documents required for PAN Card

Online PAN Verification

Once you have received your PAN, your PAN doesn’t change for the whole lifetime, while you can update/ correct information on the PAN Card.

Why should you Verify PAN Number?

After you receive PAN Card, you have to verify your PAN in order to check whether the Information on your PAN matches with the IT Department Database. If it’s not same, then you have to correct the information in your PAN with the help of PAN Card Correction form.

Types of Online PAN Verification

There are total three types of Online PAN Verification. They are described as below: 

  1. Screen based PAN Card Verification
  • In order to avail this service, users have to log in first.
  • Then you have to provide the information about maximum 5 PAN’s in the available screen.
  • After this, you will be able to view all the information about PANs.
  1. File based PAN Card Verification
  • For this, users have to log in first.
  • Later, they have to upload a file which contains data of 1000 PANs in a specific file structure mentioned by the NSDL e-government.
  • After the files have been submitted and uploaded, the site will provide data of all the PANs within a span of 24 hrs.
  • If the file format is incorrect, then the site will inform you within a span of 24 hrs.
  • The user can download the response at his/her convenient time within a span of 15 days.
  1. Software based PAN Card Verification
  • Using this mode, a user can make PAN Card Verification from a verified site using a software application.

 

Read More: Difference Between NSDL and UTI

Which Entities are Eligible for PAN Card Verification?

Given below are the list of entities which are eligible for PAN Card Verification:

  1. Reserve Banks of India
  2. Insurance company
  3. Insurance repository
  4. Mutual Funds
  5. Credit Card Companies
  6. Stock Exchanges
  7. Central and State Government Agencies
  8. Income Tax Projects
  9. Department of Commercial Taxes
  10. Goods and Services Tax Network
  11. Educational Institutions established by Regulatory Bodies
  12. KYC Registration Agency (KRA)
  13. All the Non-Banking Financial Companies endorsed by RBI
  14. Companies and Government deductor that is supposed to file TDS/TCS Return.
  15. Any other entity which is needed to provide Annual Information Return.
  16. All the other company which provides Annual Information Return.

Read More: Online PAN Verification by Name

Online PAN Verification Registration

A user who wants to register for the PAN Card Verification with NSDL e-government can do it by providing certain documents. The user has to provide a signed copy of terms and conditions plus authorization letter and demand draft.

All the Details required for Online PAN Verification are as follows: 

Organization Details required to register for Online PAN Verification

  • Name of Entity
  • TAN/PAN of Entity
  • Main category of Entity
  • Contact details

Payment Details

  • Payment amount
  • Mode of payment
  • Instrument number 

Digital Signature details required for PAN Verification

  • Name of the Certifying Entity
  • Class of Digital Signature Certificate
  • Serial Number of the Digital Signature Certificate

Track Status of PAN Card Registration 

Any Organization who has attempted to register for the Online PAN Verification can check the Status by providing the Acknowledgement Number. A message will be displayed which shows whether it’s successful or rejected.

Authorization of Registration

Here, IT Department approves the registration request. Once registration is approved, NSDL e-government sends all the important details to the IT Department. Then, the applicant will get an 8-Digit UserID. If IT Department rejects registration request, then registration charges will be refunded to the user.

Read More: Online PAN Verification by PAN No

How can I verify my PAN Number?

There are mainly two ways in which you can verify PAN Number.

Follow the step by step procedure to perform Online PAN Verification.

Read More: Apply for Lost PAN Card

PAN Card Verification through PAN

  • First of all, Open the official website of Income Tax Department.
  • Click on Login, Enter UserID and Password, and then the code as shown in the image.
  • Then Click on Know your Jurisdiction option available under the services Tab.
  • Then Enter your Permanent Account Number or PAN.
  • Finally, enter the captcha code as shown in the image and then click on submit.

If the information given by you matches with the IT database, then you will see your Full name, Jurisdiction, AO Code, Jurisdiction, PAN, etc. If it’s not correct, then fill the form again, it will work.

Read More: How to change PAN card Address

PAN Card Verification through Name

  • Firstly, open the official IT Dept website.
  • Click on login and enter login credentials and captcha code then click on Login.
  • Now, click on Know your PAN provided under the services section.
  • Enter your Surname/ Lastname, Middle name, and First name.
  • Enter the Captcha code as shown in the image to prove that you are human.
  • Finally, click on submit.

Bulk PAN Verification

This Facility is only available for the Government and Non-Government Agencies.

Follow the steps given below to perform Bulk PAN Verification:

  • First of all, visit the official website of IT Department.
  • Now, log in with your Account.
  • Then Click on “Bulk PAN Verification Query” and then click on “Upload Bulk PAN Query”.
  • Next, you have to upload the file in Specific format and then click on submit.
  • As soon as you click on Submit, a submission token will be generated.
  • Finally, you will be able to know the status of your PAN.

So, by following the above procedure you can easily verify your PAN Card Online.

Read More: 7 Unique Ways to Save Tax Legally

PAN Card Damaged – Pan Card Status

PAN Card Damaged: PAN Card is one of the most Important Document when it comes to any of the Big Financial Transactions. But, what can you do when your PAN Card is damaged. Here we will provide you complete details about Damaged PAN Card.

Check your UTI & NSDL Pan Card Status.

PAN Card Damaged

PAN Card Damaged

Read More: Online PAN Verification by PAN No and Online PAN Verification by Name

PAN Card is useful for various purposes such as Pay Income Tax, Open a new business, Transfer Funds, etc. Besides this, it also acts as a Proof of Identity. You will be in tension and feeling stressed as your PAN Card is Lost or Damaged. So here we will provide you complete information about how you can apply for New PAN Card when your PAN Card is damaged. Here you will get the Documents required for PAN CardHow to Know your PAN and Apply for NSDL/UTI PAN Card Application Form.

Read More: How to change Photo in PAN Card

How to Apply for New PAN Card when your PAN Card is damaged?

Follow the simple steps given below in order to apply for PAN Card:

  1. First of all, open the Official website of NSDL.
  2. Now, please go through all the guidelines properly. If you want you can read the information, you can read in Hindi also.
  3. Now, go to the bottom section of the page, where you will be able to see an option to apply for Change/ Correction of PAN Card. Here you have to Select “Category of Applicant” to apply for new PAN Card.  Category of the Applicant
  4. Please select the Appropriate Category from the drop down menu and then click on “Select”.   Correction in Pan Card Data
  5. Now, you have to fill the form with all the required details properly. After that, you have to pay a fee of Rs 107 using Demand Draft/ Cheque/ Debit Card/ Credit Card or Net Banking.

– Please enter your PAN Number in the field.
– Please don’t check any of the checkboxes on the left-hand side.
– All the * fields should be filled compulsory.

  6. If you want to receive Paperless PAN, then select YES in the option available. Otherwise, you can select No, then you will receive the Hard Copy of your PAN Card Application.

Apply for Lost PAN Card Form

  7. If you select YES, then you will need to upload all the documents online. You can also upload all the documents from the Digilocker.

After uploading all the documents, you need to pay the amount using Credit/ Debit Card or Net Banking. You don’t require to submit any of the documents in the hard copy and the process will be completed.

Read More: Difference Between NSDL and UTI

However, for all the applicants who want to receive the hard copy of the PAN Card will have to continue with the process.

   8. As soon as you have submitted the form, you will receive an Acknowledgement form in your registered Email ID. Take the printout of this form as you will require further.

  9. Then you have to stick two photographs in the whitespace in the Acknowledgement form that you have received. Also, out your signature in the box.

  10. Put all the documents such as Acknowledgement form, Proof of Identity, Proof of Address, and Demand Draft in the Envelope.

   11. Put the Heading on the Envelope Application for PAN CHANGE REQUEST -Acknowledgment Number”.

  12. Lastly, you have to post the Envelope to the main address of Income Tax Department:

Income Tax PAN Services Unit, NSDL e-Governance Infrastructure Limited, 5th floor, Mantri Sterling, Plot No. 341, Survey No. 997/8, Model Colony, Near Deep Bungalow Chowk, Pune – 411016.

Please make sure that all of your Documents have reached at the desired location within a span of 15 days.

Read More: Apply for Lost PAN Card

By following the above procedure you will get new PAN Card.
We hope that you got all the Essential Information about PAN Card Damaged.

Read More: How to change PAN Card Address

How to change Photo in PAN Card? – Pan Card Status

How to change Photo in PAN Card: Do you want to change Photo in PAN Card? Then you have reached the right place. Here we will provide you complete information about How to Change Photo in PAN Card?

PAN stands for Permanent Account Number is a 10-Digit Unique Identification Number which is provided to each and every Citizen of India. PAN is must require for each and every Citizen who pay Tax. PAN Card is required for various purposes such as filing Income Tax, Opening a New Bank Account, Starting a new business, and much more.

Check Your NSDL Pan Card Status & DOCUMENTS REQUIRED FOR PAN CARD

 

How to change Photo in PAN Card

change Photo in PAN Card

Sometimes, in any kind of emergency you need to make changes in your PAN Card. So here we will provide you complete information about how to change Photo in PAN Card Online as well as Offline.

Read More: KNOW YOUR PAN & APPLY FOR NSDL/UTI PAN CARD

 

Points to Remember

  • The changes in the PAN Card can only be done if the PAN Card is allotted.
  • PAN Card Change Request Form is filled while updating details in the PAN Card.
  • A new PAN Card will be provided with same PAN Number, only your details such as Photo and Address will be updated in the Income Tax Database.

How to Change Photo in PAN Card Online?

Follow the simple steps given below in order to change PAN Card Photo Online:

  1. First of all, visit the official website of NSDL, click on the link below, NSDL,
  1. Go through all the terms and guidelines before applying for making any changes in your PAN Card Photo. You can also view all the guidelines in Hindi also.
  2. Now, Scroll down to the bottom of the page, you will be able to see the menu to select the “Category of the Applicant”.
  3. Select the Appropriate Category from the menu.
  4. Now, you will be able to view, “Request for New PAN Card/ Changes or Correction in PAN Card”.
  5. Please fill all the details correctly in the required fields. Here you have to fill all the details with (*) correctly, then only your form will be processed.
  6. Here, you have to tick mark the Point 7 in the case of Photo Mismatch.
  7. If you want to receive your Paperless PAN Application and then upload your Photo, Document, and Signature.
  8. If you don’t want to receive Paperless PAN, then select No, and select proper option from the DSC drop-down menu.
  9. After filling all the required details, click on “Submit” and then submit all the changes in your Photo Application.
  10. Now, you have to pay a nominal fee of Rs 107 using your Debit/ Credit card, Net Banking, Cheque or Demand Draft.

Here, for Paperless Application, the whole process is completed, you will now receive Acknowledgement Number of your PAN Card along with the copy of the form in your Registered Email Address.

In case if you have opted for other option, then continue with the process.

  1. Now, you have to paste two photos in the form. Here you have to put two signatures, one in the alongside the photo and other in the box.
  1. In this step, you have to put all the documents such as Proof of Address, Identity, and DOB along with the form and Demand Draft/ Cheque in the Envelope. Don’t forget to write Acknowledgement Number on the backside of the Draft/ Cheque.
  1. Here you have to write a Headline on the Envelope, “APPLICATION FOR PAN CHANGE REQUEST – ACKNOWLEDGEMENT NUMBER“.
  1. Lastly, send the Envelope to the NSDL Office:

Income Tax PAN Services Unit, NSDL e-Governance Infrastructure Limited, 5th floor, Mantri Sterling, Plot No. 341, Survey No. 997/8, Model Colony, Near Deep Bungalow Chowk, Pune – 411016.

Please verify that all of your Documents have reached the location within 15 days.

How to Change Photo in PAN Card Offline?

Follow the simple steps given below to change photo Offline:

  1. First of all, Download PAN Card Change Request Form. Here you have to fill all the details in BLOCK LETTERS and with Black Ink only.
  •  Provide Signature/ Left Thumb Impression on the photo available on the Left-hand side in such a manner that Signature/ Thumb Impression appears half on the form and half in the Photo.
  • Also, provide Signature/ Thumb Impression on the Box available on the right-hand side.
  1. After filling all the details in the PAN Card, Stick two Passport size Photos with White Background in the space provided.
  1. Here, you have to attach all the Documents such as Proof of Address, Identity, Date of Birth along with the PAN Card application form and Demand Draft or Cheque and then put it in the Envelope. Don’t forget to write Acknowledgement number on the backside of the Demand Draft/ Cheque.
  1. Now, place all the documents in the Envelope and write Headline, “APPLICATION FOR PAN CHANGE REQUEST – ACKNOWLEDGEMENT NUMBER“.
  1. Lastly, submit the documents to the nearest PAN Card Center.

We hope that you find all the required information about How to change Photo in PAN Card.

Read More: ONLINE PAN VERIFICATION & PAN CARD CORRECTION

Apply for Lost PAN Card? – Pan Card Status

Apply for Lost PAN Card: PAN Card is the most Important Document when it comes to Financial Transactions. Whenever we perform any of the any of the service sector related work, PAN Card is required. Also, if someone owns a company, it is required for various purposes.

Have you lost your PAN Card due to any reason, then don’t worry as now you can get a Duplicate PAN Card. Here we will provide you complete information about how to apply for Lost PAN Card.

Read More: Know your Pan & Pan Card Status

How to apply for Lost PAN Card?

How to apply for Lost PAN Card

How to apply for Lost PAN Card

Follow the simple steps given below, to apply for the PAN card:

  1. First of all, open the Official website of NSDL.
  2. You should read all the instructions properly. Here, you can switch the web page to the Hindi Language. Now, Select the Category of the Applicant from the Dropdown Menu available at the bottom of the page.

Category of the Applicant

  1. As soon as you select, you will be able to view the Form. Fill the form with all the required details.

Correction in Pan Card Data

  1. Please verify all the details that you have mentioned properly and then you have to pay a nominal fee, i.e. Rs 107 using your Debit or Credit card/ Net Banking/ Demand Draft/ Cheque. (You have to send DD/ Cheque) on the favor of “NSDL – PAN” payable at Mumbai.
  • Also, you have to fill your Permanent Account Number.
  • Please do not check mark on any of the attributes on the left side (Here, Address will be automatically be checked as it is compulsory to update).

Apply for Lost PAN Card Form

  • Here, if you want to go with the “Paperless PAN” then you can select Yes, where you will require Digital Signature or else select NO if you want to submit Physical Documents.
  • Here you will have to submit all of your documents online, no need to submit any physical documents.
  • All the documents who want to submit Physical Documents, continue with the below steps.
  1. After filling the form, you will get a 16-Digit Acknowledgement Number. Please take a print of this form.
  1. Now, you have to paste 2 passport size photograph in the space provided. Also, you have to put a signature on the box on the right.
  1. Enclose all the documents and put in the Envelope. Now, Subject of the Envelope should be “Application for PAN CHANGE REQUEST -Acknowledgment Number”. For ex: if your acknowledgment number is 1123456788 then your Subject should be “Application for PAN CHANGE REQUEST – 1123456788”.

Income Tax PAN Services Unit, NSDL e-Governance Infrastructure Limited, 5th floor, Mantri Sterling, Plot No. 341, Survey No. 997/8, Model Colony, Near Deep Bungalow Chowk, Pune – 411016.

  • Please verify that your documents should reach the desired location within a span of 15 days.

As soon as the NSDL receives your PAN, you will be notified on your Email.
After 2-3 weeks your Duplicate PAN with the same PAN will be delivered to your registered address.
Thus, by following the above procedure you can easily apply for Lost PAN Card.

How to change PAN card Address – Pan Card Status

How to change PAN Card Address: Are you looking forward to changing your PAN Card Address? Then you have reached the right place. Here, we will provide you complete details about How to change PAN Card Address Online and Offline.

PAN is a 10-Digit Unique Identification code that is issued by all the Citizens of India. PAN card is very important for all the citizens who pay tax. There are various benefits associated with the PAN Card. Due to some reason, there are some mistakes in the Address of your PAN Card, so how can you correct those mistakes in the PAN Card?

Read More: Know Your Pan

How to change PAN Card Address

How to change PAN card Address

Don’t be afraid, if you are looking forward to changing PAN Card Address, then here we will provide you a step-by-step guide to change your PAN Card Address Online as well as Offline.

Read More: Pan Card Application Form

Points to keep in mind before Changing Address

  • Your request for making changes in the PAN card will only be valid when you have received your PAN Card.
  • You will be able to make Existing changes in the PAN card issued by you.
  • After your request is accepted, you will be given a New PAN Card having the same PAN number and all of your details will be modified in the Income Tax Department database.

Read More: Online Pan Verification

How to Change PAN Card Address Online and Offline?

There are two ways to Change PAN Card Status

  1. Online
  2. Offline

So, let’s first start with Online Procedure to change PAN Card status.

Steps to Change PAN Card Status Online

  1. Visit the Official Web Portal of NSDL, https://tin.tin.nsdl.com/pan/correctiondsc.html
  2. Now, read all the details available on the page carefully. If you want to read the details in Hindi, you can easily convert by clicking on the link available on the page. Now, simply scroll down to the bottom of the page and then here you have to select the Category of the Applicant.

Category of the Applicant

  1. Now, you will be redirected to the form. Please read and then fill the form with all the appropriate details. Later on, you have to pay a nominal fee of Rs 107 using your Credit/ Debit/ Net Banking or via Demand Draft or Cheque.

Correction in Pan Card Data

(Please send the DD or Cheque in the favor of NSDL – AN, payable at Mumbai).

  1. After this, you will receive an Acknowledgement form consisting of 16-Digit Acknowledgement Number. Please take the print out of this form.
  2. Now, you have to place the photographs on the Acknowledgement Form in the space available. Put your Signature in the available space.
  3. Now, you have to Enclose Demand Draft/ Cheque, Acknowledgement Form, and various other required documents as required and put them in the Envelope. Please mention your Acknowledgement Number on the backside of your DD/ Cheque.
  4. Please mention the subject on the top of your Envelope- “Application for PAN Change Request – Acknowledgement Number”.
  5. Send the Envelope to the Following address

NSDL- Income Tax PAN Services Unit, NSDL e-Governance Infrastructure Limited, 5th floor, Mantri Sterling, Plot No. 341, Survey No. 997/8, Model Colony, Near Deep Bungalow Chowk, Pune – 411016.

Please verify that your post is reached to the correct address within 15 days.

Read More: Pan Card Correction Form

Steps to Change PAN Card Status Offline

  1. First of all download the PAN Card Change Request Form.
  • Please fill the form with BLOCK LETTERS with Black Ink only.
  • Here you have to provide Signature/ Left Thumb Impression across the photo on the left-hand side in such a manner that half signature is on the form and half signature is in the photo.
  • Put your Signature/ Left Thumb Impression within the box available on the right-hand side of the form.

Please Note: If any of the Applicant is using Thumb Impression, then it should authenticate by a Gazetted Officer or Magistrate with the Official Seal or the stamp.

  1. After filling the form, you have to paste two passport size photographs in the space provided.
  1. Now, you have to enclose all the Documents in the Envelope. Here, you have to provide a copy of Proof of Address, Identity, and DOB. All the documents should be self-attested. Also, write the Acknowledgement number on the back side of your Demand Draft.
  1. Now, Look for the nearest PAN Centers available on the City by visiting this link 
  1. Submit all of your Documents with a Nominal Fee to the PAN Centre.

Thus, by following any of the above two procedure, you will be able to change the address in your PAN Card.

We hope that you got all the required information about How to Change PAN Card Address.

Read More: