Query 1]
I have a PAN card applied and received prior to marriage. I have filed all my return, prior to marriage, with that PAN only. Last year, I got married and now want to get the PAN card changed. The change would be in the middle name and surname as it would be required for bank account opening, demat account opening and various ID purposes. What is the procedure I need to follow to get the name changed in the PAN card? How can I get it done? Whether the number on PAN would also change? We are living in a rented house, the rent for which is paid by my husband who is not claiming any deduction towards the house rent payment. If I make the payment of the rent, will I get the deduction? I am in a private employment and not getting the HRA from the employer as such. [K.S.R- rao2319k@gmail.com]
Opinion:
- You can get the data in the PAN card changed with new middle name & surname incorporated therein. For this, you have to make an application in “Request for New PAN Card or/and Changes or Correction in PAN data”. You have to attach the documents in support of your submission. The form can be downloaded from the websites of UTI Technology Services Ltd (UTITSL), National Securities Depository Ltd (NSDL), or the I-T department [utitsl.co.in, www.tin-nsdl.com or www.incometaxindia.gov.in]. You can tick the Name column on the left margin of the form. You have to attach color stamp-sized photographs on the form. The form can be submitted at PAN application centers of UTITSL and NSDL, the addresses of which are available at the above mentioned website.
- Any individual (whether salaried or businessmen) can claim deduction from its income towards rent payment of a residential accommodation u/s. 80GG of the Income Tax Act. The condition precedent to claiming deduction under this section is:-
a] Individual has to prepare a declaration in Form No.10BA.
b] Individual or his minor child, spouse or HUF of which he is a member, should not be owner of a house at the place where he ordinarily resides or performs his duties; or he should not be owner of any house at any other place, the income therefrom is to be determined under section 23(2) (a) or, as the case may be, under section 23(4) (a) (i.e., income from self-occupied house property).
Amount of deduction – The deduction admissible shall be the lower of the following:
(i) house rent incurred in excess of 10% of “Total Income”; or
(ii) Amount at 25% of “total income”; or
(iii) Rs. 2000 per month.
[Note: The term “Total income” means total income after allowing all deductions expect the one provided under this section itself. In case of salaried assessee who is in receipt of HRA from the employer, no deduction u/s 80GG is admissible. However, they can claim deduction u/s 10(13A) of the Income Tax Act-1961.]
In your specific case, if all other conditions are satisfied, you can claim deduction u/s 80GG by paying the house rent.
Query 2]
We have around 3800 Employees. My query is when submitting Quarterly TDS Return. Is it mandatory to submit information for all Employees i.e., those whose Tax has been deducted and for those whose tax has not been deducted or are below taxable limit? [Aniruddha.Kolte@raymond.in]
Opinion:
The details of employee, whose annual salary is below the basic exemption limit, may not be incorporated in the quarterly TDS return. However, there is no specific provision or clear cut guidelines as to incorporating the details of employee whose annual salary exceeds the basic limit but ultimate tax deduction is Nil due to various deduction (like deduction u/s 80C, 80D, 24(b) etc). In such cases, where ultimate tax liability turns out to be “Nil” due to various deductions, advisably employer should incorporate the employee details in the quarterly TDS return.
Query 3]
My pensioner father has been issued Form 16 for the Assessment year 2014-15, by the Bank Manager. Different amounts of pension are shown in Part A and Part B of the Form 16. The pension amount shown in Part B is actual amount credited in the bank account, however, Part A has shown amount in excess of Part B by Rs. 10,597/-. The Pension amount in Part A is reflected in Form 26 AS. Tax amount for both Part A and B is reflected to be same. The Bank Manager has been requested to get figures corrected in Part A of Form 16 and in Form 26AS. The Bank Manager has been evasive stating that the pension amount of Part A is generated through Traces and Part B reflects pension amount credited in the account during the FY 2013-14. The GM of the Bank has not reacted to request of getting corrections done. What can be the next step? Please advice. [Sheetal Hansoti –hans.sheet41@gmail.com]
Opinion:
The error in filing on the part of the bank has resulted in the error. There is no other remedy but filing the revised corrected statement by the bank.
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