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Section 80D Deduction – All You Need To Know

Medical emergencies often crop up unexpectedly. It is better to stay prepared beforehand than regret later. The same holds true for health insurance. A necessity these days, health insurance should definitely feature in your investment portfolio. The Indian government encourages every individual to purchase health insurance and permits you to save on taxes under Section 80D. Many people may have heard of tax deductions under Section 80D, but do not have a clear idea of the scheme. For those, here are some essential information regarding Section 80D deductions. What is Section 80D? Section 80D allows for tax deductions from the...more
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Section 80CCC – Income Tax Deduction Under section 80CCC

As a taxpaying Indian citizen, you might always look for different ways to reduce your taxes. You can claim tax deductions under different sections of the Income Tax Act such as 80C, 80CCC and 80CCD that will help to reduce your tax outgo. The popular option for most people to save on taxes is Section 80 C along with 80CCC. The main intention of obtaining taxes from the citizens by the government is to provide proper public services. But if you end up paying a significant amount of your earnings as tax, your savings may take a hit. Therefore, it...more
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How to Check Income Tax Refund Status?

An income tax refund is an amount that you can get if you have paid a higher amount of tax against your liability to the government in any financial year. It is paid to you by the income tax department. One can easily put in a claim to get the income tax refund. There are more chances of you to get the income tax refund if you have made an advance payment upon self-assessment. You can also get the income tax refund if your tax liability is lesser than your tax deducted at source (TDS). To learn about the refund...more
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How to Calculate Income Tax?

The Government of India levies income tax on both individuals and business organizations. The income tax is collected annually in accordance with the slabs determined in the budget for the financial year. Taxpayers are required to file their income tax within the deadline set by the government. When it comes to tax assessment, many people term it complicated and confusing. Here’s a guide on how to calculate income tax! Knowledge of Tax Slabs It is essential to know about the slabs according to which one needs to pay income tax. The current slab rate is variable as there are different...more
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How to Change Photo in PAN Card

Permanent Account Number (PAN), an alphanumeric code for the account that keeps records of a person’s financial history, is widely used as an identity proof and required for various financial procedures, such as credit card, loan, investment, etc. Hence, it is mandatory to provide correct and updated information on your PAN card, especially the crucial details like photo and signature. Having the important information updated would help in hassle-free processing of your matters related to finance. In case you are wondering how to change photo on PAN card, here's the step-by-step process. How to change photo on PAN card: Online...more
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List of Documents Required for PAN Card

Today the PAN card is amongst the most vital documents in India. Way back in 1972, it was introduced to keep tabs on all tax-related information. The IT Dept.of the Government of India issues this valuable document. The PAN card is a 10-digit alpha-numeric code. No two individuals have the same code. Why do you need a PAN card? A PAN card serves many purposes. Originally, it simply used to help store data on tax payments. However, now its purpose has been widened to include many other functions. It is an identity proof and also a proof of address that...more
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How to Check PAN Card Status Online & Offline

Tracking PAN application status is a simple procedure. There are several ways to check your PAN status that include visiting the UTI portal (using the acknowledgement or enrollment number), placing a call or sending an SMS. Read on to know about all the possible ways to understand how to check PAN card application status. Below-mentioned steps will guide you on how to check PAN card status online through the UTI portal. ● Visit https://www.trackpan.utiitsl.com/PANONLINE/trackApp to open the UTI portal ● Fill in the credentials like application coupon number or PAN number ● Enter the given captcha carefully ● Click on...more
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11 Benefits of having a PAN Card

A PAN card is a very crucial document for every Indian. Nowadays, it is not only used for tracking taxpayers but also some of the most important day to day transactions. It is also needed on every investment platform. Hence, it is imperative to know where and how PAN is used. PAN is used for the following purposes: ● Identity proof: A PAN card is widely accepted as a valid identification proof. It is a trusted identification document for all financial institutions and other organizations. ● IT Return filing: All individuals who are eligible to pay income tax should file...more
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How to Change DOB in PAN Card

PAN refers to Permanent Account Number – a 10-digit unique identification code/number, assigned to every entity conducting financial activities in India. It is used to keep track of financial transactions that are taxable in nature. Thus, besides serving as proof of identity, the PAN card helps the government keep tabs on tax evasion. Why Update Details on PAN Card The Government of India has mandated linking PAN Card to Aadhaar Card. However, if your PAN card details are not correct, your Aadhaar card will not be linked with it, and you might have to face problems due to this. Your...more
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How to Change Address in PAN Card

PAN Card is a document of identification, which is issued by the Income Tax Department, Government of India. It comprises a 10-digit alphanumeric ID that is unique for every individual. All the information relating to income tax is stored through it. Today, it is considered to be one of the most reliable proofs of identity in India. The concept of PAN was introduced in 1972. It remains valid throughout a person's life. Who all are eligible to apply for a PAN Card? Every individual or company of trust who pays taxes is eligible for a PAN card. It can be...more
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