A Permanent Account Number (PAN card) is an important document which carries a unique 10-digit alphanumeric identity code allotted to each taxpayer by the Income Tax Department under the supervision of the Central Board of Direct Taxes. This code acts as an identification for individuals, families and corporate houses, especially those who pay Income Taxes.

If, by mistake, you have entered wrong name, incorrect spelling, or you’ve changed your name (due to wedding or any other reasons), incorrect date of birth or photo in your PAN card and you want to change name on PAN card and update other details online, then you can apply these changes online, steps follows. After the given time period, you will receive your updated PAN card at your address.

These steps process individual PAN card only, if other categories such as trust, company, or limited liability partnership PAN card fields need to be updated then steps may vary slightly.

Documents required for revision of details on PAN card are same as required during application of new PAN card.

Steps to re-print of updated PAN card online

NSDL or UTITSL websites are authorized to issue PAN cards in India, any of them can be used following below steps-

1. Open NDSL website, click on the drop-down menu under Application Type and select Changes or Correction in existing PAN Data / Reprint of PAN Card (No changes in existing PAN Data) to change name on PAN card and update other details online
2. Fill in all the details, enter the captcha code, click Submit
3. Submission can be done via an e-KYC that needs an Aadhaar card, via submission of scanned images through e-Sign, or by physically sending documents.
4. Choosing e-KYC via Aadhaar is little bit less cumbersome, fill in all the fields marked with a red asterisk (star) and then click Next
5. Enter name same as given in Aadhaar card, otherwise you will not be able to authenticate via Aadhaar.
6. Now select the document you want to submit along with your application, in case selected eKYC, fill all the details, and then click Proceed
7. Click Pay and confirm with the respective fees
8. Finish the payment process, save bank reference number and a transaction reference number and click Continue
9. Authenticate via Aadhaar, give your Aadhaar number, tick the box and then click Authenticate
10. Give OTP and click Continue with e-Sign / e-KYC
11. Download “Application form submitted page” in PDF format and save it. Alternatively, you will also receive confirmation email as well
12. This way you can change name on PAN card and update other details online

Once your application has been processed, your PAN card will be printed and sent to your address.

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TDS (Tax Deduction at Source) could be part of Income in turn income tax that is already paid by the assessee whether an assessee is eligible for the income tax or not whereas an income tax is a tax that government imposes on financial income generated by any individual or firm which is a key source of capital that the government uses to fund its activities and serve the public.

There is some difference in computation part, i.e. TDS is deducted before the income reaches to any individual or entity which then after can be calculated and if over taxed then it can be refunded.

The Central Board of Direct Taxes (CBDT) regulates the policy and planning of taxes. CBDT is also responsible for administering the direct tax laws through the IT (Income Tax) Department. In addition to the collection of taxes, the IT department is also involved in prevention and detection of tax avoidance.

What is Income Tax?

The Income Tax Act, 1961 regulates the collection, recovery, and administration of income tax in India. It is a compulsory contribution levied on individual’s personal income as per his/her earning which is divided into different slab percentage according to which the money gets deducted after all the exemptions from your gross income.

Income Tax is paid on the annual income where taxes are computed for a particular financial year.

What is Tax Deducted at Source (TDS)?

TDS is a part of income in turn Income-tax that is already paid by the deductee whether a deductee is eligible for the income tax or not which can be set off against Income tax and balance tax liability to be paid. Necessary adjustments of TDS are done while filing Income Tax return and in case any excess amount is deducted or over taxed then that can be claimed to refund.

TDS aims to collect tax from the very source of income. A person (deductor) who is liable to make payment of specified nature to any other person (deductee) shall deduct tax at source and remit the same into the account of the Central Government. The deductee from whose income tax has been deducted at source would be entitled to get credit of the amount which deducted on the basis of Form 26AS or TDS certificate issued by the deductor.

TDS can be deducted from Income from salary, income from any commission, professional fee, interest from FD and many other income sources etc. so tax deduction at the point of generation of income is known as Tax Deducted at Source or TDS and the same is deposited to the Income Tax department of the concerned area. It is deducted at source on a periodic basis say quarterly in the particular year for the salaried individuals and for others it is deducted on each set of incomes and then can be claimed.

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CBDT (Central Board of Direct Taxes) has introduced new income tax return forms (ITR forms) for the assessment year 2018-19 which seek more details from individual taxpayers about their salary structure, break ups and income from property.

It has also made mandatory for small businesses to report their goods and services tax identification number (GSTIN) and turnover reported under GST.

The new ITR forms require salaried taxpayers to disclose their salary break-up. Taxpayers will have to give details about allowances that are not exempt, value of perquisites, profit in lieu of salary and deductions claimed under Section 16. Typically, these are available in the Form 16 issued by the employer but do not have to be disclosed in the tax return.

Like last year, the one-page ITR-1, or Sahaj, form can be filled by salaried taxpayers having an income up to Rs. 50 lakh and one house property. Last year, 30 million taxpayers filled this form, the tax department said in a statement.

Businesses with a turnover of less than Rs. 2 crore can do away with the requirement of maintaining books of accounts and instead pay a tax on the basis of a certain percentage of their turnover. However, the government fears that there has been misuse of the scheme.

The forms give non-resident Indians (NRIs) some relief. They can now provide details of their foreign bank accounts to claim credit or refunds. Earlier, they could only provide details of bank accounts held in India.

However, NRIs will no longer be able to file returns using the simple income tax return (ITR)-1 form, which can now only be used by residents. NRIs will have to use ITR-2, which seeks more information.

Types of ITR forms

• ITR-1 SAHAJ– For individuals being a resident other than not ordinarily resident having Income from Salaries, one house property, other sources (Interest etc.) and having total income up to Rs.50 lakh
• ITR-2– For Individuals and HUFs not having income from profits and gains of business or profession
• ITR-3– For individuals and HUFs having income from profits and gains of business or profession
• ITR-4-Sugam– For Presumptive Income from Business & Profession
• ITR-5– For persons other than,- (i) individual, (ii) HUF, (iii) company and (iv) person filing Form ITR-7
• ITR-6– For Companies other than companies claiming exemption under section 11
• ITR-7– For persons including companies required to furnish return under sections 139(4A) or 139(4B) or 139(4C) or 139(4D) or 139(4E) or 139(4F)

The new ITRs have been uploaded on the official website of the department–incometaxindia[dot]gov[dot]in.

The last date for filing the ITRs is July 31.

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