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PAN is a ten-digit unique alphanumeric number issued by the Income Tax Department. PAN is issued in the form of a laminated plastic card as given below.There is also an option of e-PAN, which is a digitally signed PAN card issued in electronic format. It’s an Aadhaar e-KYC based process and allotment of PAN is free of cost.

A pdf file of PAN is generated and issued to the applicant. PAN enables the department to identify/ link all transactions of the PAN holder with the department. These transactions include tax payments, TDS/TCS credits, returns of income, specified transactions, correspondence etc, and so on.

It facilitates easy retrieval of information of PAN holders and matching of various investments, borrowings and other business activities of PAN holders. The Finance Act, 2017 had inserted a new section 139AA in the Income-tax Act, 1961, requiring every person who is eligible to obtain Aadhaar to quote his/her Aadhaar number while applying for PAN or furnishing return of income with effect from July 1, 2017. If any person does not possess the Aadhaar number but he/she has applied for the Aadhaar card then the person can quote the Enrolment ID of the Aadhaar application Form in the ITR.

Calculate Your Income Tax Under Old And New Regimes In Govt’s IT Calculator

Agency News : New Delhi

The Income Tax department on Monday released a ‘tax calculator’ which aims to help a taxpayer decide if the new income tax regime announced in the Budget 2023 is good for him/her or if the old one is better.“Tax Calculator is now live! A dedicated tax calculator to check Old Tax Regime vis-à-vis New Tax Regime for Individual/ HUF/AOP/BOI/Artificial Juridical Person(AJP) as per Section 115 BAC can now be accessed on the IT Dept website,” a tweet by the tax department said. Paying income tax is a legal requirement in most countries including in India. Income tax is a way to contribute to society and help fund public services such as schools, hospitals, roads, and other infrastructure. Paying your share of tax ensures that these services are available to everyone. An incometax calculator is an online tool that helps to evaluate taxes based on a person’s income.

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