LIST OF PAN – BANKS

To claim tax exemption on home loan tax payers now need to quote PAN number of the bank or institution from where they have taken loan. The loan providers have now modified their home loan payment certificate which quotes their PAN Number. But in case you are not able to find it, here is a list of banks / NBFCs with their PAN Numbers.

Bank/Home Loan Providers PAN Number
Allahabad Bank AACCA8464F
Andhra Bank AABCA7375C
Axis Bank Limited AAACU2414K
Bank of Baroda (BoB) AAACB1534F
Bank of India (BoI) AAACB0472C
Bank of Maharashtra (BoM) AACCB0774B
BMW India Financial Services AADCB8986G
Canara Bank AAACC6106G
Canfin Homes Limited AAACC7241A
Central Bank of India AAACC2498P
CITI Bank AAACC0462F
City Union Bank Limited AAACC1287E
Corporation Bank AAACC7245E
Dahod Urban Co.op. Bank Ltd. AAAAT2915L
DCB Bank Limited AAACD1461F
Deutsche Bank AAACD1390F
DHFL AAACD1977A
FEDERAL BANK AABCT0020H
GIC Housing Finance Limited AAACG2755R
GRUH FINANCE LTD. AAACG7010K
HDFC AAACH0997E
HDFC Bank Limited AAACH2702H
Housing & Urban Development Corporation Ltd. AAACH0632A
HSBC AAACT2786P
ICICI Bank Limited AAACI1195H
ICICI Home Finance Company Ltd AAACI6285N
IDBI Bank Limited AABCI8842G
India bulls AABCI3612A
Indian Bank AAACI1607G
Indian Overseas Bank (IOB) AAACI1223J
Indusind Bank Limited AAACI1314G
ING Vysya AABCT0529M
Kotak Mahindra Bank Limited AAACK4409J
L&T FinCorp Limited AAACI4598Q
L&T Infrastructure Finance Company AABCL2283L
LIC Housing Finance Limited AAACL1799C
Oriental Bank of Commerce AAACO0191M
PNB Housing Finance Limited AAACP3682N
Power Finance Corporation Limited AAACP1570H
Punjab & Sind Bank AAACP1206G
Punjab National Bank (PNB) AAACP0165G
Ratnakar / RBL Bank Ltd AABCT3335M
Reliance Home Loan Finance Limited AAECR0305E
Saraswat Co-Op. Bank Ltd AABAT4497Q
sardar bhiladwala pardi peoples co.op.bank ltd AABAS4480Q
Standard Chartered Bank AABCS4681D
State Bank of Bikaner and Jaipur (SBJJ) AADCS4750R
State Bank of Hyderabad (SBH) AADCS4009H
State Bank of India (SBI) AAACS8577K
State Bank of Mysore (SBM) AACCS0155P
State Bank of Patiala AACCS0143D
State Bank of Travancore AAGCS9120G
Syndicate Bank AACCS4699E
TATA Capital Housing Finance Ltd AADCT0491L
TATA Capital Ltd AADCP9147P
TATA Motors Finance Limited AACCT4644A
The Karnatka Bank Limited AABCT5589K
The South Indian Bank Limited AABCT0022F
UCO Bank AAACU3561B
Union Bank of India AAACU0564G
United Bank of India AAACU5624P
Vijaya Bank AAACV4791J
YES Bank Limited AAACY2068D

You can cross check posted PAN with following link.

ITR 1 and ITR 4 for AY 2017-18 are now available for e-Filing. Other ITRs will be available shortly.

 

PRESS RELEASE

CBDT notifies new Income Tax Return Forms for AY 2017-18

The Central Board of Direct Taxes has notified Income-tax Return Forms (ITR Forms) for the Assessment Year 2017-18. One of the major reforms made in the notified ITR Forms is the designing of a one page simplified ITR Form-1(Sahaj). This ITR Form- 1(Sahaj) can be filed by an individual having income upto Rs.50 lakh and who is receiving income from salary one house property / other income (interest etc.) . Various parts of ITR Form-1 (Sahaj) viz. parts relating to tax computation and deductions have been rationalised and simplified for easy compliance. This will reduce the compliance burden to a significant extent on the individual tax payer. This initiative will benefit more than two crore tax-payers who will be eligible to file their return of income in this simplified Form.

Simultaneously, the number of ITR Forms have been reduced from the existing nine to seven forms. The existing ITR Forms ITR-2, ITR-2A and ITR-3 have been rationalized and a single ITR-2 has been notified in place of these three forms. Consequently, ITR-4 and ITR-4S (Sugam) have been renumbered as ITR-3 and ITR-4 (Sugam) respectively.

There is no change in the manner of filing of ITR Forms as compared to last year. All these ITR Forms are to be filed electronically. However, where return is furnished in ITR- 1 (Sahaj) or ITR-4 (Sugam), the following persons have an option to file return in paper form:-

(i) an individual of the age of 80 years or more at any time during the previous year; or (ii) an individual or HUF whose income does not exceed five lakh rupees and who has not claimed any refund in the return of income, The notified ITR Forms are available on the department’s official website http://www.incometaxindia.gov.in

(Meenakshi J Goswami)

Commissioner of Income Tax (Media and Technical Policy) Official Spokesperson, CBDT.

Click here to view notification

Single page Income Tax Return form for income up to Rs 50 lakh

Image result for Income Tax ReturnTo encourage more individuals to file returns and widen the tax net, the government is set to introduce a single-page income tax (I-T) return form from April 1. This will be for those with annual salaried income up to Rs 50 lakh, much higher than Rs 5-lakh limit proposed in the Union Budget, told by Revenue Secretary Hasmukh Adhia.

He added this would only be for those with salaried and one house rent income.There are 290 million PAN card holders (the I-T dept identification) but only 60 minutes return filers. Currently, the I-T form is three pages. It was simplified two years ago, when a controversial provision for mandatory disclosure of foreign trips and dormant bank accounts was removed.

How to sell products online

Hello everyone,

Trust all of you doing amazing in your life. Today I, would like to share you something about online selling. Trust us it is awesome way to earn handsome amount of money every month. Details are:-

Image result for e-commerceOnline marketplaces offer a number of advantages for small retailers, including the ability to reach new and diverse customer bases. E-commerce in India is booming. According to a study conducted by Google India, there were 100 million online shoppers in India in 2016 and is expected to cross 500 million mark by end of year 2018. Broadband internet and explosive growth of mobile phones are fueling this growth further.

Companies like Flipkart, Snapdeal, Paytm have already crossed billion dollar valuation. If you have a product to sell, this is perhaps the best time to start selling it online. Here is an ultimate guide to teach you how to sell online in India.

Before You Start Selling Online, You Must Aware about Cost Structure involve in Selling Products. Details are :-

  1. Infrastructure cost
  2. Employee cost
  3. Product cost
  4. Packaging cost
  5. Maketplace cost (Selling Charges of Flipkart/Snapdeal/Amazon/Paytm & Other Websites)
  6. Courier cost
  7. Sales return cost

Now that you have a fair idea of different costs involved in selling online, you can do quick math to find out the profitability of your venture. Here is a simple formula :

Profit Margin= Selling price – (Product Cost + Packing & Shipping + Fixed Cost + Marketing Cost + Variable Costs)

If your profit margin is positive, you are good to go ahead and start selling online. If its very low or negative, you should think about minimizing the costs.

00Steps involve for selling products online through Flipkart, Snapdeal, Paytm, Amazon & Other Sites:-

  • Entity – Select your entity type to start any business in India. You have following options:-
  1. Sole Proprietorship – Where individual is owner (It will cost you Zero)
  2. Partnership Firm – Deed of Partnership governance entire structure as per Partnership Registration Act, 1932. (It will cost you Rs 5500 to 1oooo)
  3. LLP – Limited Liability Partnership. (It will cost you Rs 7500 – 10000)
  4. Company – Companies Act, 2013 deal with registration of different type of companies. As per your budget and business plans you can select. (It will cost you Rs 15000 – 25000)
  5. NGO – You can register NGO for selling products online but purpose of NGO for selling products must be social.  (It will cost you Rs 10000 – 30000) 
  • Pan – Permanent Account Number of Entity and Authorized Person is Mandatory to register with online selling sites) (It will cost you Rs 500)
  • VAT/ Service Tax Now GSTN – For selling products VAT/Service Tax or Now we can say GST Registration is must. (It will cost you Rs 5500 – 10000)
  • Bank Account – Open current account with entity name in any Bank and Scan Cancelled Cheque for uploading with e-commerce website for registration.
  • Active Email ID and Mobile Number – Always keep in mind purchase separate mobile number and create separate email ID for this business.
  • Address proof of authorized person – UID / Passport / Utility bill with your name.
  • Create your account with Flipkart/ Snapdeal / Amazon / Paytm and Other Websites.
  • Kindly use same Email ID, Mobile Number, Login ID and Password for all websites.
  • Fill the form, upload the requested documents and list your products with e-commerce website.
  • After approving, your dashboard is ready for analyzing daily sale and listing of other products.

Regards | Sukhwinder Singh | 9999939069

51 CAs and 3 CSs on radar in I-T crackdown against black money

Image result for EDThe ED will initiate action against them soon. The professionals are likely to face action in a case of money laundering to the tune of Rs 11,000 crore.

As many as 54 chartered accountants and company secretaries are under scanner of the income tax (I-T) department and the Enforcement Directorate for money laundering through shell companies, according to sources.

The ED will initiate action against them soon. The professionals are likely to face action in a case of money laundering to the tune of Rs 11,000 crore.

The agency had arrested two people Virendra and Surendra Jain in connection with the case four days ago. The agency is likely to send them notices soon for questioning, may initiate action under provisions of the Money Laundering Act.

These professionals are instrumental in circulating black money.

COME CLEAN BY MARCH 31: I-T DEPT TO BLACK MONEY HOARDERS

The income tax department today warned black money holders that it has “information” about their illegal deposits and they should avail the soon-to-end Pradhan Mantri Garib Kalyan Yojna (PMGKY) window to come clean on their unaccounted wealth or “regret later”. The window under the Pradhan Mantri Garib Kalyan Yojna (PMGKY) closes on March 31.

Related imageAdvertisements issued in national dailies said that the income tax department has information about your deposits. The department also said that total “confidentiality is ensured” to those who declare their black assets and funds under this scheme.

The department had also of late cautioned those who had undisclosed income to either avail this scheme or face stringent action under Benami laws, adding that the defaulters’ names would also be shared with the central probe agencies like the Enforcement Directorate and the CBI.

Image result for ca

NBFC cash loan against gold restricted to Rs 20,000

Image result for nbfc logoNon-Banking Finance Companies (NBFCs) cannot lend more than Rs 20,000 in cash against gold, the Reserve Bank said today. The earlier provision for NBFC was that high value loans against gold of Rs 1 lakh and above must only be disbursed by cheque. RBI reduced the amount to Rs 20,000 from the earlier Rs 1 lakh in line with the provisions of the Income Tax Act.

Image result for Income taxThe relevant threshold under the Income Tax Act, 1961 is Rupees Twenty thousand,” the central bank said, while amending the provisions for disbursal of loan amount in cash by NBFCs. This assumes significance in the backdrop of government’s focus on less cash economy and promoting digital payments.

Image result for RBIThe decision created severe cash crunch in the country in the last two months of 2016 as 86 per cent of the currency was declared invalid. RBI had placed several restrictions on cash withdrawals from the bank branches and ATMs.

However, with increasing pace of remonetisation, all the restrictions, except on savings bank account, have been lifted. The cash withdrawal limit on savings bank account too will be removed from March 13.

Due Dates – March Month – Income Tax

2 March 2017 –
Due date for furnishing of challan-cum-statement in respect of tax deducted under Section 194-IA in the month of January, 2017.
7 March 2017 –
Due date for deposit of Tax deducted/collected for the month of February, 2017. However, all sum deducted/collected by an office of the government shall be paid to the credit of the Central Government on the same day where tax is paid without production of an Income-tax Challan.
15 March 2017 –
Due date for furnishing of Form 24G by an office of the Government where TDS for the month of February, 2017 has been paid without the production of a challan.
15 March 2017 –
Fourth instalment of advance tax for the assessment year 2017-18.
15 March 2017 –
Due date for payment of whole amount of advance tax in respect of assessment year 2017-18 for assessees covered under presumptive scheme of Section 44AD.
17 March 2017 –
Due date for furnishing of challan-cum-statement in respect of tax deducted under Section 194-IA in the month of January, 2017.
30 March 2017 –
Due date for furnishing of challan-cum-statement in respect of tax deducted under Section 194-IA in the month of February, 2017.
31 March 2017 –
Lastdate for declaration of undisclosed income under Pradhan MantriGaribKalyanYojana, 2016.
31 March 2017 –
Due date for payment of second installment (i.e., 25% of tax, surcharge and penalty) under Income Declaration Scheme, 2016.