Comment posted on Income tax calculator for India by Pankaj Batra
@Nancy
1. You can apply for PAN details anytime. But to be on safer side, I would advise you to use older name in this year’s return and once its assessment is done (mat take 4-5 months after e-filing), you should apply for change of name and address in PAN.
New address can be used in ITR this time.
2. Address used in efiling is used for communication regarding that return. No matter whats mentioned in PAN.
3. Name and address change processing may take upto 15-20 days.
Pankaj Batra also commented
- @Brijesh
Nothing else needs to be sent. - @Goud
Please download excel income tax calculator and compute taxes by putting in monthly income figures. - @Vikram
In case you are working as an consultant and not an employee, company would only deduct 10% TDS on payments.
You will have to file income tax return as income from business/profession. You can deduct all business expenses from income and then pay taxes as per slab rates only on net income. - @John
You should compute your income tax using calculator provided on this page. - @Vikas
1. In case of NRIs, TDS is deducted at 30% rate on whole interest income by banks. There is no basic exemption for TDS. Even if 10 Rs is given as interest, 30% would be deducted as tax. As you are living in India for past two years, you can get your resident status updated with bank as resident Indian.
2. Employer may have deducted taxes as per slab rates. After basic non-taxable exemption (of Rs 2 lakh) and various slabs, effective tax may have been 17%. You would need to compute total income tax for year considering all incomes (interest etc) and see if there is any pending tax liability. You may download income tax calculator and compute taxes yourself.
3. Apart from salary slips, you may also need Form-16 from employer for file income tax return.
Recent comments by Pankaj Batra
- Emigration clearance not required (ECNR)
@Pavan
You should get passport reissued for ECNR status.
This page has document list required for same: http://www.passportindia.gov.in/AppOnlineProject/onlineHtml/NonEcrDocuments.html - File Income Tax Return Online
@Prateek
This has not been implemented yet. - New Pension System(NPS)
@Sonu
You can provide them your old PRAN details saying that you opened NPS account yourself. - Emigration clearance not required (ECNR)
@Aswin
You can get emigration clearance from PoE office, if you don’t have time for passport reissue for ECNR status. - Emigration clearance not required (ECNR)
@Moosa
No ECR endorsement means ECNR status by default.
Ok… Thanks a lot sir…