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Archive: February 10, 2023

Income Tax

Linking of Pan- Aadhar By Last Data 31st March 2023

Feb 10, 2023 by admin 0 Comments

After 31st March 2023, PAN becomes invalid if not linked with Aadhaar.

Whoever have Income more than exemption limit are liable to get their Aadhaar and PAN linking done before 31st March 2023. From 01st April 2023, All PANs not linked with Aadhaar becomes inoperative.

Last date to Link PAN with Aadhaar

The final date issued by Income Tax department is 31st March 2023, earlier it was 31st March 2022.
However, after 31st March 2022, penalty of 1000 is applicable, which is required to be pay now as well.

How to Link PAN with Aadhaar

Step 1: Visit E- Filing website of Income tax

Step 2: Click on link https://www.incometax.gov.in/iec/foportal/

Step 3: Click on link Aadhaar option in left.

Step 4: Enter PAN and Aadhaar in column below:

Step 5: If your PAN is linked with Aadhaar, then this message will appear:

Step 6: But, If your PAN is not linked with Aadhaar, then this message will appear:

Step 7: Click on Continue to pay Through E-Pay Tax option, then the below option will appear . Here you have to entered PAN, Confirmed PAN and Mobile number and then click on continue option:


Step 8: After that, One OTP will be received on Mobile number mentioned. OTP will be valid for 15 minutes:

Click on Continue option and it will be verified, then again click on continue option to make payment.

Step 9: After this, E- pay Tax option will appear. You have to use Income Tax option out of 3 options and click on proceed:

Step 10: After this, choose New payment option with AY 2023-24 only and type of Payment “Other receipts” and click on continue:

After continue, it will reflect prefilled amount of 1,000 in other options, earlier we used to fill it out but now it is prefilled.

Step 11: Then bank option will appear. Choose option accordingly and pay 1000 Rs.
Step 12: Accept terms and conditions and submit it to the bank.
Step 13: After payment, Come to home page of Income tax website. Click on link Aadhaar status again. Enter Aadhaar number and PAN number. Click on Validate:
The below message will appear:

Step 14: Fill the details such as NAME, GENDER, DOB, AADHAAR etc. Click on link Aadhaar. The below message will appear.

This is done. Your PAN is now linked with Aadhaar.

Thanks for reading.

Income Tax

10 Major changes in Union Budget 2023 related to Income Tax

Feb 1, 2023 by admin 0 Comments

Today Union Budget 2023 is announced by the honorable Finance Minister Nirmala Sitharaman. The budget contains many points however we are going to discuss the proposed major changes in Direct taxes (Income Tax):

1. Increase Income rebate to 7 lacs from 5 lacs in new tax regime.

Slab rate as per new tax regime:

Income Rate Amount
Up to 3 lacs Nil 0
Above 3 lacs to 6 lacs 5% 15,000
Above 6 lacs to 9 lacs 10% 30,000
Above 9 lacs to 12 lacs 15% 45,000
Above 12 lacs to 15 lacs 20% 60,000
Above 15 lacs 30% 30% on Income above 15 lacs

Let’s understand this with some examples:

Example: Mr. ABC have income of  7lacs in FY 2023-24. Now Mr. ABC is required to pay Income Tax under FY 2023-24?

Answer: No, As per new tax regime, Now person having income upto 7 lacs can claim rebate and not liable to pay Income tax.

Example: Mr. ABC have Gross total income of  7.5lacs in FY 2023-24. Now Mr. ABC is required to pay Income Tax under FY 2023-24?

Answer: Yes, As per new tax regime, Now person having income above 7 lacs are liable to pay Income tax as per new tax regime or old tax regime.

Income Rate Amount
Upto 3 lacs Nil 0
3 lacs to 6 lacs 5% 15,000
6 lacs to 7.5 lacs 10% 15,000

Total tax liable to be pay by Mr. ABC is Rs. 30,000 + ed. cess.

2. Leave Encashment

Limit extend to 25 lacs from 3 lacs in case of Encashment of leaves earned upto 10 months of average salary at the time of retirement in case of an employee other than Central Government or State Government.

3. Standard Deduction

Standard deduction of Rs. 50,000 is propose to be continue in Financial Year 2023-24. Deduction from family pension up to Rs. 15,000 is propose to be continue in Financial Year 2023-24.

4. Higher surcharge rate reduced to 25% from 37% in new tax regime.

5. For Co-operative societies, Higher limit of Rs. 3 crore for TDS on cash withdrawal to be provided.

7. EPF Non PAN cases- TDS rate is reduced from 30% to 20% on taxable portion of EPF withdrawal in Non PAN cases.

8. Income tax benefits to Startups- 

  • In case of change in shareholing in start-ups, Carry Forward of Losses can be done  for 10 years. Earlier it was 07 years.
  • For Startups- Date of Incorporation benefits extended from 31-03-2023 to 31-03-2024.

9. Capital Gains

Section 54 and 54F- Capping of 10 crores is provided in case of claiming deduction from capital gains on investment in residential house.

10. TDS on Online Gaming

TDS Threshold limit of 10,000 on Online gaming is removed. Now, tax is required to be pay even if earning is less than 10,000 from gaming.

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