Landlord PAN must for rent over Rs 1 lakh
PrintListen to this Article
The landlord’s Permanent Account Number (PAN) must be mentioned by employees claiming tax exemption under house rent allowance if the annual sum exceeds Rs 1 lakh.
“An employee claiming exemption from tax with respect to house rent allowance received is now required to report the PAN of the landlord to the employer, if the rent paid by the employee to the landlord exceeds Rs 1 lakh per annum, along with the rent receipt,” minister of state for finance J.D. Seelam said in a written statement to the Rajya Sabha today.
He quoted a circular by the Central Board of Direct Taxes on the matter of deduction of tax at source during payment of salaries.
“In case the landlord does not have a PAN, a declaration to this effect from the landlord along with the name and address of the landlord should be filed by the employees,” Seelam added.
In a separate response, the junior minister said the number of tax assesses had increased manifold over the years. In the past 15 years, the number of effective income tax assesses has increased by more than three times — from 1.16 crore as on March 1997 to 3.63 crore at the end of March 2012.
He added that 42,800 persons other than companies admitted to a taxable income exceeding Rs 1 crore.
“The cabinet had approved the cadre restructuring of the income-tax department in May 2013. The implementation of the same is under progress,” Seelam said. (PTI)
Category : Income Tax | Comments : 1 | Hits : 1131
If you earn income other than salary or have multiple income streams, the advance tax deadline falling today—Monday, December 15, 2025—should not be overlooked. Failure to pay advance tax on time, or paying less than the required amount, may attract interest charges that continue to accumulate. As the Income Tax Act operates on a “pay as you earn” basis, being aware of advance tax provisions and the financial impact of delays can help you avoid unnecessary costs and last-...
If you earn income other than salary or have multiple income streams, the advance tax deadline falling today—Monday, December 15, 2025—should not be overlooked. Failure to pay advance tax on time, or paying less than the required amount, may attract interest charges that continue to accumulate. As the Income Tax Act operates on a “pay as you earn” basis, being aware of advance tax provisions and the financial impact of delays can help you avoid unnecessary costs and last-...
As many as 5,44,205 appeals were pending resolution with the Income Tax (IT) Department at commissioner (appeals) level as of January 31 this year, and 63,246 at various Income Tax Appellate Tribunals (ITATs), High Courts, and the Supreme Court, FE has learnt. To be precise, the cases pending in ITATs were 20,266 High Courts, 37,436; and Supreme Court 5,544. The large pendency is even as the Central Board of Direct Taxes (CBDT) has laid emphasis on disposing of income tax appeals in its 10...
The Central Board of Direct Taxes (CBDT) has facilitated taxpayers to file their Income Tax Returns (ITRs) for the Assessment Year 2024-25 (relevant to Financial Year 2023-24) from 1st April, 2024 onwards. The ITR functionalities i.e. ITR-1, ITR-2 and ITR-4, commonly used by taxpayers are available on the e-filing portal from 1st April, 2024 onwards for taxpayers to file their Returns. Companies will also be able to file their ITRs through ITR-6 from April 1 onwards. As ...
It has come to notice that misleading information related to new tax regime is being spread on some social media platforms. It is therefore clarified that the new regime under section 115BAC(1A) was introduced in the Finance Act 2023 which was as under as compared to the existing old regime (without exemptions): New Regime 115BAC (1A) introduced for FY 2023-24 Existing old Regime 0-3 lacs 0% 0-2.5 lacs 0% ...
Comments
CA. Krishnakant Agrawal
18-Dec-2013 , 03:20:58 pmif employee unable to give PAN Details then will he be eligible for rebate till 1 lakh or not???