| What kind of transactions require mention of PAN? |
S.R. Sarkar, Jadavpur |
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| These are some cases where mention of PAN is compulsory: Contract of sale or purchase of securities exceeding Rs 1 lakh in value, cash payment of Rs 50,000 or more for purchase of bank draft in a day, cash payment exceeding Rs 25,000 for travelling to a foreign country, payments to hotels exceeding Rs 25,000 at any one time, payment of Rs 50,000 or more to a mutual fund for purchase of units or to a company for acquiring its shares, sale or purchase of immovable property valued at Rs 50,000 or more, sale or purchase of a motor vehicle (other than two-wheeler) requiring registration, a fixed deposit of more than Rs 50,000 or more with a bank or post-office, application for credit cards, application for telephone, a bank or demat account. |
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| Tax on NSC |
| I purchased an NSC of Rs 30,000 in 2005-06. Do I have to show the interest income in my I-T return? I want to pay tax each year on this income instead of paying tax on maturity? |
Nirmal Kumar Giri, Purba Medinipur |
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| Yes, you can show the interest income on the NSC every year in your income tax return under the head “other income” to calculate your total tax liability. While doing so, you can also claim tax benefit on the same amount under section 80C as the interest in NSC is reinvested. |
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| Capital gains |
| If my yearly income, including short-term capital gains, is below the taxable limit, do I have to pay tax? |
D. Mohanty, Rourkela |
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| No, if your annual income plus short-term capital gains, if any, is less than the taxable income limit, that is Rs 1,00,000, you do not have to pay any tax. |
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| Within limits |
| I file my income tax returns regularly. However, my income is below Rs 1,35,000 and unlikely to cross this limit in future. Do I need to file returns in the next assessment year? |
S. Sengupta, Narendrapur |
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| The taxable income limit for women is Rs 1,35,000 so you do not have to file returns. |
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| If you have any queries about investing or taxes or a high-cost purchase you are planning, mail to: btgraph@abpmail.com, or write to: Business Telegraph, 6 Prafulla Sarkar Street, Calcutta 700001. |
