The last date for linking PAN and Aadhaar card (PAN-Aadhaar Card Linking) by the Income Tax Department has already passed on July 31. Taxpayers whose PAN has become inactive can no longer use it until it is updated by paying a fine. But a big update has come from the Income Tax Department for NRIs.

NRIs will get the way of address proof

The Income Tax Department on Tuesday said non-resident Indians (NRIs) and foreign nationals whose PAN (Permanent Account Number) has been deactivated due to non-linking with Aadhaar, will have to submit their residential address to the concerned assessing officer for its revival. Proof should be submitted. The department said that some Overseas Indians/Overseas Citizens of Indian Origin (OCI) have raised concerns regarding their PAN becoming inoperative.

Dear Taxpayers,

Concerns have been raised by certain NRIs/ OCIs regarding their PANs becoming inoperative, although they are exempted from linking their PAN with Aadhaar.
Further, PAN holders, whose PANs have been rendered inoperative due to non-linking of PAN with Aadhaar,…

— Income Tax India (@IncomeTaxIndia) July 18, 2023

The Income Tax Department has written on Twitter that residential status is determined with reference to NRIs who have filed ITR in any of the last three assessment years or have informed the concerned Assessing Officer (JAO) about their residential status. Is. According to the department, PANs become inoperative in cases where the NRI has not updated his residential status or filed returns in the last three assessment years.

“NRIs whose PANs are inoperative are requested to submit relevant documents to their respective Assessing Officers with a request to update their residential status in the PAN related information,” the Income Tax Department said.

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There is important news for those who pay Income Tax. The process of filing Income Tax Return (ITR) has started from 1st April. Its last date is 31 July 2023 (31 July 2023). Tell that all those people who have taxable income, it is necessary to pay tax. At present, there are 2 regimes for paying tax across the country. One new tax regime and the other old tax regime, under which you can pay your tax. In such a situation, before filing tax this time, you have to take care of some special things.

Will have to pay 30 percent tax

Finance Minister Nirmala Sitharaman had made several announcements regarding income tax in the budget for the financial year 2023-24. This time Nirmala Sitharaman had made many changes in the new tax regime, after which if you pay tax under the new tax regime, then you may have to pay 30 percent tax.

Who will have to pay how much tax?

This time the Finance Minister had made changes in the slabs of the new tax regime, after which you will not have to pay any tax on income up to Rs 3 lakh. Apart from this, those people whose income is between 3 to 6 lakhs will have to pay 5% tax on it. Those earning between Rs 6 to 9 lakh will have to pay tax at the rate of 10 per cent. At the same time, those earning Rs 9 to 12 lakh will have to pay 15 per cent tax.

These people will have to pay 30 percent tax.

If the salary of any job worker is 12 to 15 lakhs, then these people will have to pay 20 percent tax. Apart from this, people with a salary of Rs 15 lakh will have to pay tax at the rate of 30 per cent.

When will you get the benefit of tax exemption?

Let us tell you that under this new tax regime, taxpayers will have to take special care that they will not get the benefit of tax exemption on any investment. On the other hand, if you file tax under the old tax regime, then you will get the benefit of exemption on investment.

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There is good news for those living in rented houses. Because the government has formed a committee to waive the stamp duty on the rent agreement. Let us tell you that earlier the Uttar Pradesh government has also given this facility to the people of its state. However, this discount will be available only to those people whose fare is up to Rs.10,000. That is, the renters above 10 thousand will not get the benefit of this exemption. Sources claim that very soon the government is going to make an announcement regarding the rent agreement.

In fact, in the Urban Premises Tenancy Regulation Ordinance-2021 

it was made mandatory to make an agreement for giving and taking houses on rent. In which the government is talking about making some amendments. However, no official statement from the government has yet come on this. Let us tell you that many people do not even get the rent agreement done because of the fee. Keeping all these things in mind, the government is going to make a rule that those with less than 10,000 rent need not pay any stamp duty.

They will not get exemption

According to the rules, after the lapse of one year, the proposed exemption will be given again on the agreement for one year. At the same time, there will be no provision of exemption on big buildings, commercial buildings. It is being told that first few states will follow it. After this, there is a possibility of implementing it in the whole country. Adequate security provisions have been made in the Tenancy Act to protect the interests of the building owner and the tenants. Because nowadays the cases of possession of houses have increased. That’s why the rent agreement is very important for both the buyer and the seller.

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Penalty for not filing ITR till the deadline

If you have not filed ITR till the last date, then according to the rules, you may have to pay a fine of up to Rs 10,000. Apart from this, you may also have to pay interest on tax due to delay in ITR filing.

ITR comes in handy

If you file income tax return continuously, then any government or private bank gets ready to give you loan easily. ITR is an important document for any type of loan approval. Section 70 and 71 of the Income Tax Act 1961 also provides for carry forward of loss in any year to the next year. This means that you can carry forward your loss to the next assessment year.

Government gives exemption

The government allows you some exemptions when you file ITR. This helps the taxpayers to reduce their burden. This motivates more and more people to file ITR.

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Railway is going to restore the concession given to senior citizens (Railway Concession to Senior Citizen). Along with this, talk is going on about the change in the eligibility criteria as well. Let’s know how much percent discount will be available.

Age limit will change

According to information received from media reports, Railway Board is planning to change the age limit for senior citizens. Apart from this, the concessions available on tickets will be limited to only a few categories. On the other hand, if we talk about earlier, earlier people of all categories used to get concessions.

New rules will be implemented soon

The Railway Board said that it is planning to give concessions to senior citizens, in which the idea is to reduce the cost of these concessions while retaining the subsidy for senior citizens. As of now, no terms and conditions have been decided yet.

53 percent discount is available According to the information received from the Ministry of Railways, all the citizens traveling in the train get an average discount of 53 percent on the fare. Along with this, Divyangjans, students and patients get many types of concessions apart from this exemption.

In which class will the discount be given?

In the Lok Sabha, the Railway Minister was asked about the Railway Concession, whether the Railways will again give the facility of discount on train tickets. On this, Railway Minister Ashwini Vaishnav has said that in 2019-20, Railways has given a subsidy of Rs 59,837 crore on passenger tickets. Apart from this, the Standing Committee attached to the Parliament has suggested giving concession in train tickets to senior citizens traveling in slipper and third AC.

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