GST Accounting In Bangalore

🚨 PAN Card Changes Effective from April 1 – Key Updates You Should Know

The Income Tax Department has introduced important updates related to PAN cards. Here’s a simple breakdown:

🔹 Additional Proof of Date of Birth
New PAN applicants must now submit valid proof of date of birth (such as Birth Certificate, Voter ID, or Passport) along with Aadhaar.

🔹 New PAN Application Forms
Updated PAN application forms will replace the existing ones.

🔹 PAN Mandatory for High-Value Cash Transactions
PAN will be required for cash deposits or withdrawals exceeding ₹10 lakh in a financial year.

🔹 PAN Required for Property Transactions
For property transactions above ₹20 lakh, quoting PAN will be mandatory.

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📌 Why this matters?
These changes aim to improve transparency, strengthen compliance, and track high-value financial transactions more effectively.

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✅ Action Point:
Ensure your PAN details are updated and keep necessary documents ready to avoid delays or non-compliance.

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🚨 Advance Tax Deadline Alert – Stay Compliant & Avoid Interest!

Many taxpayers forget that income tax is not always paid only while filing the return. If your total tax liability exceeds ₹10,000 in a financial year, you are required to pay Advance Tax in instalments during the year.

Advance tax follows a “pay as you earn” principle, ensuring that tax is paid periodically rather than as a lump sum at the end of the year.

📅 Advance Tax Instalment Schedule

✔ 15 June – 15% of total tax liability
✔ 15 September – 45% of total tax liability
✔ 15 December – 75% of total tax liability
✔ 15 March – 100% of total tax liability

👤 Who needs to pay Advance Tax?

• Business owners & professionals
• Freelancers and consultants
• Investors with capital gains
• Salaried individuals with additional income (rent, interest, trading etc.)

👉 Senior citizens (60+) without business or professional income are exempt.

⚠️ What happens if you miss the deadline?

Delay or short payment attracts interest at 1% per month under:
• Section 234B – Default in payment of advance tax
• Section 234C – Deferment of instalments

✅ Timely payment helps avoid penalties and improves tax planning.

If you need assistance with advance tax calculation or payment, feel free to reach out.

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