CA Ayush Agarwal (Kolkata-Pune-Mumbai) (27186 Points)
15 October 2013Dear All,
There is Bad News coming for salaried Assessee, Now PAN became mandatory for All Employee to provide to employer of landlord to whom you are paying rent more than 100000/- per annum.
Earlier it was 180000/-, indirect way from TDS u/s 194I.
if one cant provide PAN then employee has to take a declaration from landlord that he don't have PAn and same should be submitted to employer.
PFA Circular.
Vandana J Doshi
(Practising Company Secretary)
(12562 Points)
Replied 15 October 2013
thanks for the update
@VaibhavJ
(Believe!! Live your dreams!)
(33516 Points)
Replied 15 October 2013
Hi
This is good move by IT dept. to catch fake transaction!. Since through HRA max tax exemption s claimed by salaried employee.
One correction earlier limit was Rs. 2,00,000/-.
Thanks//VaibhavJ
*RENU SINGH *
(✩ §m!ℓ!ñġ €ม€§ fℓม!ñġ ђ♪gђ✩ )
(21627 Points)
Replied 15 October 2013
thanks for d update
Mihir
(Wealth Manager)
(5293 Points)
Replied 15 October 2013
Thanks. Information will have some reactions.
CA Ayush Agarwal
(Kolkata-Pune-Mumbai)
(27186 Points)
Replied 15 October 2013
| Originally posted by : @ VaibhavJ | ||
 |
Hi This is good move by IT dept. to catch fake transaction!. Since through HRA max tax exemption s claimed by salaried employee. One correction earlier limit was Rs. 2,00,000/-. Thanks//VaibhavJ |
 |
I dont think its good move, just to harrash salaried employees, businessman can take as many deduction as they want.
but for salaried, already there are limited deductions, first impracticle thing is most of the landlord wont give their PAN details/declarations., here no one will suffer other than employee only.
and regarding correction of 2 lakhs,
some author suggested
>Threashold Limit of 194I i.e. 1.8 lakhs
& some author suggested basic exemption limit of rs. 2 lakhs.
but in income tax act, no where clearlly mentioned any limit.
@VaibhavJ
(Believe!! Live your dreams!)
(33516 Points)
Replied 15 October 2013
Dear Ayush
You can refer Circular No. 8/2012 under S/10(13) you will find that extract for Rs. 200,000/- rent pa. for PAN requirement of Landlord. There is no relation in S/194I & circular 8/2013.
Even i do agree with your view that many Landlord does not provide PAN card details however when it is law then everyone is obliged.
Thanks//VaibhavJ
Uday Kumar
(Employee)
(21 Points)
Replied 15 October 2013
Thanks for the update...
agree with Ayush...
CA Ayush Agarwal
(Kolkata-Pune-Mumbai)
(27186 Points)
Replied 15 October 2013
Vaibhav,
Refer Circular 05/2011 Income tax india, for HRA
Link is This
https://caclubindia.s3.amazonaws.com/cdn/files0512/626532_43862_hra_circulation.pdf
Check page No. 24.
If after that any circular is there for amendment then pls let me know from income tax department - that exceeding 2 lakhs only landlord need to provide PAN.
& i am telling that opinion may differ author to author, if you remember any circular mentioning 2 lakhs limits then its fine.
& regarding this limit changed option is there of Rs. 100000, its nothing but a circular, we will go to appeal, otherwise 194I limits also to be changed.
@VaibhavJ
(Believe!! Live your dreams!)
(33516 Points)
Replied 15 October 2013
| Originally posted by : CA AYUSH AGRAWAL | ||
|
|
Vaibhav, Refer Circular 05/2011 Income tax india, for HRA Link is This https://caclubindia.s3.amazonaws.com/cdn/files0512/626532_43862_hra_circulation.pdf Check page No. 24. If after that any circular is there for amendment then pls let me know from income tax department - that exceeding 2 lakhs only landlord need to provide PAN. & i am telling that opinion may differ author to author, if you remember any circular mentioning 2 lakhs limits then its fine. & regarding this limit changed option is there of Rs. 100000, its nothing but a circular, we will go to appeal, otherwise 194I limits also to be changed. |
|
Yes Ayush.
Circular no. 8/2012 has revised limit from 1.8 lac to 2 lac.
& which again got changed from 2 lacs to 1 Lac by this Cir. no.8/2013
CAclubindia
