It may be recalled that in the Union Budget, 2020, Union Finance Minister Nirmala Sitharaman on 28th May 2020 ,Thursday launched the facility for instant allotment of PAN.

The allotment process is paperless and an electronic PAN (e-PAN) is issued to the applicants free of cost.

This facility enables to get PAN  for applicants who possess a valid Aadhaar number and have a mobile number registered with Aadhaar.

How to apply for instant PAN through Aadhaar based e-KYC

- The instant PAN applicant is required to access the e-filing website of the Income Tax Department(https://www.incometaxindiaefiling.gov.in/e-PAN/) to provide your valid Aadhaar number

- Then submit the OTP received on your Aadhaar registered mobile number.

- On successful completion of this process, a 15-digit acknowledgment number is generated.

- You can check the status of the request anytime by providing your valid Aadhaar number and on successful allotment, can download the e-PAN.

- The e-PAN is also sent to you one your email id, if it’s registered with Aadhaar.

The Beta version of the instant PAN through Aadhaar based e-KYC on trial basis was started in February this year on the e-filing website of Income Tax Department. 6,77,680 instant PANs have been allotted with a turnaround time of about 10 minutes, May 2020, an official release said.

As on May 25, 2020, a total of 50.52 Crore PANs have been allotted to the taxpayers. Out of which, around 49.39 Crore are allotted to the individuals and more than 32.17crore are seeded with Aadhaar so far.

For online filing of  e-tax return.get resister with your valid PAN card on https://incometaxindiaefiling.gov.in/
After registration follow these steps:



Step 1: On homepage of  https://incometaxindiaefiling.gov.in/ GO TO 'Downloads' section and select applicable Income Tax Return Form of the relevant Assessment Year OR Login to e-Filing application and GO TO 'Downloads'.'Income Tax Return Forms' and select applicable Income Tax Return Form of the relevant Assessment Year.

Step 2: Download the excel utility of the Income Tax Return (ITR).

Step 3: Fill the excel utility and Validate. (You can pre-fill the Personal and Tax Information in your Income Tax Return. To pre-fill, Login to e-Filing application and GO TO  Download Pre-filled XML to the desired path/destination in your desktop/system. Open the Excel utility (ITR) and click the "Pre-fill" button. This will require you to select the path/destination where you have saved the XML and click OK. The details will be uploaded into your utility. You may edit the tax details, if needed).

Step 4: Generate an XML file and save in desired path/destination in your desktop/system.

Step 5: LOGIN to e-Filing application and GO TO  e-File and Upload Return
Step 6: Select the Income Tax Return Form and the Assessment Year.

Step 7: Browse and Select the XML file
Step 8: Upload Digital Signature Certificate, if available and applicable.
Step 9: Click 'SUBMIT'
Step 10: On successful upload, Acknowledgement details would be displayed. Click on the link to view or generate a printout of Acknowledgement/ITR-V and send it to CPC, Post Bag No. 1, Electronic City Post Office, Bangalore - 560100 by Ordinary Post or Speed Post (without Acknowledgment) ONLY, within 120 days from the date of e-Filing.



Yet there is another option for taxpayer has the option of submitting ITR 1 by way of Uploading XML OR by Online submission

Step 1: Login to e-Filing application
Step 2: GO TO 'e-File'  'Prepare and Submit Online'
Step 3: Select the Income Tax Return Form ITR 1 and the Assessment Year.
Step 4: Fill in the details and click the SUBMIT button
Step 5: On successful submission, Acknowledgement detail is displayed. Click on the link to view or generate a printout of Acknowledgement/ITR-V Form.

If the return is not e-Filed with a DSC (digitally signed), an ITR-V Form will be generated. This is an Acknowledgement cum Verification form. A duly verified ITR-V form should be signed and submitted to CPC, Post Bag No. 1, Electronic City Post Office, Bangalore - 560100 by Ordinary Post or Speed Post (without Acknowledgment) ONLY, within 120 days from the date of e-Filing.
On receipt of the ITR-V at CPC, the return will be further processed and the Assessee will be notified accordingly by email or SMS

Financial year
Financial year is the Year is termed as year in which a indiviadual  has earned  income. for eg. you have been employed from 01st of April 2009 to 31st of March 2010, then this period is termed as your Financial Year.
Assessment Year’ is the period of 12 months commencing from the 1st date of April and ending on the 31st day of March next year. `Previous Year’ is the financial year immediately preceding the assessment year. As the income of the previous year is to be taxed in the assessment year, the income of financial year 2000-2001 will be taxed in Assessment Year 2001-2002. Likewise, income of F.Y.2001-2002 will be taxed in A.Y.2002-2003

Assessment year

Assessment year is the year in which you file your returns for the Income earned for the financial year, which had just ended. The income earned in a year is always assessed and taxed in the next year. The year in which income is earned is called Financial Year and the year in which it is assessed and taxed is called Assessment Year. As an example, the income of Financial Year 2011-12 will be assessed for the taxes to be paid and will be taxed in Assessment Year 2012-13.

So, the whole concept is to earn income in a particular year and pay tax on it and file your return the next year . Also remember that all tax laws are framed for Assessment Year and not for Financial Year i.e. reference to any year in Tax laws will means reference to Assessment Year. If we are in  in Financial Year 2012-13 and then Assessment Year will be 2013-14. This means that we are earning income in the year 2012-13 and we will be paying taxes on this income in the Assessment Year 2013-14.

Income Tax Department invites all artists and designers, both professionals and amateurs, to develop a Mascot to be used in all advertising and communications of the Department. Make sure that the Mascot you develop captures the vision and values of the Income Tax Department and exhibits a definite brand recall value. The Mascot should be captivating and inspiring, particularly to the young and future taxpayers. Don’t miss this rare opportunity of exercising your creativity and bagging a cash reward of Rs. 1, 00,000/-.Contest last date of entry is 23rd Sept 2012
 Click here for guideline to be follow for MASCOT
Cick here for submission form

CRITERIA FOR SELECTION:

The Mascot should visually unify the vision and values that Income Tax Department wants to promote,     such as: Payment of tax as a value norm in the society and a core duty of every citizen. Payment of tax as a contribution of citizen in Nation building and ensuring a better future for coming generations. Depiction of Income Tax Department as an enforcement agency as well as a facilitator for voluntary tax compliance Depiction of Income Tax Department as a friend to every honest taxpayer. The design must be original, visually appealing and distinct. It must be easily adaptable to various means     of communications. Mascot can be sent in any pose, however, design in front, back and side views with colour schemes are     preferred. Use different sheet of A4 size paper for different posture. Design along with suggestions like size, pedestal details is welcome. A brief concept note in support of the design may also be provided. More than one design can be sent, however, each design must be sent separately, as a separate entry. TERMS AND CONDITIONS: Entry can be sent in two ways:     1. By Post Send your entry on an A4 size paper in an envelope superscribed as “Mascot Design for Income Tax Department” by ordinary post to Post Box No. 6005, New Delhi-110001. Every entry must carry the entrant’s name, address, phone number, e-mail address on front or back of the ‘Mascot Design’ in BLOCK LETTERS.     2. By Email Entry in high resolution JPEG format can be sent by email to mascot_contest@incometaxindia.gov.in The subject of the email must mention “Mascot Design for Income Tax Department” and the e-mail must contain the entrant’s name, address and phone number. Every entry must be sent along with the “Submission Form” which can be downloaded from the website     www.incometaxindia.gov.in by clicking the link “Download Submission Form”. Any entry without     “Submission Form” shall be rejected. There is no entry fee for the contest. This contest is open to Indian citizens only. Both amateurs and professionals can participate. Income Tax Department will not be responsible for any damage or loss in transit. No entry will be returned and all entries will remain the property of the Income Tax Department. No digital manipulation/tampering of an original design will be accepted. Entries conforming to given specifications will only be accepted. Employees and family members of the executing agency and Income Tax Department are not eligible to     participate in this competition. Entries received after the last date will not be accepted. The decision of the Selection Committee appointed by the Income Tax Department will be final and no     questions or objections will be entertained. Prize will be given only after the receipt of the original award winning Mascot design and the winning     participant will be informed by the Income Tax Department. No payment other than the prize money will be made to the winning contestant. The Income Tax Department will retain the right to use the winning Mascot in any manner it deems to fit.     The winner shall have no right to claim or share any gain, financial or otherwise, arising out of the Mascot. Income Tax Department reserves the right to change or alter the terms and conditions or to withdraw the     contest whenever it desires. CONTEST IS OPEN TILL 23rd SEPTEMBER, 2012

 Souce:Income Tax Department,Govt. of India

Income Tax Rates for financial year 2012-2013 (Assessment year: 2013-14)

Men
Upto Rs. 2,00,000	Nil
Rs. 2,00,001 to Rs. 5,00,000	10%
Rs. 5,00,001 to Rs. 10,00,000	20%
Above Rs. 10,00,000	30%

Women
Upto Rs. 2,00,000	Nil
Rs. 2,00,001 to Rs. 5,00,000	10%
Rs. 5,00,001 to Rs. 10,00,000	20%
Above Rs. 10,00,000	30%

Individual of 60 years or above (Senior Citizens)
Upto Rs. 2,50,000	Nil
Rs. 2,50,001 to Rs. 5,00,000	10%
Rs. 5,00,001 to Rs. 10,00,000	20%
Above Rs. 10,00,000	30%

Individual of 80 years or above (Very Senior Citizens)
Upto Rs. 5,00,000	Nil
Rs. 5,00,001 to Rs. 10,00,000	20%
Above Rs. 10,00,000	30%

 As per budget presented on 28th Feb, 2011, Pranav Mukherjee proposed changes forincome tax rate slabs as per below.Apart from current one lakh investment, additional 20,000 Rs will be non-taxable, if it is invested in long term infrastructure bonds.

The Permanent Account Number under new series is based on following constant permanent parameters of a taxpayer and uses Phonetic Soundex code algorithm to ensure uniqueness :-
 i. Full name of the taxpayer;
 ii. Date of birth / Date of Incorporation;
 iii. Status;

 iv. Gender in case of individuals; and
 v. Father’s name in case of individuals (including in the cases of married ladies)
 These five fields are called core fields, without which PAN can not be allotted


The fourth character of the PAN must be one of the following, depending on the type of assesse:
C — Company
P — Person
H — HUF(Hindu Undivided Family)
F — Firm
A — Association of Persons (AOP)
T — AOP (Trust)
B — Body of Individuals (BOI)
L — Local Authority
J — Artificial Juridical Person
G — Govt

When income tax return is e filed without digital signature then  hard copy duly signed ITR-V is required to be send to CPC , Bengluru with in 120 days from uploading the xml file at www.incometaxindiaefiling.gov.in site.
But most of time some people fail to send it in due course of time or there might be some postal delay or missing postal
 ITD is currently working on finding a solution to this issue. CPC has been periodically sending email and more recently SMS reminders to all the email addresses and mobile numbers which are stated in the ITRs, wherever ITRVs have not been received.
The facility will help taxpayers who do not have a digital signature. It will save them from the mandatory requirement of sending a hard copy of the return filed electronically through speed post to the department’s central processing centre in Bangalore.

Acquiring an electronic signature will not involve any cost for the taxpayer, as it will be provided by the department. At present only those having digital signatures acquired through specified vendors by paying the required charges need not send the hard copy of the return to the department after filing electronically.ITD is set to introduce a free of cost and easy to operate electronic signture facility to file income tax return online