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New Income Tax Rules – Submission of false Aadhaar number may be fined Rs. 10,000

As it is well known that the income tax department has allowed Aadhaar card holders to use the biometric id number in lieu of the Permanent Account Number (PAN). But as per new provision of Income Tax, fine of Rs. 10,000 may be levied in case of wrong Aadhar Number. As per the latest amendments in the Finance Bill 2019, not only allowed people to use Aadhaar in lieu of PAN but also introduced a penalty for giving a false Aadhaar number. However, the new penalty rules are applicable only in cases where you are using Aadhaar in lieu of PAN and where quoting PAN is mandatory according to the income tax department rules. It is well known that although Aadhaar is issued by the Unique Identity Authority of India, yet the fine is not imposed by UIDAI but by the income tax department. Under Section 272B of the Income Tax Act, 1961, the department can impose a penalty in case of default in complying with provisions relating to PAN, i.e., failure to obtain, quote, or authenticate PAN. ...
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Income Tax Slab for FY 2013-14 and AY 2014-15




In income Tax Slab for A.Y. 14-15 / F.Y. 13-14, basic tax exemption limits are the same. The only benefit this financial year is there is a tax credit of Rs 2000 for people having an annual income up to RS 5 Lakh. There is no other benefit as compared to previous financial year

There is no change in 10%, 20% and 30% slab rates, they remain the same. The 10% slab is from RS 2,00,000 to Rs 5,00,000. The 20% slab is from 5,00,001 to RS 10,00,000 and  30% tax slab  starts from Rs 10,00,001.

There is no change in tax structure for women and senior citizens.

In new tax structure tax exemption of Rs. 20,000 on investment in tax saving Infrastructure bonds is also maintained and there is no change in this as compared to previous year. This is in addition to exemption of up to Rs. 1,00,000 already allowed under specific savings instruments.

The new and revised income tax slabs and rates applicable for the financial year (FY) 2013-14 and assessment year (AY) 2014-15 are mentioned below:
New Income tax slab for F.Y. 2013-14 / A.Y.2014-15
New Income Tax Slabs for A.Y. 2014-15 for Resident Senior Citizens above 60 years (FY 2013-14)
S. No.
Income Range
Tax percentage
1
Up to Rs 2,50,000
No tax / exempt
2
2,50,001 to 5,00,000
10%
3
5,00,001 to 10,00,000
20%
4
Above 10,00,000
30%
New Income Tax Slabs for A.Y. 14-15 for Resident Senior Citizens above 80 years (FY 2013-14)
S. No.
Income Range
Tax percentage
1
Up to Rs 5,00,000
No tax / exempt
2
5,00,001 to 10,00,000
20%
3
Above 10,00,000
30%
New Income Tax Slabs for A.Y. 14-15 for Resident Women (below 60 years) (FY 2013-14)
1
Up to Rs 2,00,000
No tax / exempt
2
2,00,001 to 5,00,000
10%
3
5,00,001 to 10,00,000
20%
4
Above 10,00,000
30%
New Income Tax Slabs for A.Y. 14-15 for Others & Men (FY 2013-14)
1
Up to Rs 2,00,000
No tax / exempt
2
2,00,001 to 5,00,000
10%
3
5,00,001 to 10,00,000
20%
4
Above 10,00,000
30%

Education and other cess will be in addition to this.

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