Pan Card, 
Rectify Name On PAN Card
Pan Card, Rectify Name On PAN Card

Apply In Form 49A With Supporting Documents For Name Change In PAN

The income tax department will issue a new PAN card with the same PAN number after processing the application. Profits from sale of domains could be taxed as capital gains or business income depending on the nature of your business. Pension will be taxed under the “head income from other sources” if the recipient is not an employee

Will my Permanent Account Number (PAN) become invalid if I were to change my surname? The bank says that the fifth letter of PAN must match with the first letter of the surname. Can this character mismatch cause any other problems, such as while filing ITRs?


Your PAN might not become invalid, but you will have to get the change in your surname duly recorded in the records of the income tax department. For this, you will have to make an application in form no 49A along with other supporting documents.

Once you have made the application, the income tax department will record the change in their records and issue you a new PAN card with the same PAN number incorporating the change in your surname.


How much tax do I have to pay if I sell a domain in India for more than Rs 5 lakh? Do I need to file an ITR for the same?


If you are dealing in domains, then it is your business income, else it can be treated as an investment. If it is your regular business income, you have to prepare a profit and loss account and offer the excess of income over expenses incurred in your business under the head “Profits and Gains from Business or Profession.”

If it is to be treated as an investment, then the profits will be treated as capital gains. If is held for more than three years, the profits will be taxed as long-term capital gains (LTCG) and you will have to pay tax at a flat rate of 20 per cent after indexing the cost incurred for buying and maintaining the domain. If held for less than three years, it will be treated as short-term capital gains (STCG) and will be taxed like your regular income. In case your income from all sources exceed the basic exemption limit, you will have to file an ITR.


If the family pension is credited one year late, in which year’s ITR will I need to include it?


If the recipient of pension does not have any relationship of employee and employer, the pension will get taxed under the head “Income from Other Sources”.

In respect of income which are taxable under the heads “Profits and Gains from Business or Profession and “Income from Other Sources,” the taxpayer has the option to offer it for tax either on an accrual basis or on receipt basis. So, this becomes taxable on the same basis on which it was offered for tax in the past.

If you had included it in your income in the year of receipt in the past, you can include the same in the income of next year, too. Else, you will have to show it in the year to which the income relates to.

The author is a tax and investment expert

(Disclaimer: Views expressed are the author’s own, and Outlook Money does not necessarily subscribe to them. Outlook Money shall not be responsible for any damage caused to any person/organisation directly or indirectly.)

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