I am a 19-year-old student. I would like to invest in PPF. But I don’t have a PAN card. Can I open a PPF account? What is the maximum amount I can invest in PPF?

Bineet Goyel, Calcutta

PAN card is not necessary for opening a PPF account. If you don’t have a PAN card, submit Form 60. The maximum amount that you can invest in a PPF account in a year is Rs 70,000. You may not need anything if you have a deposit account with the State Bank of India where you can open the account.

Filing error

I am a retired person. I had investments worth Rs 6,00,000 in a post office monthly saving scheme. One such account amounting to Rs 43,000 matured and I invested the sum in a FD with Axis Bank in September last year. However, I was late in submitting Form 15H to the bank for non-deduction of tax at source. The bank deducted Rs 1,426 from my interest income. In June this year, I filed income tax return in ITR4 with ITO ward number 19(3). I have not yet got the refund of Rs 1,426. How can I get it back?

A.K. Ghosh, Calcutta

You should have submitted your return in ITR2, which is for individuals not having income from business or profession. However, you can contact your income tax assessment officer and rectify the same. The tax department takes some time for refund. You will have to wait for some time.

Keeping a record

Against filing of IT returns for assessment year 2010-11, how long should I keep the records — 7 years or 10 years?

B. Ganeshan, Calcutta

income tax assessee is expected to have documents in case his return is taken up for verification within six months from the financial year in which the return is filed. Under Section 148, the tax department can ask for records for four preceding years. But if it is “failure on the part of the assessee” to disclose all facts for the relevant assessment year, a notice can be issued for documents for not more than six years. Hence, records for six years should be sufficient.

If you have any queries about investing or taxes or a high-cost purchase you are planning, mail to: btgraph@abpmail.com, or write to: Business Telegraph, 6 Prafulla Sarkar Street, Calcutta 700 001.