"It is a logical step. The information gathered through annual information returns will now be compared with the tax returns of individuals to see if taxes are paid correctly or not," said a consultant with a leading tax advisory firm.
Currently, quoting the PAN is not mandatory for opening a bank account or buying an insurance policy.
The Centre is planning to raise the ceiling on foreign equity holding in public sector banks to enable them to mop up the required capital for meeting higher capital requirements and to fund growth.
When the Monopolies and Restrictive Trade Practices Commission shot off notices to 14 cement producers on July 25 for allegedly colluding to raise prices, it was New Delhi's latest flank against the industry.
Contrary to the income tax department's hopes, many taxpayers continue to attach annexures (documents like tax deducted at source certificates etc) with the so-called annexure-less tax return forms introduced from this year.
TRPs are part of a pilot programme that the income tax department launched this year to help self-employed individuals and small businessmen, salaried people, senior citizens and Hindu undivided families file returns.
Large retail chains like Reliance Fresh, Subhiksha and Spencer's have not been able to do sourcing of their entire farm products directly from the farmers.
Kartaar Singh, a farmer of Mokha village in Punjab's Kapurthala district, used to travel about 50 km on his scooter to Jalandhar's new sabzi mandi, or wholesale vegetable market, to sell his vegetables every day.
A decision in this regard is likely to be announced on Monday. when Chidambaram meets the chairmen of the 96 regional rural banks.
The minimum sum insured has gone up more than three times.
The deadline for compliance expired in December, 2005. Though new accounts are KYC-compliant, getting the old ones up to date is expected to take two or three years.
The income tax department is planning to withdraw a facility introduced last year for filing tax returns at around 2,000 post offices, owing to incomplete and inaccurate returns. Nearly 350,000 returns were filed through post offices last year.
After the Centre, the states have joined the fight against inflation. Later this month, they will discuss a proposal to exempt rice, wheat and pulses from value added tax.
Will have to pay 12% tax besides 3% education cess.
Finance ministry backs chairman, may remove five govt-nominated independent directors
The ministry has sought information on posts for which regular recruitment is made; expected parameters for the said posts; subjects for tests; and training modules.
Bail-out package for loss-making industry awaits Cabinet clearance.
Besides Deepak Parekh, who heads financial institution HDFC, other committee members include key representatives of major banks and infrastructure finance institutions.
The government has exempted from service tax all services to foreign diplomatic missions and consular posts in India of official use.
© 2026 Rediff.com - Investor Information - Advertise with us - Disclaimer - Privacy Policy - Sitemap - Feedback - About us - Terms of use - Grievances