Stock exchanges have increased scrutiny of investors domiciled in Sikkim, following reports of illegal routing of investments through the Northeast state to evade taxes. The National Stock Exchange (NSE) has directed its trading members (brokers) to re-verify and certify investors who have declared their permanent address as Sikkim. Further, brokers have been told to maintain a vigil on the location of devices used by Sikkim-based clients for trading to ensure these are genuine investors from the region.
Taxpayers are filing their income tax returns (ITRs) early for the Assessment Year 2024-25 (FY25). By April 29, over 592,000 returns were filed, with over 538,000 verified and 367,000 processed. Early filing allows revisions without penalties.
It is always adivsable to file income tax returns on time.
Many direct taxation rules lack clarity and the rulings on these also differ from case to case.
In June last year, the government had said that PAN has to be linked with the biometric ID by March 31.
Both the exchanges tgether claim 2 million new participants this year till date.
In numerous instances, family members are unaware of an insurance policy's existence, let alone its details.
The government has made PAN card mandatory from January 1.
The single-judge bench of Justice Krishna S Dixit which dictated the operative portion of the judgement also imposed a cost of Rs 50 lakh on Twitter and ordered it to be paid to the Karnataka State Legal Services Authority within 45 days.
Concern has been raised on the method of identification for providing tax credit and the requirement of a permanent account number for deduction of withholding tax. Industry had raised these two issues before a Central Board of Direct Taxes committee looking into the matter, said a senior finance ministry official.
According to a report, while 121.1 million PAN card holders were there up to March 31, 2011, the number of tax returns filed were just 34.8 million during 2010-11.
The link requires a person to punch in his PAN number, Aadhaar number and the exact name as given in the Aadhaar card.
Even as the returns of mutual fund (MF) schemes have improved considerably in the past three months, addition of new investors has remained in the slow lane for the MF industry. According to industry data, during the first six months of CY 2023, MFs onboarded only 1.6 million new unique investors, in stark contrast to the 4.7 million investors added during the same period last CY and the 2.4 million in 2021. It is noteworthy, however, that the current additions for this year have doubled in comparison to the figure of 800,000 seen in 2020.
It is not clear if banks will accept the card for opening accounts.
It is not clear if banks will accept the card for opening accounts.
FM's decision to make PAN card a neccessity for financial transactions has worried life insurers, who will find it difficult to tap rural India with this requirement.
The Reserve Bank of India (RBI) has sent showcause notices to ICICI Bank, HDFC Bank and Axis Bank, the three private lenders named in the first of three Cobrapost 'sting' cases.
The permanant account number (PAN) will be the sole identification number for all stock market transactions from July 2, 2007.
With the deadline for furnishing details of permanent account number lapsing on December 31, a quarter of the 98.5 lakh (9.85 million) demat accounts will be frozen from January 1.
A Permanent Account Number (PAN) is one of the most important documents in the country today. It is an identification number which the Income Tax Department gives to all taxpayers.
The increased penalty, which is aimed at enhancing the surveillance mechanism for the stock market trades and discouraging the brokers from trading without submitting the PAN details of their clients, would come into effect from November 1, 2012.
The Comptroller and Auditor General of India report for 2010-11 on direct taxes, tabled in Parliament on Friday, revealed that 958 lakh (95.8 million) PANs were issued up to March 2010 but IT returns filed in the last fiscal were only 340.9 lakh (34.09 million).
Printing of Permanent Account Numbers for Income Tax payers have been outsourced to various agencies, Rajya Sabha was told on Tuesday.
The official added though this would be the last batch of letters this year, more PAN card holders would receive such notices from the income tax department next year.
'Each state and central government body may be asked to update its system to ensure PAN is used as a common identification to access its services.'
Empowered CIB to play lead role in recovering tax evaded.
Empowered CIB to play lead role in recovering tax evaded.
"The first step is getting your residential status changed in all documents, including Permanent Account Number (PAN) card for taxation, ration card, etc, which takes months and endless rounds to offices," says an exasperated Mehta, adding that getting oriented with the laws and regulations comes much later.
Importance of Permanent Account Number card has grown over the years.
Jewellers in India, the world's second largest gold consuming country after China, have started receiving more inquiries for purchase of gold or silver immediately after the Reserve Bank's announcement to withdraw Rs 2,000 notes from circulation. However, there is no panic buying of the precious metal unlike the situation witnessed in 2016 during demonetisation, jewellers body GJC said on Sunday. In fact in the last two days, the actual gold purchase has been less in exchange of Rs 2,000 notes due to strict Know your Customer (KYC) norms although sources said some jewellers have started charging a 5-10 per cent premium, taking the gold prices to Rs 66,000 per 10 grams level.
Verification process to be made robust after detection of frauds
First phase likely to cover 150,000 assesses; rest to be handled in a systematic manner in due course.
It is sending letters to 35,170 PAN holders in the first phase.
Currently, quoting the PAN is not mandatory for opening a bank account or buying an insurance policy.
On the consumer front, CIBIL is working towards simplifying the process of fetching credit scores -- it is tying up with a payment gateway which will help individuals fetch theirs scores online by making an online payment.
Permanent Account Number (PAN) has become a very important tool to the Income Tax Department in tracking high value transactions and ensuring compliance with the tax laws. Here's a how and why you should get it.
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