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.
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.
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.
'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.'
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.
This is the seventh time that the government has extended the deadline for individuals to link their PAN with Aadhaar.
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.
With less than a week to go for the mandatory permanent account number requirement for all new investments in mutual funds to take effect, Securities and Exchange Board of India on Tuesday extended the deadline by another six months to December 31
The Mutual Fund Identification Number (MIN), mandatory for investments above Rs 50,000 in mutual funds, is likely to stay, even though the month-old confusion over it continues.
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.
The development has elicited huge response from the country's top information technology companies. At least seven players, including Infosys, HCL, Tata Consultancy Services and its subsidiary CMC, are in the fray to develop a biometric card and the infrastructure that can handle 12 million new users annually.
PAN may also be required for cash payment of Rs 100,000 or more as life insurance premium, amid concerns that insurgents may be parking funds in high-value insurance policies.
Self-help groups with over 3,000 women members have helped propagate phulkari as a means of earning a livelihood.
The government has decided to issue biometric PAN (Permanent Account Number) cards to taxpayers across the country to weed out the problem of duplicate and fake ones.
The department feels that the non-quoting of PANs by deductees is creating problems in the processing of returns of income and in granting credit for tax deducted at source, leading to delays in issue of refunds.
The PAN card -- mandatory to be quoted for all financial transactions in the country -- is vying for a coveted public administration award conferred by the prime minister.
Be ready to mandatorily flash your PAN card, for any purchase of jewellery worth Rs 5 lakh (Rs 500,000) or more from Friday -- a move that would help the tax department keep an eye on such high value transactions.
Filing tax returns is an annual mandate that tax payers have to comply with, the last date for which is in sight: July 31, 2010.
The GSM operators have asked the government to remove Permanent Account Number (PAN) as a requirement to acquire mobile connection to increase tele-density in the rural areas and also sought rationalisation of multiple taxes and duties in the sector.
The Association of Mutual Funds in India and CDSL Ventures are working on a finance ministry proposal to make use of the permanent account number
The fund house has proposed the government allow those investing up to a specified amount, to contribute on a monthly basis without submitting PAN, which is a must for all mutual fund investments. SBI MF is hoping to get around 250,000 investors to invest in 'Chota SIP.' The product aimed at the lower income group, the subscription level could rise to 1 million if the PAN requirement was done away with.
The Income Tax department which is probing all financial transactions of the Indian Premier League (IPL) has advised all foreign players to obtain PAN cards, failing which they will have to pay penal tax on their cricket related earnings in India.
The one-page form will mandatorily seek the taxpayers name.
42 of the candidates contesting in the second phase of the Chhattisgarh assembly election have declared assets of over Rs.1 crore, statistics released by the Chhattisgarh Election Watch reveal.
The Securities and Exchange Board of India (Sebi) on Thursday announced that it is mandatory to provide the permanent account number (PAN) in transposition of shares where there is a change in the order of names in which physical shares are held jointly by two or more shareholders.
The Income Tax department is probing tax evasion cases done through duplicate permanent account numbers, including over 100 cases detected by the Delhi Police.
Finance Minister P Chidambaram on Wednesday announced that the Permanent Account Number (PAN) to be made sole identity for participants in the security markets to strengthen capital market.
"Income tax revolution is going to take place. There is no limit to reforms in the income tax department and in the country as a whole," Central Board of Direct Taxes member B Swarup said in New Delhi.
A N Shanbhag, the highly respected investment guru, and his son Sandeep Shanbhag, answer your questions on NRI investment.
