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.
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.
Employees should review the accuracy and completeness of the information provided in Form 16. They should confirm that all the tax deducted has been credited correctly.
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 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 one-page form will mandatorily seek the taxpayers name.
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.
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 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.
The provision, made in Budget 2009-10, is applicable from today and is aimed at plugging the loopholes leading to tax evasion and compelling more and more people to obtain PAN.
A N Shanbhag, the highly respected investment guru, and his son Sandeep Shanbhag, answer your questions on NRI investment.
New TDS-related law comes into force from April 1.
All the new income tax payers in the country will soon begin to get biometric Permanent Account Number (PAN) cards with enhanced security features like fingerprints or retinal scans.
It is mandatory for everybody to enter his/her PAN
Employers will have to quote the Permanent Account Number of their employees while submitting TDS (tax deducted at source) returns to the government as tax refund has become difficult without PAN after annexure-less forms were introduced. Income Tax department would not accept these returns if employers fail to quote PAN in at least 95 per cent cases of salaried employees and 85 per cent cases of non-salaried staff.
About 45 per cent of those who are part of the workforce, or about 207 million, are estimated to be engaged in agriculture and many of them will be outside the income-tax net and hence may not need a PAN. So, what does allotting PAN to 369 million individuals actually mean, wonders A K Bhattacharya.
This is the eighth time that the CBDT has extended the deadline for individuals to link their PAN with Aadhaar.
Finance Minister P Chidambaram has announced that soon biometric PAN cards may be issued to reduce chances of duplication and to ensure better tax compliance.
The move is being viewed as an effort by the government to expand the taxpayer base.
If life has become a little less taxing, thank the reform measures initiated by Finance Minister Jaswant Singh in tax administration.
The Securities and Exchange Board of India (Sebi) on Thursday allowed companies to offer up to 10 per cent discount to retail investors in initial public offers. The discount was so far restricted to follow-on offers. Sebi has also redefined the term 'retail investor' as one who makes application or bids in a public issue for value not exceeding Rs 1,00,000 - up from the existing Rs 50,000 and above.
© 2026 Rediff.com - Investor Information - Advertise with us - Disclaimer - Privacy Policy - Sitemap - Feedback - About us - Terms of use - Grievances