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.
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.
A taxpayer paying rent to his/her spouse is entitled to claim HRA benefit under relevant sections and within prescribed limits.
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.
The finance ministry on Thursday appointed National Securities Depository Ltd to provide PAN cards to new taxpayers in 139 cities from next week.
Baby girl Akshita, born on June 20, 2007, received the card on August 3 when she was just 44-day-old.
This is the eighth time that the CBDT has extended the deadline for individuals to link their PAN with Aadhaar.
The online tax payment feature will be extended to all credit cards directly through the website www.incom-etaxindia.gov.in
The government on Tuesday warned the estimated 13 lakh (1.3 million) duplicate Permanent Account Number card holders of a penalty of Rs 10,000 if they do not surrender these by the December 31 deadline.
I-T dept to outsource PAN card allotment
With the new facility, settling PF withdrawal claims would just take few hours.
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.
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Individuals can now get a new Permanent Account Number through Aadhaar-based e-signature facility.
It is just a question of providing an additional facility to the taxpayer that if he is not quoting PAN and only has Aadhaar, his filing and processes do not get affected, said CBDT chief.
