PAN will be a must for all transactions, including purchase of jewellery, above Rs 200,000 with effect from January 1, 2016
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The penalty was levied in connection with deficiencies and lapses in the operation and maintenance of the currency chest at the Secunderabad branch of SBI, it said. Last month, the RBI had imposed a penalty of Rs 3 crore (Rs 30 million) on SBI for violating know your customer/anti-money laundering norms.
According to an order issued by the Central Board of Direct Taxes, the department will share 'bulk information', starting from Permanent Account Number (PAN) to the taxpayer's name and all the individual data that it captures like father's name, gender, date of birth, photograph and signature or thumb impression.
E-commerce companies that fall within the scope of the equalisation levy include Adobe, Uber, Udemy, Zoom.us, Expedia, Alibaba, Ikea, LinkedIn, Spotify, and eBay.
The persistence with Aadhaar, to the exclusion of all other identity systems, is a dangerous path and should be avoided if the risks of digital vulnerability are to be eliminated. Till such time that the ownership of the Aadhaar system is transferred to an independent body, concerns over Aadhaar's digital vulnerability will persist, says A K Bhattacharya.
It could end the payment backlog and improve the revenue flow of discoms, says Piyush Goyal
The tax department is on a spree to ensure more taxpayers in the country use the PAN card.
There is no word on extending the February 6, 2018 deadline for linking mobile SIM cards with Aadhaar.
As India's diplomatic tensions with the Land of the Maple Leaf escalate, so do the anxieties of countless Punjabis.
Cardiac patients whose proposals for a regular health insurance plan get turned down should apply for a cardiac-specific plan.
India's solidarity with the Palestinian cause dates back to Mahatma Gandhi's time and its rising global stature and influence over all key players in West Asia make it well-placed to play a crucial role in defusing the crisis arising out of the Israel-Hamas conflict, Palestine Ambassador Adnan Abu Alhaija said on Tuesday.
RediffGURUS Ashwini Dasgupta, Anu Krishna, Dr Karthiyayini Mahadevan and Jinal Mehta answer queries from Rediff readers.
United States, Russia and China oppose talks to reform the powerful United Nations body
Ahead of the second instalment of advance tax, the revenue department is scrutinising entities that have registered negative growth in their tax deducted at source (TDS) payments, even when they reported healthy advance tax payments. According to sources, taxmen have observed a mismatch in TDS payments from at least 60-65 small to mid-sized companies. Officials said it is unusual for TDS to not increase, given the improved turnover and profits - if higher advance tax payments are any indication.
The I-T department's app is useful for those looking for information, grievance redress, and resolving PAN- or TAN-related issues.
Viewing with concern the spurt in fictitious and unauthorised e-mails landing in personal Internet addresses of many people, the department is adding a word of 'caution' at the end of each mail sent by them.
'There is no reason to anticipate a drastic change in Canada's attitude towards Indian students.'
Siddharth Anand's artistry bespeaks an upbringing filled with GI Joes, plastic combat boots and plastic bayonets, fake punching noises and fake sounds of gunshots, rudely interrupted by an adult voice saying, 'Beta, all this is good, but try bringing in some feelings too', observes Sreehari Nair.
In FY 2014-15, Titan Co had reported a revenue of Rs 11,903.21 crore.
Apart from shell companies, 'vanishing' companies are also on the ministry's radar. As many as 400 companies are not traceable, despite being listed on the bourses.
A total of Rs 396 crore has been mopped up, as on August 20 against Rs 407 crore collected in the same period last year. This was despite the expansion of the levy to online e-commerce players from this financial year.
'My point to everyone is, look, if you have an opportunity to alleviate the pain, you should do it, period. And if you don't, you're going to lose credibility worldwide'
Jewellers went on strike for three days from March 2.
Here are some mistakes taxpayers make and how to avoid them...
Ministry of Corporate Affairs is now likely to examine whether all active companies have PAN or not
Only a small percentage of passengers who traveled on the trains involved in the June 2, 2023 accident in Odisha had availed of travel accident insurance while booking their tickets online on the IRCTC portal.
FM Arun Jaitley says I-T dept's capacity to access information and apply technology driven analytical tools to expose evasion has been enhanced
The current 3-page form is simplified version of an income tax return form after removing mandated disclosure of foreign trips and dormant bank accounts introduced two years back.
There are four simple ways to link PAN to Aadhaar; make the most of the deadline to avoid hassles later, explains Bindisha Sarang.
Domino's India data that included sensitive customer information such as their names, phone numbers, and credit card details has allegedly been breached and put on sale on the dark web. According to tweets by Israel-based Co-Founder and Chief Technology Officer of cybercrime intelligence firm Hudson Rock, Alon Gal, the data is worth 13 terabytes (TB). He tweeted on Sunday that the data includes as many as 180 million order details, including 1 million credit card details. The data, said Gal, was up for sale on the dark web. The threat actor, he said, was asking for $550,000 for the data.
The amendment says that UIDAI can now give directions as it may consider necessary to any entity in the Aadhaar ecosystem
This is part of the initiatives that the ministry is undertaking to use technology in order to make airport check-in seamless and formation of a no-fly list.
In order to cripple and check the activities of wilful tax defaulters, the Income Tax department has decided to "block" Permanent Account Number (PAN) of such entities, get their LPG subsidy cancelled and take measures to ensure that they are not sanctioned loans.
Those earning over Rs 50 lakh a year need to disclose all jewellery and cash in their returns, says Tinesh Bhasin.
This time, the linking of the Aadhaar number with of a taxpayer has been made mandatory for filing of an ITR, beginning July 1.
Arun Jaitley declared proposal for a comprehensive law.
With the wedding season already in full swing, a few things to keep in minutes financially when tying the knot, advises Bindisha Sarang.
Manipur Police has registered a first information report (FIR) accusing the Assam Rifles of blocking their vehicle after an altercation between the two groups last week, while the state unit of the Bharatiya Janata Party requested Prime Minister Narendra Modi to replace Assam Rifles 'by any other paramilitary force permanently' from the state.
CBDT recently lowered threshold for this to Rs 8,333 a month. If you don't furnish this, a higher tax will be deducted at source from your income.
In the era of e-filing, small mistakes lead either to delayed or complete denial of income tax refunds. So, avoid these 5 common mistakes that could lead to delay in refunds.
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