The cancellation of over a million duplicate or multiple permanent account numbers belonging to the same person or entity may have led to the disappearance of many of those who used to file returns earlier, but now no longer exist, says A K Bhattacharya.
The proposed measures aim to bring stricter norms to curb holding of illegal cash and mismanagement of unaccounted cash seized by the probe agencies during investigations.
SBI Capital, Axis Capital, GMR Holdings, United Breweries, Alpic Finance (a Cipla group unit), Saradha Realty, United Bank of India and Trident India are among the prominent entities named in the list.
However, an official acknowledgment of receiving a valid declaration under IDS (Form-2) will only be given to the concerned entity after a PAN number is allotted to him or her
Linking all accounts is a difficult and costly task for brokers
The industry is estimated to have incurred a loss of Rs 10,000 crore (Rs 100 billion).
This year, the government made quoting of Aadhaar mandatory for filing income tax returns as well as obtaining a new PAN.
The Centre's decision to not reduce the face value of shares of India's Crown Jewel - Life Insurance Corporation (LIC) - was taken to make shareholders feel they are acquiring something 'precious'. The face value of LIC's shares was retained at Rs 10, quoted in the draft prospectus, as it would also align the insurer's shares with those of its private sector peers. Even as the LIC Act was amended to "consolidate or reduce the nominal or face value of the shares", with the Centre's approval, it was decided to stick to the current face value of shares at Rs 10 without splitting the existing 6.32 billion shares.
In his first visit to the valley after becoming the prime minister for the third consecutive term, Modi emphasised the importance of enabling the people of Jammu and Kashmir to elect their representatives for the assembly.
Such public domain discussions affect their morale and dedication -- and that, if anything, will definitely affect combat-effectiveness, asserts Vice Admiral Biswajit Dasgupta (retd).
There will be tripartite pact with member, bank/housing agency and EPFO.
There are over 25 crore PAN card holders in the country while Aadhaar has been issued to 111 crore people.
'Individual beneficiary desirous of availing the benefits under the scheme (PMUY) is hereby required to furnish proof of possession of Aadhaar number or undergo Aadhaar authentication,' said a gazette notification issued by the ministry of petroleum and natural gas.
Out of around 80 million accounts that were analysed, there were 10 million records with only names and no other details about the subscribers, including their date of joining, date of birth and father's name, among others, in the EPFO's records.
The SIP route suits the salaried class, by matching their income flows with investment frequency.
Twitter on Wednesday said it has suspended over 500 accounts, and blocked access to several others within India as it partly acceded to a government order to curb spread of misinformation and inflammatory content around farmers' protests.
Many salaried taxpayers hold the misconception that they don't need to disclose any other income since TDS is deducted from their salary.
The income-tax (I-T) department is working on integrating the new e-filing portal with stock exchanges to help tax authorities track trade transactions, including futures and options. The integrated system will look at discrepancies between the data disclosed by an assessee and match it with data fetched from stock exchanges, using artificial intelligence, said two officials in the know. This will help detect and red-flag such matters, particularly those related to non-filers of income-tax return (ITR).
'The 2024 general elections proved that UP is not Gujarat.'
Jaitley on Monday rejected demands for rollback of the 1% excise duty.
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.
It could end the payment backlog and improve the revenue flow of discoms, says Piyush Goyal
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.
The tax department is on a spree to ensure more taxpayers in the country use the PAN card.
The Odisha government told the assembly over 40,000 workers migrated from the state last year, with the highest number -- 26,151 -- from Balangir.
There is no word on extending the February 6, 2018 deadline for linking mobile SIM cards with Aadhaar.
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.
United States, Russia and China oppose talks to reform the powerful United Nations body
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.
The I-T department's app is useful for those looking for information, grievance redress, and resolving PAN- or TAN-related issues.
The Indian Air Force, in particular, has grown from a very modest beginning just about 90 years ago, to being "one of the most formidable air forces in the world", the IAF chief said.
'Check every SMS you get. Many people ignore them.' 'Remember if there is an activity in your account, your financial institution will send you an SMS, not a WhatsApp message.'
In FY 2014-15, Titan Co had reported a revenue of Rs 11,903.21 crore.
Jewellers went on strike for three days from March 2.
We asked colleagues, present and past, to reflect on a man who has made such a difference to their lives and careers. Here it is then, a rich collection of memories that offer enchanting glimpses of the enigmatic Ajit Balakrishnan.
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.
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.
Here are some mistakes taxpayers make and how to avoid them...
