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.
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 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 deadline extended till March 31, 2019.
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.
FM's decision to make PAN card a neccessity for financial transactions has worried life insurers, who will find it difficult to tap rural India with this requirement.
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.
The permanant account number (PAN) will be the sole identification number for all stock market transactions from July 2, 2007.
New TDS-related law comes into force from April 1.
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 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.
SEBI will make PAN the sole identification number for all participants in the securities market, including mutual funds from July 2.
The government has now made quoting of Aadhaar mandatory for filing income tax returns as well as obtaining a new PAN.
Officials are relying on both formal and informal methods for reaching non-filers.
The Income Tax department is probing tax evasion cases done through duplicate permanent account numbers, including over 100 cases detected by the Delhi Police.
Sebi has directed the depositories to ask all the depository participants to examine the origin of accounts that did not comply with the requirement for Permanent Account Number.
A N Shanbhag, the highly respected investment guru, and his son Sandeep Shanbhag, answer your questions on NRI investment.
Printing of Permanent Account Numbers for Income Tax payers have been outsourced to various agencies, Rajya Sabha was told on Tuesday.
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.
The RBI clarification followed media reports quoting a reply to a Right to Information application that suggested the apex bank has not issued any order for mandatory Aadhaar linkage with bank accounts.
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.
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.
Currently, quoting the PAN is not mandatory for opening a bank account or buying an insurance policy.
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.
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 move is being viewed as an effort by the government to expand the taxpayer base.
The stock market correction seems to be encouraging more and more investors to revive their demat accounts, perhaps to start buying shares, now that the prices have eased from their recent peaks.
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.
It is mandatory for everybody to enter his/her PAN
With the deadline for furnishing details of permanent account number lapsing on December 31, a quarter of the 98.5 lakh (9.85 million) demat accounts will be frozen from January 1.
The scheme is yet to take off.
A Permanent Account Number (PAN) is one of the most important documents in the country today. It is an identification number which the Income Tax Department gives to all taxpayers.
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.
