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 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.
New TDS-related law comes into force from April 1.
The permanant account number (PAN) will be the sole identification number for all stock market transactions from July 2, 2007.
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 government has now made quoting of Aadhaar mandatory for filing income tax returns as well as obtaining a new PAN.
SEBI will make PAN the sole identification number for all participants in the securities market, including mutual funds from July 2.
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.
With the wedding season already in full swing, a few things to keep in minutes financially when tying the knot, advises Bindisha Sarang.
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.
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
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.
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.
The scheme is yet to take off.
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.
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.
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 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 Association of Mutual Funds in India and CDSL Ventures are working on a finance ministry proposal to make use of the permanent account number
About 48 lakh demat accounts have been frozen by the two depositories, National Securities Depository Ltd and Central Depository Services Ltd, because investors failed to submit Income Tax Department's PANs.
© 2026 Rediff.com - Advertise with us - Disclaimer - Privacy Policy - Sitemap - Feedback - About us - Terms of use - Grievances