Both the exchanges tgether claim 2 million new participants this year till date.
The Supreme Court on Wednesday declared that Aadhaar is constitutionally valid, but at the same time also ruled on who can seek your Aaadhaar details.
Come March 2013, salaried employees will be able to switch jobs, without worrying about withdrawing or transferring their savings with the Employees Provident Fund Organisation (EPFO).
Tax department plans to link PAN with the bank account number to eliminate the scope of the amount being transferred to a wrong account number.
The official added though this would be the last batch of letters this year, more PAN card holders would receive such notices from the income tax department next year.
Verification process to be made robust after detection of frauds
The increased penalty, which is aimed at enhancing the surveillance mechanism for the stock market trades and discouraging the brokers from trading without submitting the PAN details of their clients, would come into effect from November 1, 2012.
The amendment makes it clear that if the linking of Aadhaar is not done by the date to be notified by the govt, the account of the individual would be blocked.
Importance of Permanent Account Number card has grown over the years.
First phase likely to cover 150,000 assesses; rest to be handled in a systematic manner in due course.
It is sending letters to 35,170 PAN holders in the first phase.
India's first home-grown mapping company MapMyIndia is looking to list in the public market by raising around Rs 1,200 crore at a Rs 6,000-crore valuation. Sources said the company is ready with its draft red herring prospectus documents and is likely to file as early as next week. While the money will be used for business expansion, it will also give MapMyIndia's early investors, including Qualcomm, PhonePe, and Japanese mapmaker Zenrin Co., a chance to exit. The Verma family, which founded the company, will continue to remain promoters.
The income tax department will share PAN and bank account details of any entity with 10 investigative and intelligence agencies, including the CBI and NIA, under the integrated counter-terrorism platform NATGRID, according to an official order.
Empowered CIB to play lead role in recovering tax evaded.
Empowered CIB to play lead role in recovering tax evaded.
It is not clear if banks will accept the card for opening accounts.
It is not clear if banks will accept the card for opening accounts.
"The first step is getting your residential status changed in all documents, including Permanent Account Number (PAN) card for taxation, ration card, etc, which takes months and endless rounds to offices," says an exasperated Mehta, adding that getting oriented with the laws and regulations comes much later.
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.
PAN may also be required for cash payment of Rs 100,000 or more as life insurance premium, amid concerns that insurgents may be parking funds in high-value insurance policies.
Self-help groups with over 3,000 women members have helped propagate phulkari as a means of earning a livelihood.
The government has decided to issue biometric PAN (Permanent Account Number) cards to taxpayers across the country to weed out the problem of duplicate and fake ones.
On the consumer front, CIBIL is working towards simplifying the process of fetching credit scores -- it is tying up with a payment gateway which will help individuals fetch theirs scores online by making an online payment.
Be ready to mandatorily flash your PAN card, for any purchase of jewellery worth Rs 5 lakh (Rs 500,000) or more from Friday -- a move that would help the tax department keep an eye on such high value transactions.
Employees Provident Fund Organisation is likely to issue permanent account numbers to employees.
The Comptroller and Auditor General of India report for 2010-11 on direct taxes, tabled in Parliament on Friday, revealed that 958 lakh (95.8 million) PANs were issued up to March 2010 but IT returns filed in the last fiscal were only 340.9 lakh (34.09 million).
They would intensify the protest if their concerns are not addressed in the Budget.
The department feels that the non-quoting of PANs by deductees is creating problems in the processing of returns of income and in granting credit for tax deducted at source, leading to delays in issue of refunds.
Filing tax returns is an annual mandate that tax payers have to comply with, the last date for which is in sight: July 31, 2010.
The PAN card -- mandatory to be quoted for all financial transactions in the country -- is vying for a coveted public administration award conferred by the prime minister.
The scheme was to have come into force from the new year. However, the finance ministry has not ruled out the possibility of introducing a new identity number like UTN from the next fiscal, in addition to the permanent account number to ensure prompt verification and granting of tax credits to tax payers.
The Income Tax department which is probing all financial transactions of the Indian Premier League (IPL) has advised all foreign players to obtain PAN cards, failing which they will have to pay penal tax on their cricket related earnings in India.
The deadline extended till March 31, 2019.
Pan card has to be submitted for financial transactions. Otherwise, tax burden will go up.
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 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.
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.
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.
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