Income Tax : India’s new PAN compliance framework introduces stricter documentation and verification requirements for NRIs and foreign entiti...
Income Tax : The issue involves stricter PAN application requirements removing Aadhaar-only filings. The key takeaway is that additional identi...
Income Tax : The government introduced new PAN forms to simplify application procedures and reduce errors. The update ensures better user exper...
Income Tax : The framework clarifies that relief from higher TDS/TCS applies only within specific timelines under CBDT circulars. PAN activatio...
Income Tax : Database mismatches can wrongly deactivate PAN for NRIs, resulting in higher tax withholding and significant capital blockage duri...
Income Tax : Rule 157 of the Draft Income-tax Rules, 2026 exempts specified non-residents and eligible foreign investors from obtaining PAN, su...
Income Tax : Rule 158 of the Draft Income-tax Rules, 2026 prescribes detailed PAN application forms, timelines, document requirements, and Aadh...
Income Tax : Draft Rule 159 mandates quoting or applying for PAN in specified high-value banking, securities, property and cash transactions, w...
Income Tax : PAN 2.0 to simplify PAN/TAN processes with tech upgrades. Project to launch in 18 months post MSP onboarding. India has over 81 cr...
Income Tax : Received an unknown PAN alert? Learn how to protect yourself! This article covers a taxpayer's recent dilemma with unauthorized PA...
Income Tax : The Court directed the jurisdictional authority to consider the delay condonation request after PAN transfer. It held that the app...
Income Tax : The High Court recorded that the new PAN had been cancelled and directed the petitioner to apply for restoration of the old PAN. T...
Income Tax : The ITAT relied on orders under section 148A(d) for subsequent years where reopening was dropped, holding the assessee to be a loc...
Income Tax : The tribunal allowed a remand where unexplained cash deposits were added based on a PAN-linked account. The key takeaway is that e...
Income Tax : The Court directed issuance of a new PAN after a duplicate allotment caused the petitioner’s financial record to be linked to an...
SEBI : SEBI issued clarifications after revised PAN application forms under the Income-tax Rules, 2026 created compliance challenges for ...
Income Tax : The CBDT has introduced new forms for PAN correction to ensure a uniform process. Taxpayers must now use designated forms for accu...
Company Law : The adjudicating authority penalised a company and its directors for failing to disclose allottees’ PAN in Form PAS-3. The order...
Income Tax : CBDT Circular 9/2025 offers partial relief for higher TDS/TCS on inoperative PANs, extending compliance deadlines for taxpayers wh...
Finance : NPCI mandates NACH banks to integrate a Real-Time PAN and Bank Account Validation API for government use, including the Income Tax...
The list under Rule 114B as on date requiring PAN to be quoted includes the following banking transactions : a. Deposit with a banking company or a co-operative bank in cash exceeding fifty thousand rupees during any one day.
With a view to ensure compliance with provisions of 114B of the Income Tax Rules, 1962, the banks are advised as under: Anybody depositing more than ₹ 50,000/- in cash in their bank account has to submit a copy of the PAN card in case the bank account is not seeded with PAN
NSDL e-Gov does not make any calls for recovery / collection of amounts for issuance of PAN/processing PAN applications nor does it solicit any bank or credit / debit card details from the applicants over phone or e-mail.
The issue of deactivating of the e-filing accounts of the members of the ICAI by the Income Tax Department on account of the mismatch in ‘Name’/ ‘PAN No.’ / ‘Date of Birth’ in the Income Tax records and the records available with the ICAI was taken up with the Income Tax Authorities on 26th August 2016.
Nowadays ICAI Members i.e. Chartered Accountants who are registered as Professionals on Income Tax e-filing website may be getting Email from Income Tax Department that their e-Filing account has been temporarily disabled due to non-validation of your PAN number by ICAI. It is further requested by Income Tax Department to Professionals to communicate valid PAN […]
For fast tracking the allotment of PAN and TAN to company applicants, Digital Signature Certificate(DSC) based application procedure has been introduced on the portals of PAN service providers M/s NSDL eGov and M/s UTIITSL. Under the new process PAN and TAN will be allotted within one day after completion of valid on-line application.
Kindly refer to the above subject. Directorate of Systems has processed non-PAN AIR transactions which resulted in identification of around 7 lakh high risk transaction clusters having around 14 lakh non-PAN AIR transactions. These transactions have been assigned priority rating P1 to P3 (P1 being the highest priority) and each non-PAN AIR transaction has been assigned a unique Transaction Sequence Number (TSN) for monitoring purposes.
Income Tax Department to issue 7 lakh letters seeking Information in respect of High Value Transactions- Under the Annual Information Returns (AIR), various types of high-value transactions were being reported to the Income Tax Department. These include reporting of cash deposits of Rs.10,00,000 or more in a saving bank account, sale/purchase of immovable property valued at Rs. 30,00,000 or more, etc.
New online PAN application facility has been launched for PAN applicants with an option of paperless submission of application using Aadhaar based e-Sign Applicant can select any one of the following three options while filling online PAN application “ Physical acknowledgement, Digital Signature Certificate (DSC) or Aadhaar based e-Sign. In DSC option, an applicant needs […]
All about Section 206AA of Income Tax Act, 1961 to be read with Rule 37BC of Income Tax Rules, 1962 alognwith recent changes as applicable from 24th June 2016 after considering the amendment effected by Notification No. 53/2016-Income Tax dated: 24.06.2016. Section-206AA Analysis (1) Notwithstanding anything contained in any other provisions of this Act, any […]
