Income Tax : Discover essentials of PAN (Permanent Account Number) issuance, structure, and changes. Learn about Form-49A and Form-49AA require...
Goods and Services Tax : A PAN card is mandatory for GST registration, tax filing, and TDS compliance in India. Learn how non-compliance can lead to penalt...
Income Tax : A PAN (Permanent Account Number) is a unique 10-character alphanumeric identifier issued by the Income Tax Department of India to ...
Income Tax : The Income Tax Department (ITD) is upgrading the existing PAN card systems in India through a new e-governance project called PAN ...
Income Tax : PAN 2.0 project aims to simplify services, improve security, and provide a unified platform for all PAN/TAN-related services, enha...
Income Tax : Taxpayers face TDS demands post Aadhaar-PAN linking despite compliance. Key issues include undue demands, lack of redressal, and r...
Income Tax : PAN 2.0 focuses on process upgrades for taxpayers with no mandatory new PAN card. Existing cards remain valid. Estimated cost: ₹...
Income Tax : The PAN 2.0 Project simplifies PAN/TAN management with a unified platform, paperless processes, and faster services. Approved by C...
Income Tax : Cabinet approves PAN 2.0 project to enhance taxpayer registration services through technology-driven transformation, improving ser...
Income Tax : Starting October 2024, Aadhaar Enrolment ID can no longer be used for PAN applications or income returns. Quoting Aadhaar numbers ...
Income Tax : Jammu & Kashmir High Court directs tax authorities to correct PAN errors in challans and release pending refund to Kashmir Tubes. ...
Income Tax : ITAT directs fresh examination in Ambasa Babansa Raibagi case due to PAN linking error, remitting the Rs. 25.66 lakh addition back...
Income Tax : Madras High Court directs approach to appellate authority for a bank attachment notice issued over PAN fraud, pending statutory ap...
Income Tax : ITAT Jodhpur rules that possession of transport vehicles is sufficient for Section 194C TDS exception, emphasizing the significanc...
Income Tax : Learn about Bombay High Court's Quashing of Reassessment notice by the Tax Department against a non-existent entity with an active...
Income Tax : Income Tax Circular 08/2024 exempts higher TDS/TCS rates if deductee/collectee dies before PAN-Aadhaar linkage, addressing taxpay...
SEBI : SEBI issues circular on restricting trading by Designated Persons (DPs) through PAN freezing at security level for the top 1,000 B...
SEBI : NSE has recently issued a circular clarifying the implementation of the Securities and Exchange Board of India’s (SEBI) regu...
Income Tax : Rule 114AAA of the Income-tax Rules, 1962 related to Manner of making permanent account number (PAN) inoperative is applicable fro...
Income Tax : Central Board of Direct Taxes (CBDT) has extended the last date to link Permanent Account Number (PAN) with Aadhaar to June 30, 20...
SMS BASED SERVICE FOR CHALLAN STATUS – NSDL provides CIN (Challan Identification Number) based view of direct tax challans to taxpayers to know the status of challan on its web-site. In addition to the above facility, NSDL has launched a Short Message Service (SMS) based facility to know the status of its challans. The procedure for availing this facility is as under:
National Securities Depository Limited (NSDL) processes PAN and TAN applications on behalf of Income Tax Department. With a view to keep the applicant updated about the status of his application, NSDL has launched a Short Message Service (SMS) based facility. The applicant can send an SMS to 53030 with a message containing the word PAN followed by a space and the 15-digit acknowledgement number provided at the time of submission of application i.e., PAN ACKNOWLEDGEMENT NUMBER (e.g., PAN 123456789012345 – this is an illustrative acknowledgement number. Actual acknowledgement number should be provided in the SMS).
With a view to ensuring that premiums are paid out of clearly identifiable sources of funds, it has been decided to permit premium/proposal deposits remittances in cash beyond Rs. 50000/- per transaction subject to the customer quoting PAN. Insurers shall verify the authenticity of the details of PAN so obtained.In case of customers not required to have PAN orwith only agricultural income, Form 60/61 prescribed under the provisions of Income Tax Rules shall be obtained. From the perspective of AML/CFT guidelines, it becomes imperative to obtain the details of PAN of the person/entity funding the premium/proposal deposit on an insurance policy.
In continuation of General Circular No. 32/2011 dated 31.05.2011 on the subject cited matter, I am directed to say that the time for filing DIN-4 by DIN holders for furnishing the PAN and to update PAN details has been extended till 15.12.2011.
Application for allotment of a permanent account number. 114. (1) An application under sub-section (1) [or sub-section (1A) or sub-section (2) or sub-section (3)] of section 139A for allotment of a permanent account number shall be made in Form No. 49A. (2) An application referred to in sub-rule (1) shall be made,—
In this Article we are discussing below the frequently asked question by taxpayers on Income Tax related to Taxable Income, General Question, Tax on Income, Return of income, PAN, Salary Income, Income from House property, Income from business and Profession, Capital Gains, Tax Deduction at Source and Assessment which will provide an insight to the laymen on income tax provisions.
The Ministry of Corporate Affairs has framed following criteria for declaring any financial institution as a Public Financial Institution (PFI) under under section 4a of the Companies Act,1956: Decided that with effect from 12th June, 2011, all DIN-1 & DIN-4 applications has to be digitally signed by the practicing Chartered Accountants, Company Secretaries or Cost Accountants who shall also verify the particulars of the applicant given in the applications. All these applications will be approved online.
As per the amendments in the income tax rules, coming into effect from July 1, quoting PAN (Permanent Account Number) will be mandatory for any payment of Rs five lakh or more for purchase of bullion or jewellery. High-value purchase of jewellery, among valuables, have often been feared to be a much favoured route for circulation of black money and quoting of PAN would help the tax authorities in tracking such transactions.
The Income-Tax Department has started scrutinising over 6.5 lakh demat accounts, which were frozen following 2006 IPO scam, to see if blackmoney was used to purchase equities by persons through multiple accounts. Investigation and intelligence wings have started looking into the frozen accounts with substantial amounts lying in them to see if they are linked, a revenue official said.
The income tax (I-T) department may make quoting of PAN in documents for sale and purchase of bullion or jewellery involving cash transfer of Rs 500,000 or more mandatory. 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. The department is also considering changes in the limits for cash payment for foreign travel. At present, the cap is Rs 25,000, including fare, the fee of a travel agent/tour operator and purchase of foreign currency.
