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...
Important information for persons making application for a new PAN card / corrections (Request for Reprint of PAN Card or/ And Changes Or Correction in PAN Data). Do not overwrite or make corrections by canceling any data in the application. Do not pin or staple the photograph.Do not sign across the box (i.e. signature should not be spread outside the box).
Instructions for Filling the Form 1. Full Name Please select appropriate title. Individuals must state full expanded name. If Last Name and Middle Name are entered, then applicant must enter First Name also. Do not use abbreviations and initials For example, Poonam Ravi Narayan should be written as: Last Name/Surname First Name Middle Name NARAYAN […]
The provision relating to Permanent Account Number in the Income Tax is of immense importance to the taxpayers as quoting of PAN has been made mandatory for most of the financial transactions. The Department has been receiving a number of queries relating to PAN-particularly question on procedures for PAN application, documents required for PAN application […]
ITO (TDS) Panchkula Vs. Bharat Electronics Ltd. (ITAT Chandigarh) it is apparent from the record that the assessee deducted TDS correctly and revised the PAN and filed revised statement in Form No. 26Q, hence there was sufficient compliance of the provisions of section 139A of the Act. Even otherwise the assessee did not derive any benefit whatsoever, by filing the wrong PANs and PAN was corrected after ascertaining the same from the respective deductees. In our view the assessee has proved that there was reasonable cause for alleged failure and hence no penalty is leviable
Come next financial year, the PAN card is likely to become the most potent tool for the Income Tax Department to unearth black money, tax evasion and instances of criminal financing in the country.A recent directive of the Central Board of Direct Taxes (CBDT) to the I-T Dept has asked its officials to launch a special drive against those who have “not furnished their PAN (Permanent Account Number)” while entering into high value transactions.
The following persons should apply for allotment of PAN in Form 49A‑ Every person whose assessable income exceeds the maximum amount which is not chargeable to tax or any person carrying out business or profession whose total sales/turnover is likely to exceed Rs 5,00,000 in a year. A person who is required to furnish return under sub-section (4A) of section 139. An employer who is required to furnish return of fringe benefits tax. The Central Government has power to specify by notification any class or classes of persons by whom tax is payable under the Income-tax Act or any tax or duty is payable under any other law for the time being in force.
last date for filing form DIN-4 by DIN holders for furnishing their Income tax PAN and to update Income- tax PAN details has been extended up to 29th February, 2012. For details kindly see General Circular No: 70/2011 given below:-
Permanent Account Number (PAN) is a ten-digit alphanumeric number, issued in the form of a laminated card, by the Income Tax Department, to any “person” who applies for it or to whom the department allots the number without an application.
The Ministry of Corporate Affairs has in order to improve service delivery to the Corporate Sector recently taken initiatives for further simplifying procedures under the Companies Act, 1965 and the Limited Liability Partnership Act, 2008. These include: (a) Company Law Settlement Scheme: The scheme was initially notified w.e.f. 12.08.2011 to enable the Companies failing to file their annual returns and financial statements to file the same. This measure has elicited a good response and so far 61875 documents have been filed yielding the revenue of Rs. 7.71 crore. As the demand for availing of this concession is persistent, a decision has been taken to extend this one time measure till 15.12.2011.
Notification No. 56/2011 – Income Tax Income Tax Department has released a New PAN application Form No. 49AA for Individuals not being a citizen of India, LLP registered outside India, Company registered outside India, Firm formed or registered outside India, Association of persons(Trusts) formed outside India, Association of persons (other than Trusts) or body of individuals or local authority or artificial juridical person formed or any other entity (by whatever name called) registered outside India. Download the new Form 49AA and instruction to File Form No. 49AA and Form no. 49AA.
