Latest Expert Exchange Queries

GST Demo Service software link: https://ims.go2customer.com
Username: demouser Password: demopass
Get your inventory and invoicing software GST Ready from Binarysoft info@binarysoft.com
sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
 
 
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing | GST - Goods and Services Tax
 
 
 
 
Popular Search: TDS :: VAT Audit :: empanelment :: ACCOUNTING STANDARDS :: list of goods taxed at 4% :: VAT RATES :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: cpt :: articles on VAT and GST in India :: due date for vat payment :: ACCOUNTING STANDARD :: Central Excise rule to resale the machines to a new company :: ARTICLES ON INPUT TAX CREDIT IN VAT :: form 3cd :: TAX RATES - GOODS TAXABLE @ 4%
 
 
News Headlines »
 Use ITR-2 to show salary and capital gains income
  TDS Applicability On Government Contracts Under Gst (Under Section 51 Of The Cgst Act, 2017)
  How to file ITR for FY 2016-17 and all the links you need
 All about E-way Bill under GST
 Good and simple tax: on the GST regime
 Seeks to extend the time limit for filing of GSTR-1, GSTR-2 and GSTR-3
 Good news, find Tax Return Preparers soon at a place near you; 5 things to know
 Filing of GST return
 Why cement companies are going in for M&As
 Govt moves to rework direct tax law after PM’s nudge
 New offer available for filing tax returns online, how to avail

How to get out of the frying PAN
October, 12th 2006
The government had recently initiated an awareness drive through the I-T department. The drive invited the citizens/assessees of the country possessing more than one PAN card to surrender the same as soon as possible failing which they would be penalised. This was carried out mainly keeping in view an estimated 10-15 lakh multiple PAN cards estimated to have issued to different assessees/citizens by the I-T department. In some cases, persons having more than single PAN card number may be using the same to avert frequent scans from IT department for their high value transactions. Others may have been issued two PAN cards due to two applications made by them at different dates. The I-T department, which was earlier not fully networked across all the circles, was not in a position to check out the validity of PAN cards. It was therefore unable to detect people having more than one PAN card. The department hopes to do so by the end of this year. With the deadline for surrendering duplicate PAN card having expired last month, a number of people across select circles have already started getting notices from the I-T department. The notice quotes the PAN card numbers which they have already been allotted. This applies to cases where more than one PAN card has been inadvertently allotted to assessees/citizens by the I-T department. This notice, which may have come to the assesses from some ward/circle, has even specified the PAN card number which the person receiving the notice should use for all his future high value transactions /I-T assessments . It asks the assessee to surrender the other PAN card held by him at an early date. However, the same notice has left many assesses a puzzled lot. That is because these assessees never received the PAN card which the I-T notice wants them to use in the future. Since the notice asks for the surrender of the other PAN card which they have been using for the last few years (perhaps for high value transactions, property purchase , F&O trades etc), it puts the assessee in a strange situation . Even worse, in a number of cases, such I-T notices may have come from I-T circles, which are different from those in which the assesses file their regular I-T returns. But there is no reason to panic. The way out is to prove ones innocence by filing with the I-T circle a photocopy/acknowledgement of the last I-T return filed, apart from a copy of the PAN card in use. The person also needs to give a letter to the officer concerned in the circle issuing the notice, requesting him to cancel the other PAN card quoted. The letter must mention that the alleged second PAN card is not in the assessees possession. The assessee can subsequently continue to carry out the transactions by quoting the PAN card which he actually possesses . At any stage, there is no need to quote the second PAN card number. The I-T department is expected to do the rest and cancel the second PAN card in due course.
 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Binarysoft Technologies - Contact Us

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions