Latest Expert Exchange Queries

GST Demo Service software link:
Username: demouser Password: demopass
Get your inventory and invoicing software GST Ready from Binarysoft
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: due date for vat payment :: TDS :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: Central Excise rule to resale the machines to a new company :: ARTICLES ON INPUT TAX CREDIT IN VAT :: empanelment :: ACCOUNTING STANDARDS :: VAT Audit :: articles on VAT and GST in India :: VAT RATES :: TAX RATES - GOODS TAXABLE @ 4% :: ACCOUNTING STANDARD :: list of goods taxed at 4% :: form 3cd :: cpt
News Headlines »
 How to file income tax returns online without having Form 16 in 10 simple steps
 Deadline For Filing Income Tax Return (ITR) Is Just 11 Days Away: 10 Latest Details To Know
  10 incomes you need not pay any tax on
 How To File Income Tax Returns In Three Steps By March 31, 2018
 10 things about income tax every taxpayer should know
 What to do if your TDS is not deposited with the government
 What if you forget to verify your Income Tax return?
 TDS on rent and other tax tasks to complete before March 31
 5 income tax changes which will come into effect from April 1, 2018
 Why you shouldn't be a last-minute tax filer
 How to calculate income tax for this assessment year on Moneycontrol

After Feb 23, two PANs will pinch your pocket
February, 20th 2007

For Permanent Account Number (PAN) card holders double will very soon be serious trouble.

If you have more than one PAN and have not surrendered the duplicate to the Income Tax (I-T) department then beware. Use of duplicate PAN in your transactions (like banking and other financial transactions) would soon come with a penalty of Rs 10,000.

I-T authorities have set February 23 as deadline for surrender of duplicate PAN cards. "Thereafter, for every single use of duplicate PAN, Rs 10,000 penalty would be levied," said an I-T officer from Aaykar Bhavan, the department's Mumbai head office.

The issue is a cause of concern for I-T authorities as there are about 1.8 lakh duplicate PAN cards with about 1.6 lakh assessees (in Mumbai circle). "Most of them have two PAN cards, but a few even have three," the officer said.

The problem started three years back when the department outsourced the work of allotting PAN to the Unit Trust of India (UTI) and National Securities Depository Limited (NSDL).

Before outsourcing, allotting a PAN used to take as much as one year. However, now it is done within a month. "Seeing this, many people who had already applied for PAN with the I-T department and were waiting, approached one of these agencies from where they got the cards before the department could issue them," said another officer. After a few months, the same people got another PAN card from the department. However, most of them did not bother to surrender the duplicate cards.

Some people deliberately got more than one PAN card using different identities. "While one card was used in I-T returns to show the declared income, the other was used for business transactions where quoting PAN was necessary but they wanted to hide that particular income," the officer said.

The authorities had initiated a "de-duplication" drive in July last year. "Letters were written to them," said an officer. Duplicate card holders were also told that if they failed to surrender the duplicate PAN cards by December 31 2006, they would be penalised. But only about 10 per cent assessees responded to this. The department has, however, so far managed to delete 40 per cent duplicate PAN.

I-T authorities have begun another "de-duplication fortnight" from February 12 to February 23.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2018 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Binarysoft Technologies - Achievements

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