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: list of goods taxed at 4% :: due date for vat payment :: ARTICLES ON INPUT TAX CREDIT IN VAT :: VAT RATES :: TDS :: cpt :: form 3cd :: Central Excise rule to resale the machines to a new company :: ACCOUNTING STANDARDS :: TAX RATES - GOODS TAXABLE @ 4% :: articles on VAT and GST in India :: ACCOUNTING STANDARD :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: VAT Audit :: empanelment
 
 
« News Headlines »
 Govt to simplify income tax laws, sets up task force under taxman Arbind Modi to study overhaul
 Infosys to configure GST network for filing returns
 Save income tax through mutual fund investment. All you need to know
 Income tax returns (ITR): On sale of property, here is what you should know
 Section 35 of the Income-tax Act?
 Notification regarding extension of last date w.r.t submission of closing stock by dealer.
 Integrated Goods and Services Tax (IGST) Rules, 2017 (As on 15.11.2017)
 Central Goods and Services Tax (CGST) Rules,2017 (As on 15.11.2017)
  101st Constitution Amendment Act, 2016
 Pr. Commissioner Of Income Tax-6 Vs. Mccain Foods India Pvt. Ltd.
 Section 10 of the Income-tax Act, 1961

I-T dept offers PAN verification service to DPs
February, 20th 2007

The income tax department is set to offer depository participants (DPs) the service of verifying permanent account numbers (PAN) of clients opening demat accounts. DPs will have to register with the IT department which, in turn, will do the verification of PAN through an automated IT platform. The window that will be opened for DPs will be similar to the one provided to banks and other institutional investors such as stock exchanges.

With the growing use of PAN by agencies other than the income tax department, it is imperative to have an institutional arrangement for batch verification, said a senior official. All categories of investors opening demat accounts have to quote their PAN numbers. Even existing account holders wont be able to operate their accounts if they dont produce their PAN cards. A Sebi directive issued last year also placed the onus on DPs to verify the name of the demat account holder with the name appearing on the website of the I-T department.

A retail investor can have multiple demat accounts. But he cannot put in multiple applications with different permutations and combinations of his name while subscribing to an IPO. Similarly, it is not illegal for an individual to have multiple savings accounts.

But they will carry the same PAN. The service of PAN verification offered by the income tax department will help spot manipulation, if any, of demat and savings bank accounts by retail investors trying to corner a large chunk of shares in any IPO.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Software Work Flow Workflow Software Software Automation Workflow automation Software Design Workflow Design Business Work Flow Workflow automation tools

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