Need Tally
for Clients?

Contact Us! Here

  Tally Auditor

License (Renewal)
  Tally Gold

License Renewal

  Tally Silver

License Renewal
  Tally Silver

New Licence
  Tally Gold

New Licence
 
Open DEMAT Account with in 24 Hrs and start investing now!
« Top Headlines »
Open DEMAT Account in 24 hrs
 March 31 deadline is getting near. How to save income tax with tax loss harvesting?
 45-day MSME payment rule: Impact and details of Section 43B(h) explained
 Small savings schemes that offer tax benefits of up to Rs 1.5 lakh under section 80C
 RE-OPENING OF CORRECTION WINDOW FOR MAY 2024 CA EXAMINATIONS
 Powerful Upgrades, Tally 12+1 months renewal Plan and Connected Services for your growing Business - March 2024
 How innovative solutions can help fix the Sec 43B conundrum for MSMEs
 Income Tax dept asks many individuals to explain high value transactions of FY20-21 as Updated ITR deadline nears
 Release Notes for TallyPrime and TallyPrime Edit Log Release 4.1 | What s New!
 Deadline to file updated ITR FY20-21 ends on March 31: Details on additional tax
 4 tax-planning mistakes to avoid this season
 ITR 2024: Here are 8 ways by which senior citizens can save on taxes this year

I-T PANs eyes to stave off terror
February, 01st 2007

The government may look at tightening the verification norms for getting a permanent account number (PAN). The need to tighten norms has arisen after PAN cards were recovered from terrorists in Jammu & Kashmir.

The ministry of home affairs, which got the intelligence on the recovery of PAN cards, has expressed concern on the matter and taken it up with the finance ministry. The income-tax department is examining the feasibility of introducing biometric PAN cards for greater security and to prevent duplication.

The biometrics PAN card would use iris scan for identification. To get a PAN, one has to give proofs of residence and identity. These include:

* Copy of school-leaving certificate, matriculation certificate or a degree from a recognised educational institution; or 
* Depository account, credit card or bank account; or 
* Water bill, ration card or property tax assessment order; or 
* Passport, voter identity card or driving licence; or 
* Certificate of identity signed by an MP, MLA, municipal councillor or a gazetted officer.

At present, the PAN card can be obtained by an Indian, non-resident India, company or Hindu undivided family. There has been a rush for getting PAN cards after it became mandatory to quote it in many transactions. Quoting PAN is compulsory in documents pertaining to financial transactions notified by the Central Board of Direct Taxes.

Some such transactions are sale and purchase of immovable property or motor vehicle, payment in cash exceeding Rs 25,000 to a hotel or a restaurant, and in connection with travel abroad. It is also mandatory to mention PAN for obtaining a landline or cellular telephone connection. Likewise, PAN has to be mentioned for a time deposit exceeding Rs 50,000 with a bank or a post office, or depositing cash of Rs 50,000 or more in a bank.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2024 CAinINDIA All Right Reserved.
Designed and Developed by Ritz Consulting