Latest Expert Exchange Queries

Make 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) | Service Tax | Sales Tax | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Indirect Tax | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing
 
 
 
 
Popular Search: cpt :: VAT RATES :: list of goods taxed at 4% :: ACCOUNTING STANDARD :: ACCOUNTING STANDARDS :: articles on VAT and GST in India :: ARTICLES ON INPUT TAX CREDIT IN VAT :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: form 3cd :: TAX RATES - GOODS TAXABLE @ 4% :: empanelment :: Central Excise rule to resale the machines to a new company :: due date for vat payment :: TDS :: VAT Audit
 
 
News Headlines »
 Income-tax (21st Amendment) Rules, 2017
 Deadline for filing income tax return nears; here are 10 common mistakes that you must avoid
 All you need to know about form 26AS
 How to file income tax return?
 7 changes that affect income tax return filing this year
 How To File Income Tax Return (ITR) Online For FY2016-17? Last Date July 31
 Last date for filing income tax return approaches: What is Form 26AS? How it can help you claim refunds
 Income Tax department to launch mobile app to make life easy for taxpayers
 6 things to remember while filing your income tax return
 Want to save on tax? Here are deductions you can use while filing ITR
 July 31 Is Last Date For Filing Tax Return. Why Form 26AS Has To Be Checked

PAN likely to turn must for all financial dealings
February, 19th 2007

Investors may soon have to quote PAN (permanent account number) for all financial transactions, irrespective of the quantum of investment. PAN is set to become the common business number for all transactions in the financial sector, ranging from equities to debt, in the first stage. Small savings schemes may be covered in the second stage.

According to senior officials, the government is considering a proposal to make PAN compulsory for all investments, irrespective of the size, so that all transactions can be monitored and later matched with the tax payers returns. PAN is a 10-digit alphanumeric number issued by the income-tax department and each individual has to quote this number in his I-T return.

Individuals also have to quote their PAN in select financial transactions, especially high-value investments. For instance, quoting PAN is a must for investments of Rs 50,000 and above in initial public offerings (IPOs) and mutual funds, going by Sebis issue procedure. It is mandatory for investors opening a fixed deposit or a post office savings account of over Rs 50,000 to quote PAN. There is no such requirement in many of the small savings schemes.

All investors are income tax assesses. There may be a few investors who are out of the tax net and do not hold a PAN. Making PAN mandatory for all investments, irrespective of the size, will enable tax authorities to establish a clear audit trail, said officials. Last year, for instance, Sebi made it mandatory for investors who have a trade order value of less than Rs 5 lakh to quote their PAN or the unique identification number obtained under the MAPIN.

All those investors transacting a trade order of Rs 5 lakh or more need a UIN. It was reckoned that dovetailing PAN with MAPIN will help in tracking the source of tax evaders.

Similarly, PAN has been made compulsory for investors who trade in derivatives on the BSE or the NSE and get tax breaks. Eventually, every financial transaction will be linked to PAN. Already, agencies filing annual information returns such as banks, credit card companies, mutual funds, registrar of properties have to give their clients PAN.

The tax information network (TIN) hosted by the NSDL captures this data and creates individual ledger statements. The ITS in turn is matched with the tax payers return to check if he has shortpaid or evaded taxed. Eventually, all transactions that are covered under the AIR will automatically come in the PAN basket.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Software Reengineering Software Re-engineering Software Reverse Engineering Software Reverse Development Software Change Modulation Software Conversion Software Re-creation Software Re-development

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