Latest Expert Exchange Queries
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: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: Central Excise rule to resale the machines to a new company :: list of goods taxed at 4% :: VAT RATES :: VAT Audit :: articles on VAT and GST in India :: form 3cd :: ACCOUNTING STANDARDS :: cpt :: ACCOUNTING STANDARD :: ARTICLES ON INPUT TAX CREDIT IN VAT :: due date for vat payment :: TAX RATES - GOODS TAXABLE @ 4% :: empanelment :: TDS
 
 
Direct Tax »
 GST is a transformational business process reform. All companies will have to change
 GST Council relaxes return filing rules for July-Aug
 Here's how self-employed individual can file tax return with ITR4
 CBDT mulling new system of jurisdiction-free I-T assessment to curb corruption
 CBDT draft notice on computing tax liability of foreign firms
 CBDT forms task force for jurisdiction-free income tax assessment system
 Aadhaar must for filing returns from July 1: CBDT
 Aadhaar mandatory for filing I-T returns and obtaining new PAN card from July 1: CBDT
 Central Board of Direct Taxes cuts profit margin for safe harbour rules
 What is TDS and how does it work?
 Income tax return: Do super senior citizens have to file returns?

CBDT puts on hold changes in application process for PAN
February, 05th 2014

On January 24, the Central Board of Direct Taxes (CBDT) proposed certain changes in the application process for a Permanent Account Number (PAN). These changes were supposed to take effect from February 3.

As per the proposal, the applicant would be required to furnish self-attested copies of proof of identity, address and date of birth, along with the PAN application. Additionally, he would have to produce original documents at the PAN facilitation centres, which would be returned after verification.

However, a couple of days later, the finance ministry put the new norms on hold. The existing procedure will now continue. The proposed changes were meant to validate the authenticity of the taxpayer vis-à-vis the documents provided and to curb fake and multiple PAN by a single applicant. However, due to a lack of guidance by CBDT on certain aspects, it was feared that the changes would make the process a tedious one.

PAN is required for a host of reasons, including tax filing, bank transactions, property transactions, etc, and an applicant could be based at a location in and outside India. To facilitate allotment of PAN, the process was simplified in the recent past with the introduction of the online facility: The applicant would send the acknowledgement generated — along with relevant documents — to the centralised PAN facilitation centre for completion of the process.

The requirement of “original” documents could lead to a lot of challenges as there were no guidelines from the CBDT on applications made online. Also, applicants based in locations with no facilitation centres would suffer. This would have especially impacted applicants based in foreign countries. Realising that the new procedure would create practical difficulties, the CBDT decided to keep the circular sent to PAN facilitation centre for implementation of the new procedure in abeyance till further notice.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Enterprise Resource Planning Solutions ERP Solutions Enterprise Resource Planning Software Solutions ERP Software Solutions Supply Chain Management Solutions SCM Solutions Supply Chain Management Software Solutions SCM Software Solutions Enterprise Resource Planning Solutions India ERP Solutions India Enterprise Resource Planning Software Solutions India ERP Software Solutions India Supply Chain Management Solutions India SCM Solutions India Supply Chain Management Software Solutions India SCM Software Solutions India

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