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: TDS :: articles on VAT and GST in India :: ACCOUNTING STANDARDS :: TAX RATES - GOODS TAXABLE @ 4% :: empanelment :: ARTICLES ON INPUT TAX CREDIT IN VAT :: VAT Audit :: Central Excise rule to resale the machines to a new company :: ACCOUNTING STANDARD :: VAT RATES :: due date for vat payment :: cpt :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: list of goods taxed at 4% :: form 3cd
 
 
« Latest Circulars »
 RBI to conduct 7 day, 14 day and 28 day Variable Rate Reverse Repo Auctions under LAF on May 18, 2017
 RBI to conduct 7 day, 14 day and 28 day Variable rate Reverse Repo auctions under LAF on May 17, 2017
 RBI-Direct Recruitment of ‘Chief Financial Officer’ in the rank of Executive Director in Reserve Bank of India
 Auction of Government of India Dated Securities May 15, 2017
 Direct Recruitment of ‘Chief Financial Officer’ in the rank of Executive Director in Reserve Bank of India
 RBI to conduct 7 day Variable Rate Reverse Repo Auction under LAF on May 15, 2017
 GST implementation to have far reaching implications for the Indian Economy RBI releases State Finances: A Study of Budgets of 2016-17
 Submission of Statutory returns (SLR-Form VIII) in XBRL platform
  RBI’s Monthly Bulletin for May 2017
 RBI- National Electronic Funds Transfer (NEFT) system – Settlement at half-hourly intervals
 RBI-Bharat Bill Payment System (BBPS) – Extension of timeline

Foreign Institutional Investors - Delay in issuance of PAN card
May, 30th 2008

Press Release

dated 23 May 2008 

Foreign Institutional Investors - Delay in issuance of PAN card

The Income Tax Department strongly denied the claims that the Foreign Institutional Investors (FIIs) investments had declined due to delay in issuance of PAN cards. It further clarified that the allotment and issue of PAN cards was carried in partnership with UTITSL and NSDL, and that the PAN cards were being issued within 15 days. And if at all there was a delay in issuance of PAN cards, it was due to incomplete documentation by the applicants. 

It has been reported in some sections of the media that investments by the Foreign Institutional Investors (FIIs) had declined in the last few months and one of the reasons for the decline in FII investments is the alleged delay in issue of Permanent Account Number (PAN) or PAN cards to FIIs by the Income Tax department.

There is no truth in such report and the Income Tax department strongly denies such allegations.

The allotment and issue of PAN cards is carried out by the Income Tax department in partnership with UTITSL and NSDL.

During 2007-08, UTITSL received 100 applications for new PAN cards and all these were issued within 15 days. The average time taken was 15 days. As on 31.3.2008, there were no pending applications for new PAN cards.

During the same period, NSDL received 558 applications for new PAN cards, out of which 81% were issued within 15 days and 13% were issued between 16 to 30 days. The average time taken was 13 days. As on 31.3.2008, there were only 2 pending applications for new PAN cards.

Delays, if any, in issuance of PAN cards take place usually due to incomplete documentation by applicants. Applicants must, therefore, ensure that the documentation required for making application for PAN is complete in all respects.

Government of India
Ministry of Finance
Department of Revenue
Central Board of Direct Taxes

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Internet Marketing Website Marketing Internet Promotion Internet Marketing India Website Marketing India Internet Promotion India Internet Marketing Consultancy Website Marketing Consulta

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