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 :: empanelment :: cpt :: ARTICLES ON INPUT TAX CREDIT IN VAT :: Central Excise rule to resale the machines to a new company :: ACCOUNTING STANDARDS :: VAT RATES :: ACCOUNTING STANDARD :: TAX RATES - GOODS TAXABLE @ 4% :: VAT Audit :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: list of goods taxed at 4% :: due date for vat payment :: form 3cd
 
 
News Headlines »
 Here’s how the new tax provisions will impact you in 2017-18
 Income-tax (3rd Amendment) Rules, 2017
 How you can save tax in the last 2 days of current FY
 6 important income tax rules for individuals which will change from April 1, 2017
 Key changes in income tax rates individuals need to look at from 1 Apr
 Provisional Enrollment under Goods and Service Tax (GST)
 Ten income tax changes that will come in to effect from April 1
 New income tax provisions you need to be aware of
 8 benefits you must know about this tax-saving mutual fund
 10 most important income-tax changes which will apply from April 1
 Delhi: 54 CAs, company secretaries on radar in I-T crackdown against black money

One man, one PAN, says I-T
July, 24th 2006

Beware if you hold more than one permanent account number (PAN). The income tax authorities are all set to weed out the menace of duplicate PANs, so if you are one of those holding more than one number, then get it deleted on a priority basis.

With the finance minister setting December 31 as the deadline for doing away with duplicate PANs, the income tax department has armed itself with the data on the number of individuals who hold duplicate cards and will go full throttle to prune that list.

This would also clear up some of the mess in the primary segment of the stock markets. In the course of investigations into the demat scam, Sebi found that several individuals who had cornered shares, had quoted duplicate PANs in their applications.

As per data available with the tax department, 13.10 lakh individuals have been allotted more than one PAN. Since the PANs are the vital clues being used by the department to trace big expenditure trails, if an individual has a more than one number, it is almost impossible for the department to match if the same person has made more than one big expense.

This makes the list of big spenders being thrown up by the annual information returns (AIR) trail, difficult to follow up. The AIRs have brought to light a total of 18,70,410 transactions involving spending of an amount of Rs 13,99,866 crore. Many of these transactions do not carry PANs, or have been carried out by same individuals mentioning different PANs.

So, far about 4.5 crore PANs have been issued. The department receives five lakh applications every month for allotment of PAN. Tax department sources told ET that identification and deletion of duplicate PANs would be carried out through a combination of manual and computer based processes. The finance ministry would also advise the holders of duplicate PAN cards through a media campaign.

They said PAN allotments were based on three information heads an individuals name, his fathers name and the date of birth. These three would now be matched. It would be very rare that information given under all the three heads is same in any two individuals case.

In those cases, where there is difficulty in resolving the problem, it could be matched with the data revealed by the AIR and then, the individual would be advised to come clean on their own before any action or penalty is imposed.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Binarysoft Technologies - Privacy Policy

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