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Got an extra PAN card? Now get an I-T letter
September, 21st 2006
The central board of direct taxes (CBDT) has said it was writing letters to persons who have more than one permanent account number (PAN) card, asking them to surrender their additional cards. CBDT spokesperson AK Sinha said there were 13 lakh duplicate PAN cards issued in the country. To a question, he said no decision has been taken on taxing interest earned from deposits in provident funds schemes. Meanwhile, Advance tax paid by corporates and individuals rose 32.6% by mid-September underscoring the robust perforamance of the corporates in the second quarter of the fiscal. "The rise in tax collections is mainly due to strong economic activity and general buoyancy in the economy. All sectors are doing well," said Sinha. Corporates pay 30% of their annual tax bill in September, after having deposited 15 percent in June. They pay another 30% in December and remaining 25% in March. The government and private forecasters expect Asias fourth-largest economy to grow around 8% in March 2007, with stroturing and service sectors driving activity.
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