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: list of goods taxed at 4% :: Central Excise rule to resale the machines to a new company :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: due date for vat payment :: cpt :: form 3cd :: ACCOUNTING STANDARD :: VAT RATES :: VAT Audit :: TAX RATES - GOODS TAXABLE @ 4% :: empanelment :: ACCOUNTING STANDARDS :: ARTICLES ON INPUT TAX CREDIT IN VAT :: articles on VAT and GST in India :: TDS
 
 
News Headlines »
 Looking for last-minute tax planning with Section 80C investments? Here's help
 Aadhaar mandatory for filing income tax return
 Will Aadhaar linkage solve India's income tax woes?
 GST roll out from July 1 will make goods cheaper: Jaitley
 Aadhaar To Be Mandatory For Filing Income Tax Return, PAN Application
 7 best tax-saving solutions which can help you save money
  No proposal to replace Income Tax with Banking Cash Transaction Tax
 How to Make Tax Saving Investments Less Taxing with an SIP in ELSS
 NRIs having only investment income may not file tax returns
 With income tax returns filing deadline near, here are 3 major things to do before March 31
 When public becomes tax gatherer

Own a fake PAN card? Pay a fine of Rs 10,000
September, 02nd 2006
The government has asked all holders of duplicate permanent account number to surrender the extra cards or face legal notice and pay a penalty of Rs 10,000. But it has not set any deadline for this. Currently, there are approximately 13 lakh duplicate PAN card holders in the country. To date, a total of 4.7 crore PAN cards have been allotted and over 5 lakh applications are being received every month for new cards. The government has, however, denied allegations of fraud or any wrongdoing in the card allotment process. Earlier, finance minister P Chidambaram had said that duplicate PAN cards would be wiped out by December 31. The duplicate cards were issued in 1990s when there was no centralised system of computers to cross-cheque the issueing of cards. According to central board of direct taxes (CBDT) spokesperson A K Sinha, the department is exploring the possibilities of issuing biometric PAN cards, which will detect physical identities of a card holder. Most duplicate PAN card holders have them as the authorities, and in the process of expediting the issuance of cards, would have erroneously issued two similar cards with the same PAN number to the same person. But the governments real concern is about those fake card holders who have someone elses PAN number. Sinha said such cases amounted to fraudulent activity. Besides, the law also considers intentional possession of more than one PAN card as an offence. He said between April and July, about 1.26 crore people filed tax returns and, of this, 4 lakh filed them through the newly introduced postal system. Bad news for REC, NHAI bond investors For those planning to get capital gains tax benefits by investing in REC and NHAI bonds, there is bad news. Addressing a press conference, CBDT spokesperson A K Sinha said the government was not planning to increase the limit of these bonds, though they had been oversubscribed. This is because the notification regarding this came late and, according to the law, one has to invest in these bonds within six months of earning the capital gains. Under Section 54C of the Income Tax Act, those investing in these bonds are eligible for tax benefits. Double taxation avoidance treaty Sinha also said the Mauritius government had agreed to discuss the nodalities to review the 23-year-old double taxation avoidance treaty. India has been keen on the review to include provisions in the treaty to prevent firms escaping the capital gains tax payment by misusing the clauses in the treaty.
 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Binarysoft Technologies - Our Team

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