« Top Headlines » Open DEMAT Account in 24 hrs  Mock Test Papers Series - I & II for Students appearing in CA Foundation January 2027 Examination.  Income Tax Rules 2026: CBDT Introduces Revised Form 161 for Penalty Waiver, Clarifies Misreporting Categories and Taxpayer Relief  ITR Filing and Income Tax Audit Deadline Extended: 5 Critical Things Taxpayers Must Know  Filing Belated ITR for AY 2026-27? Know Which Losses You Can Carry Forward and Which You May Lose  CBDT Extends Tax Audit Report Deadline to October 21, ITR Filing Last Date to November 21 for AY 2026-27  CBDT Extends AY 2026-27 ITR Filing Deadline for Tax-Audit Cases: New Dates and Key Compliance Details  Foreign Assets Missing From Your ITR? Income Tax Department Opens One-Time Disclosure Window  Tax Audit Deadline September 30: Why AIS, TDS and GST Figures May Not Match Your ITR and What Taxpayers Should Do  Tax audit deadline September 30: Common mistakes taxpayers should avoid  Your ITR says ‘verified’, but the refund hasn’t arrived? 5 reasons why your money could be stuck  Missed the ITR Deadline but TDS Refund Is Due? Here’s How You Can Still Claim Your Money «  Corruption in IRS takes its toll... Will tribunals trivialise justice delivery?... » PAN norm to hit fund houses July, 03rd 2007 Investors putting their money in mutual funds, will have to mention their permanent account numbers (PAN) or submit a proof of applying for the same along with the MF application from tomorrow, as fund houses start complying with the know your customer (KYC) norms of the Securities and Exchange Board of India (Sebi).   The regulator had asked the fund houses to follow the KYC norms from July 2. The norms seek mandatory disclosure of the PAN number by the investor.   However, last week, the Sebi allowed fund houses to accept investments from investors, who have applied for PAN, provided they attach evidence of their PAN application with their investment form.   This exemption is given till December 31, 2007. The Sebi has also exempted micro-pension schemes from this compliance.   Earlier, investors investing above Rs 50,000 had to disclose their PAN details. But, following the new KYC norms, every MF investment will require either PAN or its application proof.   The decision will mainly affect fund houses, which are targeting low-income investors, especially based in rural and semi urban areas, as a significant number of these investors do not have PAN.   Funds such as UTI, Lotus and ICICI Prudential had recently started micro-SIPs, through which investors could invest a minimum of Rs 50-100 a month in a mutual fund scheme. The fund houses have tied up with co-operative institutions, local trade bodies for attracting their members to the MF fold.   Even though the contribution of these investors to the overall MF corpus is very minuscule, the fund industry is finding implementation of this decision a hard task. The distributors are also worried over the decision, as the responsibility of getting the PAN compliance from investors rest on them.