Government of India has Issued Notices to more than 35,000 PAN Holders who are holding PAN Card but have not Disclosed their Income..................There are more than 12,00,000 cases across the country.
This is the First Batch of more than 35000 holders. This step is taken with a view of trying to bring down their Fiscal Deficit.
There are basically two reasons
1. Govt. is Trying to Spread Awareness to the Assesses that they should fill their return even if their Income is NIL.
2. Govt. is trying to generate their Source of income on those Assesses who are liable to pay their Taxes but are Evading their Taxes.
Yesterday's Economic Times Newspaper........!!!!
ways in which incometax departements gets your information
1. You have deposited Rs 10 lakhs in aggregate in a savings account with a bank.
2. Payments of Rs 2 lakhs in aggregate in a year made through your credit cards.
3. Bought Mutual Fund units for Rs 2 lakhs from a mutual fund company.
4. Invested Rs 5 lakhs in bonds or debentures issued by the company or institution. 5. Applied for shares in IPOs for Rs 1 lakhs or more.
6. Purchased or sold immovable property valued at 30 lakh rupees or more.
7. Applied for RBI bonds for 5 lakh rupees or more in a year Thanks For Reading
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i am agree with mr.deepak bhagtani
There are basically two reasons 1. Govt. is Trying to Spread Awareness to the Assesses that they should fill their return even if their Income is NIL.
2. Govt. is trying to generate their Source of income on those Assesses who are liable to pay their Taxes but are Evading their Taxes.
Now-a-days PAN No. is every where reqiuied for small and big people..Then If any one has not disclose their Income and have requirements of PAN then what to do ? Like deposit cash with bank more then 50,000 required PAN No.. Now-a-days 50,000 is very nominal amount , investores of Mutual funds r compulsory required PAN No..! So not clear cut reasons..
Yes, I agreed with Bhargav. Now-a days in India a much number of lower group income people have to obtain PAN Card and it is rediculous to tell them to file return. Because their annual income is much lower than the exempted limit.
@ Bhargav & Sanjay :- Yes I agree with you that today even small or people having lower income have PAN card but gov. is not trying to catch them.............they are trying to catch those people who are TAX EVADERS.
May be According to my opinion Govt. is trying to say that PAN Card is not the only source of Document............ There are other documents like Election Card, Or Aadhar Card which can be Produced as a Source Of Evidence of Identity and Address Proof.
| Originally posted by : Deepak Bhagtani | ||
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@ Bhargav & Sanjay :- Yes I agree with you that today even small or people having lower income have PAN card but gov. is not trying to catch them.............they are trying to catch those people who are TAX EVADERS. May be According to my opinion Govt. is trying to say that PAN Card is not the only source of Document............ There are other documents like Election Card, Or Aadhar Card which can be Produced as a Source Of Evidence of Identity and Address Proof. |
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I already wrote 2 required field where PAN is compulsory i.e. Cash deposit more than 50,000 and in Mutual fund Investments. There is no other option as you are talking about other documents...!
@ Bhargav :- There is always a high possibility that a person Depositing more than 50,000 in a bank and Person investing in Mutual Funds must be filling their Returns..................So they are not under the govt. Scanner as already stated by me.
aane do dekh lenge
Thanks.
Finally got to see some important info on this site after a long long time.
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