Update: Due to the outbreak of COVID-19, the Finance Ministry has extended the deadline of the Aadhaar-PAN linking till the 31st of March 2021. Permanent Account Number ( PAN ) holds extreme importance in India, not only for Income Tax purposes but also as a proof of identity. Any incorrect information on your PAN can lead to problems in future. So it is advised to get the mistakes and inaccuracies in your PAN corrected as soon as possible. Table of Content: 1 ..
RBI has withdrawn Rs 2000 notes from circulation. Individuals holding Rs 2000 notes can now either exchange them for other denomination notes from a bank or deposit the same into their bank accounts. However, if you deposit more than Rs 50,000 in a single transaction, then you have to mandatorily quote your PAN as per income tax rules. Rule 114B of the income tax rules makes it mandatory for an individual to quote his/her PAN if the cash deposit in a single day either with a bank or post..
In order to provide some more time to the taxpayers, the date for linking PAN and Aadhaar has been extended to 30th June, 2023, whereby persons can intimate their Aadhaar to the prescribed authority for Aadhaar-PAN linking without facing repercussions. Notification to this effect is being issued separately. Under the provisions of the Income-tax Act, 1961(the ‘Act’) every person who has been allotted a PAN as on 1st July, 2017 and is eligible to obtain Aadhaar Number, is requ..
1. Compliance with the law The government of India has made it mandatory to link your PAN card with Aadhaar card as per Section 139AA of the Income Tax Act, 1961. 2. Avoiding Penalties If you don't link your PAN card with Aadhaar card, you may face a penalty of up to Rs. 1,000. Moreover, non-linking of PAN with Aadhaar may lead to the deactivation of your PAN card. 3. Simplified Tax Filing Linking your PAN card with Aadhaar card can simplify the tax filing process as..
SEBI has directed all investors to link PAN with Aadhaar numbers by 31st March 2023 for seamless transactions in the securities market. SEBI has stated that the deadline for linking PAN with Aadhar Card deadline of 31st March 2023 was given by the Central Board of Direct Taxes (CBDT) vide its circular No. 7 of 2022 dated March 30, 2022 last year. As this deadline is approaching SEBI has directed investors to ensure that their Aadhar card is linked with PAN. SEBI has also highlighted about con..
Aadhaar is a 12-digit unique identification number issued by the Indian government to its citizens, while Permanent Account Number (PAN) is a 10-digit alphanumeric number issued by the Income Tax department to individuals and entities for tax purposes. The Indian government has mandated that all PAN holders must link their Aadhaar number to their PAN card. The deadline to link Aadhaar with PAN has been extended several times in the past, and the latest deadline is March 31, 2023. If an ind..
The income tax department has issued a warning to taxpayers who are yet to link their PAN with their Aadhaar. As per the latest update on the tax department's e-filing website, "All PAN holders, who do not come under the exempt category as per Notification No. 37/2017, dated 11th May, 2017 and have not linked their Aadhaar with PAN yet, are requested to do so immediately. Failure to do so will lead to the unlinked PAN becoming inoperative." The last date to link PAN with Aadhaar..
The Central Board of Direct Taxes (CBDT) has eased the requirement of quoting Permanent Account Number (PAN) or Aadhaar in the case of certain transactions by the government or a consular office, showed an official order. The official notification has been mentioned below - MINISTRY OF FINANCE (department of revenue) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION New Delhi, 1st September, 2022 INCOME-TAX G.S.R. 677(E).—In exercise of the powers conferred by section 139A read with ..
PAN card or Permanent Account Number is a unique ten-digit alphanumeric number issued by NSDL in India. It is used for various tax purposes while filing as identity proof and serves as valid identity proof for multiple other processes. How To Update Details on Your PAN Card If you have any changes in detail printed on your PAN Card, you can make that easy by both online and offline methods for PAN Card correction. Steps To Make Changes in Your PAN Card Online 1. Log in ..
As on 24-01-2022, the total number of Permanent Account Numbers (PANs) linked with Aadhaar is 43,34,75,209. This was stated by Union Minister of State for Finance Shri Pankaj Chaudhary in a written reply to a question in Lok Sabha today. The Minister further stated that the time-limit as extended by the Government for linking all PAN cards with Aadhaar cards is 31-03-2022. Speaking on the difficulties involved, the Minister stated that there could be different reasons for difficu..
PERMANENT ACCOUNT NUMBER (PAN) PAN is assigned to all the taxpayers in India as an identification number. PAN number is a single number which is an electronic system and has all the tax related information for a company or for a person. This act as a primary key for storing information and it can be shared all over the country. There cannot be any entities who have same PAN. ELIGIBILITY PAN card can be issued to an individual, NRI (Non-Resident Indians), companies or anyone who is payin..
AADHAR - PAN LINKING As per Section 139AA of the Income Tax Act, every person who has PAN as on July 1, 2017, is required to link his/her PAN with his/her Aadhaar number within the due date notified by the government provided such person is eligible to obtain an Aadhaar number. Also, every person who is eligible to obtain an Aadhaar number shall, on or after the 1st day of July 2017, quote Aadhaar number - in the application form for allotment of permanent account number; in the re..
Government Simplifies Registration Process for MSMEs Only PAN, Aadhaar Required for MSME Registration Minister for Road Transport & Highways and Micro, Small and Medium Enterprises, Shri Nitin Gadkari announced simplification of process for registration of Micro, Small and Medium Enterprises. Addressing a webinar of SMEStreet GameChangers Forum this evening, Shri Gadkari said that now only PAN and Aadhaar will be required for registration of MSMEs. The Minister added that after gettin..
206AA. (1) Notwithstanding anything contained in any other provisions of this Act, any person entitled to receive any sum or income or amount, on which tax is deductible under Chapter XVIIB (hereafter referred to as deductee) shall furnish his Permanent Account Number to the person responsible for deducting such tax (hereafter referred to as deductor), failing which tax shall be deducted at the higher of the following rates, namely: - at the rate specified in the relevant provision of this..
1. What is Form 49A? Form 49A is the PAN Card application form for allotment of Permanent Account Number for Residents of India. Any Individual who wishes to apply for PAN should fill Form 49A. This form can be filled both in Offline mode and in Online Mode. We will be discussing both the options here. 2. How to download Form 49A- PAN Application Form? You can get a PAN card by applying through the NSDL (National Securities Depository Limited) as well as through the UTIISL (UTI Infrastr..
Whenever you are going to pay any invoice, it is very important to first ensure that whether the mentioned GST number on the invoice is correct or not. Goods and Service Tax Identification Number is your business identity number registered with the Government of India. Many times the suppliers misuse fake GSTIN to collect taxes from the customer and to issue bogus invoices for fake inward supplies to claim Input Tax Credit. To protect honest taxpayers from such malpractices and catch the mali..
A. PAN IN RETURNS OR CERTIFICATES OR CORRESPONDENCE Every person shall quote his permanent account number (PAN) in all his returns or challans or correspondence with any income-tax authority. Other than this, every person shall quote his PAN in all documents pertaining to the transactions specified in rule 114B and given in the table below: S.N. Nature of transactions Value of transaction 1 Sale or purchase of a motor vehicle (Other than two whee..
To know your Permanent Account Number, Income Tax Department has provided this service on its own website. Apart from this one can also go through NSDL or UTIITSL portal. Applicants can know their PAN Card details like PAN Number, Address, Name, and Date of Birth. The method to know the PAN details is easy and quick. Scroll down and get the most convenient procedures to know your PAN details. Table of Content: 1 How can I know my PAN card details..
Key highlight: • FM launches facility of Instant PAN through Aadhaar based e-KYC Decoding the Circular: Smt. Nirmala Sitharaman, Union Minister for Finance & Corporate Affairs has launched the facility for instant allotment of PAN (on near to real-time basis). About the facility availability: Facility is available for those PAN applicants who: • possess a valid Aadhaar number and • have a mobile number registered with Aadhaar. • The allotment process i..
In line with the announcement made in the Union Budget, Union Minister for Finance & Corporate Affairs Smt. Nirmala Sitharaman formally launched the facility for instant allotment of PAN (on near to real time basis) here today. This facility is now available for those PAN applicants who possess a valid Aadhaar number and have a mobile number registered with Aadhaar. The allotment process is paperless and an electronic PAN (e-PAN) is issued to the applicants free of cost. It may be recal..
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