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High-value transactions of more than Rs 50,000 and above require PAN details LATEST NEWS     :     Of the 1.1 million permanent account numbers (PAN) that the government deactivated last month, income-tax (I-T) sources say a majority were duplicates and were being used to open share-trading and demat accounts, transact on the stock markets, and operate in shell firms. The I-T department has discovered one individual could have five to seven PAN cards, each with a slightly different spelling of the holder’s name. According to I-T officials, such people, who have been identified as small- and medium-sized stock brokers, sub-brokers and their clients, have evaded taxes. They could have evaded so by using one card for filing tax returns, and others for investing in financial instruments or making high-value transactions, said a senior tax official. High-value transactions of more than Rs 50,000 and above require PAN details. Dur...

1.08 cr assessees done with linking; over 25 cr PAN card holders, 111 cr Aadhaar holders in India If you have not linked your Aadhaar with your PAN on the income tax portal yet, you should not delay it. As per latest circular from income tax (I-T) department, it is now mandatory to provide Aadhaar and permanent account number (PAN) details while filing tax returns. The rule which will be applicable from July 1, 2017 is aimed at tax evaders who hold multiple PAN cards to escape paying tax. Therefore, after linking both the Aadhaar and PAN, the government hopes to keep tabs on the taxable transactions of a particular individual or entity, whose identity and address will be verified by his Aadhaar card By linking the two, entities will no longer have to submit their Income Tax acknowledgement to the I-T department, thus saving tax payers a lot of trouble. When linking, make sure that name, date of birth and gender displayed on the income tax website matches with the detail o...