Further to the demonetization of the high denomination notes, which is resulting in huge deposits of cash in Bank accounts, to monitor the possible tax evasion CBDT has mandated the reporting of the same by Banks / Cooperative society / Post Offices by amending the Rule 114E of Income Tax.CBDT vide its notification no. 104/2016 dated 15th NovembeRead more
Paperless PAN and TAN applications i.e., online application for PAN and TAN registration has been introduced by the CBDT. The primary objective of this initiative is to increase the speed at which PAN and TAN can be registered. According to the new process, the PAN and TAN which can be applied online will be allotted within one day of completion oRead more
The following post is a press release from ITD i.e., the Income Tax Department which speaks about the implementation of Paperless PAN and TAN application. Government of India Ministry of Finance Department of Revenue Central Board of Direct TaxesNew Delhi, 22nd July, 2016.Sub :- Ease of Doing Business – Paperless PAN and TAN application proRead more
In order to restrain the circulation of black money and to increase the tax base, the government has recently updated the conditions for which quoting of PAN is mandatory. This will be applicable for transactions which exceed a certain limit which is specified.This change was made based on the recommendation of the Special Investigation Team (SIT)Read more
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