Tuesday, 11 March 2014

New PAN procedures to eliminate fake cards

We also bring to you latest news from Tax in India. Below is the article published in one of the News Tabloid in India dated 29.01.2014

The new procedures notified by the Income Tax department for obtaining a PAN card is expected to eliminate the problem of fake and multiple cards.
Officials in the income tax department also said that the cost of obtaining a PAN card after rounding off has now been fixed at R105, including taxes.

The I-T department recently notified new procedures for verifying personal and proprietary data of an individual or entity for allotment of new Permanent Account Number (PAN) cards.
‘‘The new procedures of checking original documents for proving date of birth, address and identity have been brought in to check the complaints of fake PAN cards or multiple cards obtained by any entity," a senior I-T official said on Tuesday.

From February 3, the Central Board of Direct Taxes (CBDT) has notified that individuals or others wanting PAN will have to furnish copies of proof of identity, address and date of birth attached with their application forms and they will be checked against their original documents when applications are submitted at PAN facilitation centres.

While the original documents would be returned to applicants after on-the-spot verification, the applicant has to self-attest the photocopies.

The I-T department has found a number of individuals possessing multiple PAN cards or forging details to evade taxes and create ‘benami’ properties.
‘‘The technology systems of the I-T department will now be made error-free and robust once PAN card data is entered as correctly as possible,’’ the official said, adding the new cards issued henceforth will feature the name and date of birth of the applicant and not the address details similar to the older version. PAN is a 10-digit alphanumeric unique number allotted by the I-T department to taxpayers.

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