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Permanent Account Number (PAN)

25 Mar 2017

Aadhaar to be mandatory for mobile phone verification

by K.Sundar | posted in: Corporate Updates, Economy, Business Updates, Corporate Affairs, Income Tax,e-Filing- Individuals, Firms, Companies | 0

After making Aadhaar mandatory for filing income tax returns and applying for a permanent account number (PAN), the government has moved to make Aadhaar-based e-KYC (know your customer) mandatory for mobile phone connections.

In a notification late Thursday, the department of telecommunications (DoT) directed all mobile phone service providers to reverify existing customers, prepaid and postpaid, using their unique Aadhaar identity number and biometric details. They were told to complete the exercise by early next year.

Aadhaar-based e-KYC would also be mandatory for customers procuring new SIM cards.

It is another step towards making the use of Aadhaar all-pervasive in a country where it is already being used to better target beneficiaries of some government subsidies and welfare programmes.

On Tuesday, the government said Aadhaar would be mandatory for filing income tax returns as well as for obtaining and retaining the permanent account number (PAN) that taxpayers need to quote in their returns. From 1 July, every taxpayer will have to quote Aadhaar while applying for a PAN and when filing tax returns. Existing PAN holders will have to disclose their Aadhaar numbers to the government by a date that will be specified later. In case they fail to intimate their Aadhaar number, taxpayers will have the PAN allotted to them deemed invalid.

The move to link mobile phone connections to Aadhaar, administered by the Unique Identification Authority of India (UIDAI), comes after the Supreme Court said in February that all phone numbers in India should have verified users. The court said this during a hearing on a case brought by Lokniti Foundation, a non-profit organization.

Although the Supreme Court stopped short of saying that Aadhaar has to be used to verify users, the government seems to have decided that linking the unique identity number to mobile connections will be the best way to go about this.

“A meeting was held on 13.02.2017 in the department with the telecom industry wherein UIDAI, Trai and PMO representatives also participated to discuss the way forward to implement the directions of Hon’ble Supreme Court,” said the notification issued by DoT.

Trai is short for the Telecom Regulatory Authority of India and PMO for the Prime Minister’s Office.

Any unverified mobile phone number, or any number that is not linked to Aadhaar, will be illegal after 6 February 2018.

The government has directed telecom companies to intimate their existing subscribers about the re-verification process through all means possible, including through advertisements in newspapers and text messages.

The licensees have also been directed to send a “verification code” to the mobile numbers of subscribers to ensure that SIM cards are physically available with the subscribers before initiating the e-KYC process.

“I am unclear about the benefit that will arise out of the exercise where we will have to re-evaluate all the subscribers,” said Arpita Pal Agarwal, partner and leader—telecom industry practice—at consultancy PricewaterhouseCoopers India Pvt. Ltd. “It will add additional costs to the (telecom) sector, which it at the moment cannot afford.”

The Supreme Court previously said in an interim ruling that the use of Aadhaar should not be mandatory in delivering government benefits. Hearings in the case and a final ruling are still pending. The legislation that conferred statutory status on the Aadhaar project too said its use wouldn’t be mandatory.

“The government can decide with the legislature on making Aadhaar compulsory for the various schemes or activities. However, I don’t understand why are they making it compulsory for some schemes on their own when a decision is still pending before the Supreme Court. They can be easily challenged,” said Rahul Matthan, partner at law firm Trilegal and a Mint columnist.

According to former rural development secretary N.C. Saxena, the delivery of benefits offered by government schemes should be linked to Aadhaar.

“Aadhaar should become compulsory as it will help government check corruption. I don’t know why people are against it. We can start making Aadhaar compulsory one scheme at a time, see its impact and then extend it to other schemes,” he said.
Source: http://www.livemint.com/Industry/wyGskI48Ak73ETJ5XW0diK/Aadhaar-now-a-must-for-all-mobile-phone-connections-after-ta.html

Aadhaar, Black Money, Income Tax Return (ITR), Know Your Customer (KYC), Permanent Account Number (PAN), PricewaterhouseCoopers
24 Mar 2017

Aadhaar to be mandatory for income tax returns, getting PAN

by K.Sundar | posted in: Corporate Updates, Economy, Business Updates, Corporate Affairs, Income Tax,e-Filing- Individuals, Firms, Companies | 0
Once passed by Parliament, the finance bill amendments will further tighten the noose around tax evaders and aid the government’s drive against black money.

The government on Tuesday proposed making Aadhaar, the unique number issued by the Unique Identification Authority of India, mandatory for filing of income-tax returns as well as for obtaining and retaining the permanent account number (PAN). It also proposed making cash transactions above Rs2 lakh illegal, reducing the limit from the earlier proposed one of Rs3 lakh, as per the official amendments to the finance bill 2017 moved by the government.

Once passed by Parliament, these amendments will further tighten the noose around tax evaders and aid the government’s drive against black money.

According to the amendments, from 1 July, every taxpayer will have to quote Aadhaar while applying for a PAN and while filing income-tax returns. Further, existing PAN holders will have to disclose their Aadhaar numbers to the government by a date that will be specified later. In case of failure to intimate the Aadhaar number, the PAN allotted to the person shall be deemed invalid.

The government’s move to link Aadhaar will help in weeding out tax evaders who have multiple PANs. Though the income-tax department has been seeding PAN with Aadhaar for the last few years, the pace of the linkage has not been very good.

Taxpayers who do not have an Aadhaar number are required to quote their Aadhaar enrolment number, the amendments said.

The finance bill is expected to receive the Lok Sabha’s nod on Wednesday.

The government’s proposal to cap cash transactions at Rs 2 lakh will create a paper trail for all high-value transactions and hit purchases of real estate, jewellery and luxury goods.

While presenting the Union budget, finance minister Arun Jaitley had on 1 February proposed that the legal limit for cash transactions would be Rs 3 lakh, in line with the recommendations of the Supreme Court-constituted Special Investigation Team (SIT) on black money.

Revenue secretary Hasmukh Adhia tweeted on Tuesday that the penalty for a violation would be a fine equivalent to the value of the transaction.

Source: http://www.livemint.com/Politics/3FcQ9lHm7TWX5B0Hn7ZXiO/Aadhaar-to-be-mandatory-for-income-tax-returns-getting-PAN.html

Aadhaar, Arun Jaitley, Black Money, Income Tax Return (ITR), Permanent Account Number (PAN)
23 Feb 2017

No need for employer attestation – EPFO’s new Composite Claim Forms

by K.Sundar | posted in: Corporate Updates, Economy, Business Updates, Corporate Affairs | 0
For subscribers, who are yet to seed Aadhaar and Bank details with their UAN, new Composite Claim Form (Non-Aadhaar) replaces the existing Forms No. 19, 10C & 31

With a view to make its services available to its stakeholders in an efficient and transparent manner, EPFO had introduced Universal Account Number (UAN). Subscribers, who seed Aadhaar and Bank account details, to their UAN have the facility to submit claim forms directly to EPFO without the attestation of employers by preferring claims in Forms No. 19 (UAN), 10C (UAN) & 31(UAN).

To add further convenience, these forms now have been further simplified and replaced with a single page Composite Claim Form (Aadhaar). This new Composite Claim Form (Aadhaar), can be submitted without the attestation of employers.

For subscribers also, who are yet to seed Aadhaar and Bank details with their UAN, new Composite Claim Form (Non-Aadhaar) replaces the existing Forms No. 19, 10C & 31. The new Single page Composite Claim Form (Non-Aadhaar), can be submitted with the attestation of employers.

Instruction sheet for filing the Composite Claim Form (Aadhaar):

1. The Composite Claim Form (Aadhaar) is applicable in cases where a member’s complete details in Form-11 (New), Aadhaar number and bank account details are available on the UAN Portal and UAN has been activated. Such members can submit this form directly to the concerned FPFO office, without attestation of claim form by the employees.

2. Purpose of advance and documents requited: (The purpose may be on of the following):
i) Housing Loan/ Purchase of site/ house/ flat or for construction/ Addition alteration in existing house/ Repayment of housing loan: No document is required. New Declaration Form/ Utilization Certificate required earlier has been discontinued.
ii) Illness of member/ family: i) Certificate of doctor and ii) Certificate by employer that ESIC facility is not available to the member may be submitted by the member.
iii) Marriage of self/ son/ daughter/ brother/ sister: No document/ Marriage card is required.
iv) Post Matriculation education of children: No document is required.
v) Lockout or closure of factory/ Cut in supply of electricity: No document is required.
vi) Natural calamity: No document is required.
vii) Purchasing equipment by physically handicapped: Medical certificate is required.
viii) One year before retirement: 90% of total PF balance can be withdrawn. No document is required.
ix) Investment in Varistha Pension Bima Yojana: 90% of total PF balance can be transferred to LIC. No document is required.

3. No revenue stamp (Rs 1) is required to be affixed by the member.

4. Income Tax (TDS) is deducted if the service is less than 5 years (60 months). No TDS is deducted in case the total balance is less than Rs 50,000. However, TDS is deducted @10% if the member submits PAN in such cases. In case PAN is not submitted, then TDS @34.608% is deducted.

5. The total service in the present establishment as well as previous establishment is counted and, therefore, it is advisable to merge all PF accounts.

6. Pension withdrawal benefit can be availed only if the service is less than 10 years.

Instruction sheet for filing the Composite Claim Form (Non-Aadhaar)

1. Purpose of advance and documents requited: (The purpose may be on of the following):
i) Housing Loan/ Purchase of site/ house/ flat or for construction/ Addition alteration in existing house/ Repayment of housing loan: No document is required. New Declaration Form/ Utilization Certificate required earlier has been discontinued.
ii) Illness of member/ family: i) Certificate of doctor and ii) Certificate by employer that ESIC facility is not available to the member may be submitted by the member.
iii) Marriage of self/ son/ daughter/ brother/ sister: No document/ Marriage card is required.
iv) Post Matriculation education of children: No document is required.
v) Lockout or closure of factory/ Cut in supply of electricity: No document is required.
vi) Natural calamity: No document is required.
vii) Purchasing equipment by physically handicapped: Medical certificate is required.
viii) One year before retirement: 90% of total PF balance can be withdrawn. No document is required.
ix) Investment in Varistha Pension Bima Yojana: 90% of total PF balance can be transferred to LIC. No document is required.

 

For subscribers, who are yet to seed Aadhaar and Bank details with their UAN, new Composite Claim Form (Non-Aadhaar) replaces the existing Forms No. 19, 10C & 31. The new Single page Composite Claim Form (Non-Aadhaar), can be submitted with the attestation of employers.

 

Instruction sheet for filing the Composite Claim Form (Aadhaar):

1. The Composite Claim Form (Aadhaar) is applicable in cases where a member’s complete details in Form-11 (New), Aadhaar number and bank account details are available on the UAN Portal and UAN has been activated. Such members can submit this form directly to the concerned FPFO office, without attestation of claim form by the employees.

2. Purpose of advance and documents requited: (The purpose may be on of the following):
i) Housing Loan/ Purchase of site/ house/ flat or for construction/ Addition alteration in existing house/ Repayment of housing loan: No document is required. New Declaration Form/ Utilization Certificate required earlier has been discontinued.
ii) Illness of member/ family: i) Certificate of doctor and ii) Certificate by employer that ESIC facility is not available to the member may be submitted by the member.
iii) Marriage of self/ son/ daughter/ brother/ sister: No document/ Marriage card is required.
iv) Post Matriculation education of children: No document is required.
v) Lockout or closure of factory/ Cut in supply of electricity: No document is required.
vi) Natural calamity: No document is required.
vii) Purchasing equipment by physically handicapped: Medical certificate is required.
viii) One year before retirement: 90% of total PF balance can be withdrawn. No document is required.
ix) Investment in Varistha Pension Bima Yojana: 90% of total PF balance can be transferred to LIC. No document is required.

3. No revenue stamp (Rs 1) is required to be affixed by the member.

4. Income Tax (TDS) is deducted if the service is less than 5 years (60 months). No TDS is deducted in case the total balance is less than Rs 50,000. However, TDS is deducted @10% if the member submits PAN in such cases. In case PAN is not submitted, then TDS @34.608% is deducted.

5. The total service in the present establishment as well as previous establishment is counted and, therefore, it is advisable to merge all PF accounts.

6. Pension withdrawal benefit can be availed only if the service is less than 10 years.

 

Instruction sheet for filing the Composite Claim Form (Non-Aadhaar)

1. Purpose of advance and documents requited: (The purpose may be on of the following):
i) Housing Loan/ Purchase of site/ house/ flat or for construction/ Addition alteration in existing house/ Repayment of housing loan: No document is required. New Declaration Form/ Utilization Certificate required earlier has been discontinued.
ii) Illness of member/ family: i) Certificate of doctor and ii) Certificate by employer that ESIC facility is not available to the member may be submitted by the member.
iii) Marriage of self/ son/ daughter/ brother/ sister: No document/ Marriage card is required.
iv) Post Matriculation education of children: No document is required.
v) Lockout or closure of factory/ Cut in supply of electricity: No document is required.
vi) Natural calamity: No document is required.
vii) Purchasing equipment by physically handicapped: Medical certificate is required.
viii) One year before retirement: 90% of total PF balance can be withdrawn. No document is required.
ix) Investment in Varistha Pension Bima Yojana: 90% of total PF balance can be transferred to LIC. No document is required.

2. No revenue stamp (Rs 1) is required to be affixed by the member.
3. Income Tax (TDS) is deducted if the service is less than 5 years (60 months). No TDS is deducted in case the total balance is less than Rs 50,000. However, TDS is deducted @10% if the member submits PAN in such cases. In case PAN is not submitted, then TDS @34.608% is deducted.
4. The total service in the present establishment as well as previous establishment is counted and, therefore, it is advisable to merge all PF accounts.
5. Pension withdrawal benefit can be availed only if the service is less than 10 years.

Source: http://www.financialexpress.com/money/heres-all-you-need-to-know-about-epfos-new-composite-claim-forms/562120/

Aadhaar, EPFO, Online, Permanent Account Number (PAN), Tax Deducted at Source (TDS)
13 Jan 2017

India, Cyprus seal revised tax treaty

by K.Sundar | posted in: Corporate & Business Advisory Services, Corporate Updates, Cross Border Transactions, M&As, Joint Ventures, Economy, Business Updates, Corporate Affairs, Income Tax,e-Filing- Individuals, Firms, Companies | 0

India and Cyprus on Friday signed a new double tax avoidance pact under which capital gains tax will be levied on sale of shares on investments made after April 1, 2017, bringing the island nation at par with Mauritius in terms of tax treatment. The latest pact would replace the existing Double Tax Avoidance Agreement (DTAA), which was in place since June 13, 1994.

“The new DTAA provides for a source-based taxation of capital gains arising from alienation of shares, instead of a residence-based taxation provided under the existing DTAA. However, a grandfathering clause has been provided for investments made prior to April, 1 2017, in respect of which capital gains would continue to be taxed in the country of which taxpayer is a resident,” the finance ministry said in a statement.

The new agreement provides for assistance between the two countries for collection of taxes. The new agreement also updates the provisions related to exchange of information to accepted international standards, which will enable exchange of banking information and allow the use of such information for purposes other than taxation with the prior approval of the competent authorities of the country providing the information.

The new agreement expands the scope of ‘permanent establishment’ and reduces the tax rate on royalty in the country from which payments are made to 10% from the existing rate of 15%, in line with the tax rate under Indian tax laws. It also updates the text of other provisions in accordance with the international standards and consistent policy of India in respect of tax treaties.

Provisions of new DTAA will enter into force after the completion of necessary internal procedures in both the countries and is expected to come into effect in India in respect of income derived in fiscal years beginning on or after April 1, 2017, the finance ministry added.

Source: http://www.financialexpress.com/economy/india-cyprus-seal-revised-tax-treaty/449547/

Cyprus, Double Taxation Avoidance Convention, DTAA, FDI(Foreign Direct Investment), Permanent Account Number (PAN), Taxation
10 Sep 2016

CBDT launches online ‘nivaran’ to resolve I-T grievances

by K.Sundar | posted in: Corporate & Business Advisory Services, Corporate Updates, Income Tax,e-Filing- Individuals, Firms, Companies | 0
CBDT has launched the ambitious ‘e-nivaran’ facility for online redressal of taxpayers’ grievances related to refunds, ITRs and PAN among others as part of its initiative to reduce instances of harassment of the public when it comes to complaints related to the I-T department.


An exclusive ‘e-nivaran’ (electronic resolution) link has recently been activated on the e-filing portal of the department-www.incometaxindiaefiling.gov.In — where taxpayers can register their complaints through their personal computer systems and receive a special PIN number on their registered mobile and email, as their unique number to keep track of the issue.


The ‘e-nivaran’ module, a senior official said, will work on the lines of the internet-based Income Tax Returns (ITRs) filing system and taxpayers can register all complaints related to delay in refunds, filing of e-returns, Tax Deducted at Source (TDS), PAN issues, and those pertaining to their Assessing Officer (AO).


“People who do not have a Permanent Account Number (PAN) but have some problem in connection with their I-T case can also use the e-nivaran facility. Documents can be uploaded in a PDF format and clubbed as a ZIP file,” the official said.


A special space has also been provided for ‘grievance description’ along with furnishing of details like mention of the Assessment Year (in case of individual) or the Financial Year (in case of deductor).


Address, postal PIN code, mobile number and email are mandatory fields to be filled up.


“The new system will ensure, like e-filing, that the taxpayer gets his grievance redressed by just using an internet-enabled computer and does not require them to travel to a tax office. The ‘e-nivaran’ has been now connected to all electronic databases and the modern business application software platform of the department to ensure quick resolution,” the official said.


The ‘e-nivaran’ form is also expected to be provided at the Aaykar Sampark Kendras (ASK) (tax facilitation centre), located in over 300 cities, in a physical form which will later fed into the system by tax officials.


Once the grievance is registered, the system will also issue an acknowledgment number which can be quoted by the taxpayer for all his future communications with the taxman and also to track the progress of the complaint.

Source: http://www.business-standard.com/article/economy-policy/cbdt-launches-online-nivaran-to-resolve-i-t-grievances-116090800802_1.html

Central Board of Direct Taxes (CBDT), Ease of doing business, Economy, Income Tax (IT), Income Tax Return (ITR), Permanent Account Number (PAN), Taxation
24 Aug 2016

India has 7.4 crore taxpayers: CBDT chief

by K.Sundar | posted in: Corporate Updates, Economy, Business Updates, Corporate Affairs, Income Tax,e-Filing- Individuals, Firms, Companies | 0

India’s income taxpayer base has touched 7.4 crore, CBDT Chairperson Rani Singh Nair said here on Tuesday. This is a significant increase from the 5 crore number bandied about in official circles in the recent past.

Prime Minister Narendra Modi had in June this year urged the income tax department to aspire for a taxpayer base of 10 crore.

Nair counted both income-tax return filers and those covered under tax deduction at source (TDS) to put the figure at 7.4 crore.

Replying to a question at the 13th International Tax Conference organised by industry body Assocham, the CBDT chief said there was a need to both widen and deepen the taxpayer base.

She noted that at 17 per cent, India’s tax-to-GDP ratio figured much lower than the 23-24 per cent seen in many countries, including among its neighbours.

Nair, however, parried a question on whether the Centre was contemplating taxing the agricultural rich to bolster its tax revenues. “As you are aware, agricultural income is a Constitutional issue. It requires a Constitutional amendment,” she said.

Cash transactions

Nair also said the Centre was considering the Special Investigation Team’s (SIT) recommendation to ban all cash transactions in excess of Rs. 3 lakh.

“As far as the Income Tax Department is concerned, we have put a 1 per cent TCS (Tax Collected at Source) on cash transactions; we have made PAN quoting mandatory. All these aspects are also part of the SIT recommendation to stop the use of cash in the economy. The recommendation on Rs. 3 lakh and above is under consideration,” she said.

Source: http://www.thehindubusinessline.com/economy/macro-economy/india-has-74-crore-taxpayers-cbdt-chief/article9022534.ece

 

Central Board of Direct Taxes (CBDT), Economy, Income Tax (IT), Income Tax Return (ITR), Narendra Modi, Permanent Account Number (PAN), Tax Deducted at Source (TDS), Taxation
5 Jul 2016

E-filing: Online verified ITRs cross over 1 crore mark

by K.Sundar | posted in: Corporate Updates, Income Tax,e-Filing- Individuals, Firms, Companies | 0

The Income Tax department’s ambitious plan to verify ITRs electronically through an internet-based system by using the Aadhaar and banking database has crossed the one crore mark.

As per the latest data, over 1.02 crore Income Tax Returns (ITRS) have been verified by the internet-based electronic filing system of the department.
“The figures for e-verified ITRs stand at 1,02,08,715 as of now. The one crore mark was achieved recently and the department wants this to grow by leaps and bounds so that e-filing becomes more popular with taxpayers,” a senior official said.

The Central Board of Direct Taxes (CBDT), the policy-making body for the I-T department, had first launched the initiative of linking the two databases– Permanent Account Number and Aadhaar– late last year to start a hassle-free and quick electronic filing regime for taxpayers with the help of a One Time Password (OTP) via SMS or email.

The e-filing system allows online verification of a person’s ITR by using either the Aadhaar number, internet banking or bank account along with email and mobile number, thereby ending the practice of sending paper acknowledgment to the Centralised Processing Centre (CPC) of the department located in Bengaluru.

The online ITR filing portal of the department is available at https://incometaxindiaefiling.Gov.In.

According to the rules notified in this regard by CBDT in July last year, any taxpayer whose income is Rs 5 lakh or below per annum and has no refund claims can straightaway generate the Electronic Verification Code (EVC) for e-filing and validating their ITR through their registered mobile number and e-mail ID with the department.

They get a system generated one-time password (OTP) to validate their ITRs with the help of the Aadhaar number, e-banking facility and through the ATM-link in certain cases.

This new measure has eliminated the need of sending the paper acknowledgment called ITR-V through post to the CPC.

Under the same initiative, over 65 lakh linkages have been achieved till now between the Aadhaar and PAN databse.

 

Source:  http://www.business-standard.com/article/pti-stories/e-filing-online-verified-itrs-cross-over-1-crore-mark-116070400481_1.html

Aadhaar, Central Board of Direct Taxes (CBDT), Corporate, CPC Bengaluru, E-Filing, Income Tax Return (ITR), Permanent Account Number (PAN), Taxation

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