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<ul><li>Around 95% of India’s <keyword id="6354553" type="COMPANY" weightage="20" keywordseo="real-estate">real estate</keyword> builders and agents have never shared filed <keyword id="6354751" type="UNKNOWN" weightage="20" keywordseo="income-tax">income tax</keyword> returns or shared their tax details with the Registrar of Companies (RoC). </li><li>In addition, out of a sample of 840 companies that did have their PAN details listed, a mere 19% were regularly filing their tax returns. </li><li>The report further stated that owing to a number of assessment errors by in companies’ tax returns, nearly ₹61 billion worth of taxes had been forfeited by the government. </li></ul>India’s taxman can be a raider when he has targets to meet and has little time.The tax department infamously froze bank accounts of <a href="https://www.vccircle.com/angel-tax-govt-freezes-accounts-of-sheroes-owned-babygogo-vc-backed-travelkhana/">two startups</a> last week to collect the controversial ‘<keyword id="6406536" type="UNKNOWN" weightage="20" keywordseo="Angel-Tax">angel tax</keyword>’, which is still being debated over between the government and the industry. The finance minister <a href="https://www.business-standard.com/article/economy-policy/in-talks-with-finmin-to-solve-angel-tax-problem-prabhu-assures-start-ups-119010401022_1.html">promised </a>that no coercive action will be taken till the debate is settled. But the taxman has other priorities. Similarly, the average Joe in India is likely to get a tax notice for ridiculously small amounts, and get a rap for not linking the tax account, what is called the <keyword id="134255" type="COMPANY" weightage="20" keywordseo="permanent-account-number">Permanent Account Number</keyword> (PAN), with his unique biometric identity, the Aadhaar. Meanwhile, 95% of India’s real estate builders and agents have never shared filed income tax returns or shared their tax details with the Registrar of Companies (RoC), according to a report released in Parliament by the Comptroller and Auditor General - India’s federal auditing authority. The report said that 51,760 firms that were assessed as part of an audit by the RoC were yet to furnish their PAN account details. A number of states like Bihar, Rajasthan and Gujarat did not have the details of a single real estate firm. In addition, out of a sample of 840 companies that did have their PAN details listed, a mere 19% were regularly filing their tax returns. In order pay taxes, all companies and entities are required to have a Permanent Account Number (PAN). If their details are missing, it is likely that they could be skimping on tax payments. A cross verification with India’s tax authorities was not able to ascertain whether these companies were paying taxes or not. The problems don’t end there. The report further stated that owing to a number of assessment errors by in companies’ tax returns, nearly ₹61 billion worth of taxes had been forfeited by the government. The report concluded that there was a lack of coordination between the Income Tax (IT) Department and the RoC in this regard, suggesting that when a company applies for or has its PAN updated by the IT Dept, there should me a mechanism in place for the changes to reflect in the RoC. In this regard, the Central Board of Direct Taxation is <a href="https://economictimes.indiatimes.com/news/economy/finance/95-real-estate-companies-outside-the-income-tax-net-finds-cag/articleshow/67959548.cms">said</a> to be working on a scheme to sync the operations of the RoC and the IT Department. The real estate sector is no stranger to tax evasion and fraud. The surprising fact is that the tax department that keeps a tight leash on every other sector except the one that is is infamous as a haven for ill-gotten wealth in the country. The <a href="http://up-rera.in/pdf/reraact.pdf">Real Estate Regulation Act</a> introduced in 2017 was supposed to bring in transparency in the sector and chase out the fly-by-night operators whose only intent was to launder money. Nearly two years since, there are a number of collective action cases pending in India’s courts by disgruntled home-buyers who are yet to have their properties handed over to them by developers. Last year, <a href="https://www.livemint.com/Companies/QtJ3FPnUuluUUuPlPjYatJ/Plea-in-SC-seeks-modification-of-order-remanding-Jaypee-inso.html">Jaypee Infratech</a>, a large builder, commenced insolvency proceedings after a subsidiary failed to deliver over 20,000 units to customers. While many tax-paying home buyers shuttle between courts, builders do not even need to submit PAN. SEE ALSO: <a href="https://www.businessinsider.in/indias-startups-wanted-a-breather-from-angel-tax-but-government-royally-ignored-them/articleshow/67794172.cms">Budget 2019 royally ignored India’s startups</a> <a href="https://www.businessinsider.in/the-indian-government-may-roll-back-tax-on-angel-investments-that-is-said-to-be-hurting-the-countrys-startup-ecosystem/articleshow/67177981.cms">The Indian government may roll back a tax on angel investments that is said to be hurting the country’s startup ecosystem</a> <a href="https://www.businessinsider.in/the-indian-government-now-wants-its-central-banks-help-in-reviving-the-real-estate-sector/articleshow/66748780.cms">The Indian government now wants its central bank's help in reviving the real estate sector</a>

While startups are getting harassed, India’s taxman is turning a blind eye to the evading builders

Form 26 AS is an official form that provides the details pertaining to the tax amount that the deductor has deducted. This form also contains information about the details regarding the tax that was deducted at the source and the details of advance tax. You can also find the details about the refunds, high value transactions that were deducted on behalf of the taxpayer. To make the whole thing simple, we can say <keyword id="455856" type="PERSON" weightage="20" keywordseo="Form-26AS">Form 26As</keyword> is an annual consolidated tax statement that gives the details of your taxes that were paid by you or by the deductor like your employer or bank on your behalf. About Form 26AS Form 26 AS is also called as the annual consolidated statement that will have all the tax related information of the tax payer. You can access your 26AS on the income tax website by using the PAN (<keyword id="134255" type="COMPANY" weightage="20" keywordseo="permanent-account-number">Permanent Account Number</keyword>). Steps to <keyword id="7998857" type="UNKNOWN" weightage="20" keywordseo="download-form-26AS">download Form 26AS</keyword> Here are the simple steps to download Form 26AS Visit the official website of the Income Tax Department incometaxindiaefiling.gov.in. Log on to the website using your Login ID and Password. If you do not have an account already, you will have to register yourself first. Enter the details like your PAN, password, date of birth, date of incorporation. Enter the captcha code and click on ‘Login’. Enter the Pan e-filing site. On the screen you will see, click on ‘My Account’ and then click on ‘<keyword id="7998856" type="UNKNOWN" weightage="20" keywordseo="view-form-26AS">View Form 26AS</keyword>’ You can now view the form 26AS. Click on ‘Confirm’ and this will take you to the TRACES website. Once you are on the TRACES (TDS-CPC) website, select the box on the screen and then click on ‘Proceed’. At the bottom of the page, click on the link ‘Click View Tax Credit (Form 26AS) to view your Form 26AS’. You have to choose the assessment year and the format in which you prefer to. You can also choose to download the form in PDF format. Once you have mentioned your choice, input the Verification Code and then click on ‘View/ Download’. You will get TRACES verification code. For opening the document, you will have to enter a password. The password to view Form 26AS is your date of birth in the DDMMYYYY format. Once you input the password, your Form 26AS will open. Steps to View Form 26AS You can view Form 26AS in two ways. Both these methods use the online mode to display the Form 26AS to the customer. Visit the site <a href="http://www.incometaxindiaefiling.gov.in">www.incometaxindiaefiling.gov.in</a>. Locate where the form 26AS is available. Log into your account using your PAN. If you do not have an account already, you will need to register first. The password for opening Form 26AS is your date of birth in the DDMMYYYY format. After entering this password, you can view Form 26AS. Viewing your Form 26AS through the net banking facility There is an alternative route to view Form 26AS. If you are a PAN card holder and have a net banking account with any authorized bank, you can view Form 26AS. To be able to do this, you must have your PAN number linked to your account.

How to download and view form 26AS

Non-resident companies will now be able to claim benefits of tax treaty, only by providing personal details like name, address and tax residency certificate; they would not have to provide their <keyword id="764765" type="UNKNOWN" weightage="100" keywordseo="Permanent-Account-Numbers">permanent account numbers</keyword> (PAN). 
 The <keyword id="121964" type="ORGANIZATION" weightage="100" keywordseo="Central-Board-of-Direct-Taxes">Central Board of Direct Taxes</keyword> (<keyword id="128665" type="ORGANIZATION" weightage="100" keywordseo="CBDT">CBDT</keyword>) has brought Rule 37BC, relaxing non-residents from furnishing PAN number in India in order to claim TDS benefits. These ‘non-resident’ entities include foreign partnership, foreign body corporate and foreign companies. 
 
Earlier, non-residents who didn’t provide PAN details were subject to higher rate of withholding tax on payments that Indian companies made in form of interest, royalty, fees for technical services. 
 
Now, non-residents will be able to claim the beneficial provisions of the tax treaty by providing some details like name, email-id, address, Tax Residency Certificate (TRC) and Tax Identification Number (TIN) or any similar Unique Identification number that they must have obtained from their country of residence. 
 
As per Section 206AA of IT Act, in absence of PAN, the payer was liable to withhold taxes at the rate of 20% or the rate of tax as per the Act or that as per tax treaty (whichever is higher) while making payment to a non-resident. This made PAN mandatory for every non-resident, which was not an easy process. The new rule removes this need for PAN details. 
 
<a href="http://economictimes.indiatimes.com/photo/48542850.cms">Image source</a>

CBDT eases TDS claims rules for non-resident investors

(Eds: Adds details) New Delhi, Dec 30 () The last date for the mandatory linking of the <keyword id="134255" type="COMPANY" weightage="20" keywordseo="permanent-account-number">Permanent Account Number</keyword> (PAN) with Aadhaar has been extended till March next year, the CBDT said on Monday. The earlier deadline was Tuesday, December 31. "The due date for linking of PAN with Aadhaar as specified under sub-section 2 of section 139AA of the Income-tax Act, 1961 has been extended from December 31, 2019 to March 31, 2020," the department said on its official Twitter handle. This is the eighth time that the Central Board of Direct Taxes (CBDT) has extended the deadline for individuals to link their PAN with Aadhaar. The Supreme Court, in September last year, had declared the Centre's flagship Aadhaar scheme as constitutionally valid and held that the biometric ID would remain mandatory for the filing of I-T returns and allotment of the PAN. Section 139 AA (2) of the Income Tax Act says that every person having PAN as on July 1, 2017, and is eligible to obtain Aadhaar, must intimate his Aadhaar number to tax authorities. Aadhaar is issued by the Unique Identification Authority of India (UIDAI) to a resident of India and PAN is a 10-digit alphanumeric number allotted by the I-T department to a person, firm or entity. The CBDT, that frames policy for the tax department, said a notification numbered 107 has been issued in this context. NES CK

PAN-Aadhaar linking deadline extended for the 8th time, now till March, 2020

PAN - expanded as <keyword id="134255" type="COMPANY" weightage="20" keywordseo="permanent-account-number">Permanent Account Number</keyword> is a code consisting of alphabets and numerals. In total there are 10 characters in a <keyword id="437599" type="PERSON" weightage="20" keywordseo="PAN-number">PAN number</keyword>. PAN is the identification that the <keyword id="65338" type="ORGANIZATION" weightage="20" keywordseo="Income-Tax-Department">Income Tax Department</keyword> provides the taxpayers. The objective of the PAN number is to systematize and monitor the monetary transactions in a way curbing the tax evasion. <keyword id="7998729" type="UNKNOWN" weightage="20" keywordseo="PAN-jurisdiction">PAN Jurisdiction</keyword> Every PAN number in linked to an AO code with 10 digits found in the PAN database. This can be understood as a unique code that contains information including the jurisdiction of the PAN holder, the commissioner’s charge, the region of the chief commissioner, the range of the joint commissioner, the designation and region of the Assessing Officer (AO). Every PAN holder will belong to a particular range based on their geographical location and income source. In every region, there will be multiple units and these units will be called as wards or circles. The ward of a PAN holder depends on the income declared by the candidate. Different income limits go under different sub-jurisdictions. The income up to a particular limit is automatically included in a particular circle. When you change the area of your residence, the AO code can also change. When you want to modify your AO code, you will have to apply for a new AO. Steps to know your PAN jurisdiction <ul><li>Knowing your PAN jurisdiction is a very simple and easy process. You can do this without even logging on to the Income tax website. Follow these steps to know your jurisdiction.</li><li>Visit the official Income Tax Department website. Click on the link ‘Know Your Jurisdiction’.</li><li>Input your PAN and mobile number and click on ‘submit’. </li><li>You will receive a ‘One Time Password’ on your registered mobile number. Input this OTP on the webpage. Remember that you will have to enter the right OTP and you will not be given more than 3 attempts to do this. </li><li>You will now come to the jurisdiction details for your PAN number. The list of details you will get include area code, AO type, AO number, jurisdiction, name of the income tax ward office, range code, email id of the income tax award office and the status of your PAN card. </li></ul>Changing your PAN jurisdiction It is necessary to change your PAN jurisdiction if you have to change your residential address. It is also possible to change your jurisdiction if you are not happy with the way your Assessing Officer functions. Steps to change your Assessing Office <ul><li>Visit the NSDL site and go to the page <a href="https://tin.tin.nsdl.com/pan2/servlet/NewPanCorrectDSC">https://tin.tin.nsdl.com/pan2/servlet/NewPanCorrectDSC</a>.</li><li>Input all the details asked for without any mistakes. Upload your photograph and the supporting documents asked.</li><li>Submit the form and make the payment asked.</li><li>Print the acknowledgement you will get after you have successfully submitted your PAN correction application.</li><li>Put your signature in the acknowledgment, affix your photographs, and sign on one of the photographs. </li><li>Send this acknowledgment attaching all the supporting documents by post to NSDL to reach them within 15 days of applying for the change.</li></ul>

How do you know your PAN jurisdiction?

The income tax department has said that permanent account numbers (PANs) that are not linked to Aadhaar by July 1 will not becoe invalid until further notice. "There is no need for any panic. PAN will not become invalid after June 30," Sushil Chandra, chairman of <keyword id="121964" type="ORGANIZATION" weightage="100" keywordseo="Central-Board-of-Direct-Taxes">Central Board of Direct Taxes</keyword> (<keyword id="128665" type="ORGANIZATION" weightage="100" keywordseo="CBDT">CBDT</keyword>) told <a href="http://economictimes.indiatimes.com/wealth/personal-finance-news/no-e-itr-filing-without-aadhaar-from-july-1-pan-to-be-valid/articleshow/59374074.cms">ET</a>.He added that the date after which PANs not linked to Aadhaar will be declared invalid will be notified by the board later.

PAN without Aadhaar not going to be invalid as of now

New Delhi, Mar 16 () The Income Tax Department on Monday issued a public message saying it was "mandatory" to link PAN with Aadhaar and advised people not to "miss" the stipulated deadline of March 31. The department had last month said Permanent Account Number (PAN) will become "inoperative" if it is not linked with Aadhaar by this date. "Don't miss the deadline!" "It is mandatory to link your PAN and Aadhaar before 31st March, 2020. You can do it through Biometric Aadhaar authentication &amp; also by visiting the PAN service centers of NSDL and UTITSL," the department said in the latest post on social media. In a video, attached with the message on its Twitter handle @IncomeTaxIndia, it said such a linking is for a "beneficial tomorrow". The video described that there are two ways to complete this task: 1. Send SMS to 567678 or 56161 in the format: UIDPAN12digit Aadhaar&gt;10digitPAN&gt; 2. Through e-filing portal of the department: www.incometaxindiaefiling.gov.in. The Central Board of Direct Taxes (CBDT), that frames policy for the I-T department, had extended the deadline for this task for the eighth time on December 30 last year. The Supreme Court had in September 2019 declared the Centre's flagship Aadhaar scheme as constitutionally valid and held that the biometric ID would remain mandatory for the filing of tax returns and allotment of PAN. Section 139 AA (2) of the Income Tax Act says that every person having PAN as on July 1, 2017, and is eligible to obtain Aadhaar, must intimate his Aadhaar number to tax authorities. Aadhaar is issued by the Unique Identification Authority of India (UIDAI) to a resident of India and PAN is a 10-digit alphanumeric number allotted by the I-T department to a person, firm or entity.As per official data updated till January 27, over 30.75 crore PANs have been linked to Aadhaar. At that time, 17.58 crore PANs were yet to be linked with the 12-digit biometric ID. The CBDT had also issued a notification amending I-T rules and inserted Rule 114AAA that stipulates the "manner of making permanent account number inoperative" for those who do not link the two by March 31.The notification said persons whose PANs become inoperative shall be liable for all the consequences under the I-T Act for not furnishing, intimating or quoting PAN.For those linking PAN with Aadhaar after March 31, 2020, the I-T department had said it shall "become operative from the date of intimation of Aadhaar number". NES NES SMNSMN

Don't miss Mar 31 deadline for linking PAN-Aadhaar: I-T Dept

New Delhi, Apr 21 () Markets regulator Sebi on Tuesday extended the timelines for compliance requirements by both trading and clearing members due to the prolonged lockdown period to control coronavirus infection.In a circular, Sebi said that delay in submission of certain reports under the provisions of enhanced supervision will not attract penal provisions till May 17, 2020.The reports are-- submission of weekly monitoring of client funds and submission of data on monthly basis towards clients' and fund balance.Also, delay in daily margin trading reporting will also not attract penal provisions till May 17, 2020.Besides, the date for compliance related to issuance of annual global statement to clients and update in income tax permanent account number of key management personnel and directors, has been extended by one month. SRS MR

COVID-19 impact: Sebi extends compliance timelines for trading, clearing members

The Income Tax department has come up with several measures to keep an eye on tax defaulters and control their illicit activities. As per reports, these measures involve "blocking" the Permanent Account Numbers (PAN) of such entities, while also getting their LPG subsidies cancelled so that they do not stand eligible for further loans. 
 
These measures will be undertaken this financial year itself, so that the threat of tax avoidance can be tackled with. 
 
The PANs will be blocked in such a way "that these defaulters are not sanctioned any loans or overdraft facility by public sector banks, as the same is bound to become non-performing assets," says the strategy paper prepared by the taxmen. 
 
"Ministry of Finance can be suggested to withdraw facility like LPG subsidy which is directly credited to the bank accounts of the said defaulters," it added. 
 The department has also proposed to reveal the identities of these <keyword id="3434878" type="UNKNOWN" weightage="100" keywordseo="blocked-PANs">blocked PANs</keyword> to the Registrar of Properties, so that the defaulters are not allowed any registration of immovable properties. 
 
<a href="https://s.yimg.com/os/publish-images/finance/2015-09-02/ff446b60-516c-11e5-9ff8-7da1c9e0ffd8_14tax.jpg">Image source</a>

Not paying taxes? I-T department will block your PAN and LPG subsidies

The <a href="http://www.businessinsider.in/strategy/Ministry-of-Corporate-Affairs-accuses-Infosys-of-botching-up-its-website-threatens-to-cut-payment/articleshow/51975790.cms">Ministry of Corporate Affairs</a> is rooting for a change in the process of registering <keyword id="4462061" type="UNKNOWN" weightage="100" keywordseo="companies-in">companies in</keyword> India, and if successful, would reduce the time to reserve the name of company to half a day, while taking one third of a day to incorporate a company. In February, it took two days to incorporate a company while the time was reduced to one day in March, indicating the speed at which the ministry is working. Also read: <a href="http://www.businessinsider.in/latest/aadhaar-made-mandatory-for-joining-boards/articleshow/58240595.cms">Aadhaar mandatory for joining boards and filing tax returns</a> The new rules implemented for speedy incorporation includes as many as 26 rules being automated, five procedures mixed into one and deletion of several rules, so that the number of <a href="http://www.businessinsider.in/four-lakh-companies-might-be-deregistered-soon/articleshow/58238326.cms">companies incorporated</a> can be increased. It was after MCA tied-up with the <a href="http://www.businessinsider.in/strategy/CBDT-one-unique-ID-number/articleshow/52039336.cms">Central Board of Direct Taxes</a> in February 2017 that over 20,000 companies received their Certificates of Incorporation within a day, while also getting their hands on other important documents like the Corporate Identity Number (<keyword id="4720237" type="ORGANIZATION" weightage="100" keywordseo="cin">CIN</keyword>), Permanent Account Number (<a href="http://www.businessinsider.in/latest/pan-and-tan-numbers-to-be-issued-in-just-1-day/articleshow/58128749.cms">PAN</a>) and Tax Deduction Account Number (<keyword id="52681" type="PERSON" weightage="100" keywordseo="tan">TAN</keyword>). (Image source Clip Art Fest)

Now register your company in a day in India

You may soon need an <keyword id="144117" type="ORGANIZATION" weightage="20" keywordseo="aadhaar">Aadhaar</keyword> card to bet on stock market and invest in mutual funds as the Indian Government and market regulator <keyword id="35210" type="UNKNOWN" weightage="20" keywordseo="Sebi">SEBI</keyword> is planning to link the UID number with financial market transactions. The <keyword id="6355630" type="ORGANIZATION" weightage="20" keywordseo="securities-and-exchange-board-of-india">Securities and Exchange Board of India</keyword> (Sebi) and Centre are looking at different ways to curb conversion of black money into white and one of the suggestions is to link stock market trading to Aadhaar. As per various reports, the government has said having a Permanent Account Number (PAN) is not the only way to plug tax evasion or leaks. "We have been told that making Aadhaar compulsory is in the offing,” an official told ET. Recently, the government made it mandatory to link PAN card with Aadhaar. "Linking financial market transactions to Aadhaar will be an important step to make India a corruption-free country,” Nirmal Jain, chairman, IIFL Group, told ET. "For some of the regional players, the bigger worry is how many clients will remain once Aadhaar is made mandatory. There will certainly be a dip in activity even in IPO market but that will be temporary,” CEO of a brokerage told ET.

You Searched For "permanent account number" and got 11 results

While startups are getting harassed, India’s taxman is turning a blind eye to the evading builders

Dilsher Dhillon

How to download and view form 26AS

BI India Bureau

CBDT eases TDS claims rules for non-resident investors

BI India Bureau

PAN-Aadhaar linking deadline extended for the 8th time, now till March, 2020

PTI

How do you know your PAN jurisdiction?

BI India Bureau

PAN without Aadhaar not going to be invalid as of now

BI India Bureau

Don't miss Mar 31 deadline for linking PAN-Aadhaar: I-T Dept

PTI

COVID-19 impact: Sebi extends compliance timelines for trading, clearing members

PTI

Not paying taxes? I-T department will block your PAN and LPG subsidies

BI India Bureau

Now register your company in a day in India

BI India Bureau

Want to invest in stock market and mutual funds? Get your Aadhaar card now

BI India Bureau

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