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Markets regulator Sebi on Friday proposed to extend the automated closure of trading window ahead of the declaration of financial results to the immediate relatives of designated persons of listed companies. The move, if implemented, would prevent inadvertent non-compliance of insider trading rules, according to a consultation paper floated by Sebi. The markets regulator, in August 2022, issued a framework restricting trading by depository participants by way of freezing the PAN at security level during the trading window closure period. The freezing of the PAN at the security level is being carried out by the stock exchanges and depositories based on the information provided by the listed company. Initially, this PAN freeze framework was made applicable for trading window closure on account of declaration of financial results of listed companies that were part of benchmark indices such as Nifty 50 and Sensex. Subsequently, Sebi in July 2023, extended the framework to restrict tra
The government on Monday announced the Rs 1,435 crore PAN 2.0 Project to make the permanent account number a 'common business identifier' for all digital systems of government agencies. The Cabinet Committee on Economic Affairs (CCEA), chaired by Prime Minister Narendra Modi, has given its approval for the PAN 2.0 Project of the Income Tax Department with a financial outlay of Rs 1,435 crore, Information and Broadcasting Minister Ashwini Vaishnaw said. The PAN 2.0 Project enables technology-driven transformation of taxpayer registration services and is aimed at ease of access and speedy service delivery with improved quality. Single source of truth and data consistency; eco-friendly processes and cost optimization; and security and optimisation of infrastructure for greater agility, are the other benefits of the project. "The PAN 2.0 Project resonates with the vision of the Government enshrined in Digital India by enabling the use of PAN as Common Identifier for all digital systems
The Centre has told the Supreme Court that a 'certificate of identity' issued by the district magistrate under the Transgender Persons (Protection of Rights) Act, 2019 will be treated as valid documentation for applying for a PAN card. A bench of Justices Sudhanshu Dhulia and Ahsanuddin Amanullah said the Union of India has in principle accepted this request and the Union government may consider incorporating it in the rules as well in order to bring clarity. "During the pendency of this petition, we sought a reply from Union of India, who has been very supportive in this matter and by and large has accepted all the demands which have been raised in the present petition including the one, that the certificate to be issued under Section 6/7 of the Transgender Persons (Protection of Rights) Act, 2019 will be acceptable, if it is given by the district magistrate," the bench noted. Sections 6 and 7 of the Transgender Persons (Protection of Rights) Act, 2019 deal with the issue of ...
The income tax department on Tuesday asked taxpayers to link PAN with Aadhaar by May 31 to avoid tax deduction at a higher rate. As per income tax rules, if a Permanent Account Number (PAN) is not linked with biometric Aadhaar, TDS is required to be deducted at double the applicable rate. Last month, the income tax department issued a circular stating that no action will be taken for short deduction of TDS in case the assessee links his/her PAN with Aadhaar by May 31. "Please link your PAN with Aadhaar before May 31, 2024, if you haven't already, in order to avoid tax deduction at a higher rate," the department posted on X. In a separate post, the I-T department asked reporting entities, including banks, forex dealers, to file SFT by May 31 to avoid penalties. "The deadline to file SFT (Statement of Specified Financial Transactions) is May 31, 2024. Avoid penalties by filing accurately and on time," the department said. The reporting entities which are required to file SFT return
The government has collected over Rs 600 crore as penalty for delay in linking PAN with Aadhaar, and about 11.48 crore Permanent Account Numbers are still not linked with biometric identity, Parliament was informed on Monday. "Number of PANs not linked with Aadhaar, excluding exempted categories, is 11.48 crore as on January 29, 2024," Minister of State for Finance Pankaj Chaudhary said in a written reply in the Lok Sabha. To a question regarding the details of government earning through late penalty of Rs 1,000 from the persons who have not linked their PAN and Aadhaar after the last date of June 30, 2023, Chaudhary said "the total collection of fee from persons who have not linked their PAN with Aadhaar is Rs 601.97 crore from July 1, 2023 to January 31,2024". The last date for linking PAN with biometric Aadhaar was June 30, 2023. The Income Tax department had said the PAN of taxpayers who have failed to intimate their Aadhaar shall become inoperative from July 1, 2023 and no ...
The Income Tax Department on Tuesday said Non-Resident Indians (NRIs) and foreign citizens whose permanent account numbers have become inoperative due to non-linking with Aadhaar should submit proof of their residential status to the jurisdictional assessing officer for operationalising the PAN. The department said concerns have been raised by certain NRIs/Overseas Citizens of India (OCIs) regarding their PANs (Permanent Account Numbers) becoming inoperative. In a tweet, the department said it has mapped the residential status of NRIs in case they have filed ITR in any of the last three Assessment Years (AYs) or have intimated their residential status to the Jurisdictional Assessing Officer (JAO). The PANs, according to the department, have become inoperative in cases where NRIs have not updated their residential status or have not filed returns in the last three AYs. "The NRIs whose PANs are inoperative are requested to intimate their residential status to their respective JAO alo
The income tax department on Friday said it will "duly consider" cases where linking of PAN with Aadhaar is yet to happen despite individuals giving their consent and having paid the fee. The last day for linking PAN with biometric Aadhaar on paying a late fee of Rs 1,000 is June 30, 2023. From July 1, 2023, PAN will become inoperative for individuals who have failed to link it with Aadhaar and TDS and TCS will be deducted at a higher rate. In a tweet, the income tax department said instances have come to notice where PAN holders have faced difficulty in downloading the challan after payment of fee for Aadhaar-PAN linking. "In this regard, it is to be informed that status of challan payment may be checked in 'e-pay tax' tab of portal after login. If a payment is successful, then PAN holder can proceed to link PAN with Aadhaar," it said. "In cases where fee payment and consent for linking have been received, but linking has not been done till 30.06.2023, such cases will be duly ...
Capital markets regulator Sebi on Wednesday asked all investors to link their PAN with Aadhaar number by March-end for continual and smooth transactions in the securities market. The non-compliance with this would be considered non-KYC compliant, and there could be restrictions on securities and other transactions until the Permanent Account Number (PAN) and Aadhaar are linked, Sebi said in a statement. The Central Board of Direct Taxes (CBDT) issued a circular in March 2022, whereby the PAN allotted to a person would become inoperative if it is not linked with Aadhaar by March 31, 2023, and would be liable to all the consequences under the Income-tax Act, 1961, for not furnishing, intimating or quoting the PAN. "Since PAN is the key identification number and part of KYC requirements for all transactions in the securities market, all Sebi registered entities and Market Infrastructure Institutions (MIIs) are required to ensure valid KYC for all participants. "All existing investors