Markets regulator Sebi today made Unique Client Code (UCC) and Permanent Account Number (PAN) mandatory for all the persons transacting on commodity exchanges.
The Income Tax department will establish over 60 facilitation centres - Aaykar Seva Kendras: this fiscal from Goalpara in Assam to Neemuch in MP as part of efforts to widen the taxpayer base and reach a maximum number of people who need help in doing business with the taxman
A number of such measures have been mooted by the tax department, to be undertaken this financial year, in order to curb the menace of large-scale tax avoidance and evasion.
The Income Tax department will implement 'Project Insight' from next year which will monitor high value transactions, with a view to curbing the circulation of black money, the Finance Ministry said today.
Jewellers say about 80 percent of the USD 122 billion industry's business comes from rural customers, mainly in the agriculture sector, who lack a so-called permanent account number (PAN), which is used to prevent tax evasion.
There are several things that can be completed on the PAN front as in some cases the old PAN card is such that it is not possible to read the data and in such a situation a new one can be ordered which will make the entire situation better for the end user.
The new regulations, which have come into effect today, replaces the existing Sebi regulations for Foreign Institutional Investors (FIIs) and the new class of investors, FPIs, would encompass all FIIs, their sub-accounts and Qualified Foreign Investors (QFIs).
To make sure that the tax-filing process is smooth and hassle-free for you, we list down some points that you need to keep in mind while filing your returns.