PAN mandatory for all transactions, insurance included

NEW
DELHI: The adjacent clip you purchase an coverage policy or transport out a dealing at
the station office, you will be required to supply your Permanent Account Number
(PAN). The Budget have not specified the types of minutes though it was
mentioned that the demand of pan would be extended to all minutes in
the fiscal marketplace topic to suitable threshold
limits. Significantly, on the
Rs 60,000-crore alleviation bundle for farmers, Mister Roentgen Prasad, president of the Central
Board of Direct Taxes (CBDT) told SundayET in an sole interview that the
government will pay this amount to the banks, which in bend will go back at least
Rs 20,000 chromium to the authorities as taxes. Thus, Rs 40,000 chromium will effectively go
out of the government’s pool and Banks would actually stand up to gain
through this alleviation package. It may be pointed out that depository financial institution pillory had slid
after the announcement. Speaking on the new provision
for quoting pan on a new set of transactions, Mister Prasad said that the government
would advise the alterations under Section 139(A) of the Income-tax Act soon as a
result of which, quoting pan will be made compulsory for all transactions
including purchasing of an coverage policy and relatively bigger minutes at
the station offices. “This volition beef up our 3rd political party information
mechanism,” helium said.

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In
fact, the taxation authorization is concerned about the enforcement of the new regulations in
post business offices as there are billions of people who don’t have got pan Numbers in
villages and little towns. “Bringing in such as a system to our station offices
across the state will be quite challenging. Also, Banks will have got to enforce
the regulations more efficiently. As pan will be required for gap all business relationships in
a depository financial institution now, every dealing therein will be recorded,” Mister Prasad said. The CBDT will change rule
114(B) under Section 139 (A) of the Income-Tax Act to suit the changes
announced in the Finance Bill.