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11 lakh PAN have been deactivated

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11 lakh PAN have been deactivated
by System Administrator - Wednesday, 20 June 2018, 10:11 PM

By:M.S.Yatnatti: Editor and Video Journalist Bengaluru:11 lakh PAN have been deactivated: Recently, Minister of State for Finance Santosh Kumar Gangwar in a written reply informed the Rajya Sabha that as on July 27, 11,44,211 PANs have been identified and deleted or de-activated in cases where multiple PANs were found allotted to one person.A person cannot hold more than one PAN. A penalty of Rs. 10,000 is liable to be imposed under section 272B of the Income-tax Act, 1961 for having more than one PAN.If a person has been allotted more than one PAN then he should immediately surrender the additional PAN card(s).

The central government has introduced three new schemes to bring the tax defaulters into tax bracket. The tax revenue, benami transactions and assets of the underwriter have announced a reward of Rs 5 crore.If you have given specific information on tax evasion of income and assets outside India, you will get reward of Rs 5 crore. If you provide information on tax evasion in India, you will get reward of Rs 50 lakh. Those who give information about Benami transactions and assets are paid up to 1 crore rupees. The Finance Ministry has issued a statement to this extent. This reward scheme is aimed at encouraging people to give information about Benami transactions and properties as well as income earned on such properties by such hidden investors and beneficial owners.The income tax (I-T) department launched the Benami Transactions Informants Reward Schemeunder which a person can get a reward of up to Rs 1 crore for giving information to tax authorities about benami transactions and properties of Indians in the country.A similar reward scheme for information about benami assets in foreign countries can earn a reward of up to Rs 5 crore, with even foreigners eligible for the reward. "With the objective of obtaining people's participation in the income tax department's efforts to unearth black money and reduce tax evasion, anew reward scheme has been issued, superseding the earlier reward scheme,” according to a press note issued by the Central Board of Direct Taxes (CBDT) . "For information about income and assets actionable under the Black Money Act, a reward of up to Rs 5 crore has been introduced in the new reward scheme,” the CBDT said in the press note .The amount has been kept high to make it attractive to potential sources in foreign countries to give information, the CBDT said. The I-T department has also amended the existing "Income Tax Informants Reward Scheme” under which a person can get a reward of up to Rs 50 lakh for giving actionable information about evasion of tax on income or assets in India.The I-T department is empowered to probe assets of Indians in foreign countries under the Black Money (Undisclosed Foreign Income and Assets) Act. Under the 2015 act, it can recover tax on such undisclosed assets. In a statement, the department said it was found in many cases that black money was invested in properties in the name of others, even though benefits were enjoyed by the investor concealing his/her beneficial ownership in his/her tax returns.