Hot Off The PressNews

As reported by Hindu, The deadline for linking PAN Card with Aadhaar Card has been extended several times by the Income Tax Department and the current deadline for the same will end on 31-03-2020.

The IT Department has stated that, if the PAN Card and Aadhaar Card are not linked by the 31-03-2020, they will become inoperative.

Persons whose PANs become inoperative shall be liable for all the consequences under the I-T Act for not furnishing, intimating or quoting the permanent account number.

The Income-tax (5th Amendment) Rules, 2020

[Source: The Hindu]

Business NewsNews

In case of a company, an application for incorporation, allotment of Permanent Account Number (PAN) and allotment of Tax Deduction and Collection  Account Number (TAN) may be made through a Common Application Form submitted to the Ministry of Corporate Affairs (MCA). In these cases, the Certificate of Incorporation (COI) issued by MCA contains a mention of both PAN and TAN.

The Finance Act, 2018 amended Section 139A of the Income-tax Act, 1961 and removed the requirement of issuing PAN in the form of a laminated card. Hence, it is clarified that PAN and TAN mentioned in the COI issued by MCA shall also be treated as sufficient proof of PAN and TAN for the said company assessees.

Ministry of Finance