SEBI Registration NO.---- INA000001530 Investment in stock and commodity market are subject to market risk. Please do not trade on those tips which are not provided through SMS or messenger.

Black money consent: I-T dept to accept notification without PAN

Black money consent: I-T dept to accept notification without PAN

New Delhi: The Income-Tax department has been conducted to accept declarations without PAN under the black money compliance window, but confirm that the unique number is later obtained by the entity concerned.

The Central Board of Direct Taxes (CBDT) has asked tax investigator to ask such declarants to attach a separate application in the Income Declaration Scheme (IDS) form for assignment of a new Permanent Account Number (PAN) to them quickly.

The decision was reported by CBDT today as some field offices lead to its notice that they were encountering “few cases” where an entity wanted to make a notification of black money under IDS, but had no PAN.

PAN is mandatory for a valid declaration under the IDS. It is a ten-digit A/N number issued in the form of a laminated card by the I-T department to any individual, firm or institution.

The issue (non possession of PAN) has been scanned. It has been decided that in such cases, a declaration under the programme can be filed manually before the jurisdictional Principal Commissioner/Commissioner by quoting the date & acknowledgment number of PAN application form. The Principal Commissioners/Commissioners are directed to accept such declarations,” the CBDT, policy-making frame of the Income Tax department, said.

Though, it added that an official acknowledgment of receiving a legal declaration under IDS (Form-2) will only be given to the concerned entity after a PAN number is allotted to him or her.

error: Content is protected !!