India: Permanent account number (PAN) update

India: Permanent account number (PAN) update

The KPMG member firm in India has prepared reports about the following tax developments (read more at the hyperlinks provided below):

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  • Taxpayer “permanent account number” (PAN) reporting; list of transactions is updated: The PAN is to be provided with respect to certain identified transactions, such as payments made for acquisitions of certain securities or bonds. The Central Board of Direct Taxes amended the rules and forms relating to the PAN reporting measures, and updated the list of transactions requiring PAN reporting. Read a February 2016 report [PDF 301 KB] 
  • Failure to provide PAN on salary: The Visakhapatnam Bench of the Income-tax Appellate Tribunal held that withholding (deduction) of tax on salary at a rate of 20% is not warranted when there is a failure of the employee to provide the PAN. The case is: Rashtriya Ispat Nigam Ltd. Read a February 2016 report [PDF 315 KB] 
  • Preference shares not yielding exempt income: The Kolkata Bench of the Income-tax Appellate Tribunal held that “preference shares” (shares the taxpayer is directed to acquire under its government contracts) must be considered in determining the average value of investment even though no tax-free income was earned from these preference shares. The case is: West Bengal Infrastructure Development. Read a February 2016 report [PDF 270 KB] 

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