Connect with us

Business

I-T dept working on issuing e-PAN on real-time basis

Agencies

Published

🕒

on

IST

New Delhi: The income tax department is working on a processing centre for the allotment of e-PAN on a real-time basis, Parliament was informed.

“Real time PAN/TAN Processing Centre (RTPC) is being contemplated for future with the objective of allotment of e-PAN through Aadhaar based e-KYC on near to real time basis (in less than 10 minutes),” Minister of State for Finance Anurag Thakur said in a written reply to a question in the Lok Sabha.

He said the government has initiated or proposed to initiate projects to further improve the technology backbone of the Income Tax department which would result in enhanced time-bound services to the taxpayers in addition to increasing their voluntary compliance.

 

As part of this, the I-T department is working on a real-time PAN-TAN centre to further reduce the time required to allot PAN, particularly for the applicant’s applying through ‘Aadhaar-based e-KYC route by bringing suitable upgradation in the allotment processes and infrastructure.

Tax Deduction and Collection Account number (TAN) is a 10-digit alphanumeric number which every tax deductor is required to quote while making any tax payment to the Central Government.

Permanent Account Number (PAN) is a 10-digit alphanumeric code issued by the I-T department to uniquely identify tax payers.

Besides, the I-T department is also working on ‘Project Insight’ which which is an integrated data warehousing and business intelligence platform which is being rolled out in phased manner as it aims to strengthen non-intrusive information driven approach for improving compliance.


Advertisement
Loading...
Comments

Business

India’s trade deficit narrows by 7.98% to $15.28 billion in June, exports falls by 9.71%

Agencies

Published

on

New Delhi: India’s trade deficit for June 2019 narrowed by 7.98 percent to USD 15.28 billion as against the deficit of USD 16.60 billion in June 2018, government data showed.

The country’s exports registered a negative growth of 9.71 percent during June 2019 to USD 25.01 billion as compared to USD 27.70 billion in June 2018. Non-POL exports for June 2019 declined by 5.73 percent; non-POL and non-gems and jewelry exports declined by 4.86 percent.

India’s imports in June 2019 too fell 9.06 percent to USD 40.29 billion in June 2019 as compared to USD 44.30 billion in June 2018, data further showed.

 

The major commodities which contributed towards decline exports in June 2019 have been Petroleum products (-32.85 percent), Rice (-28.05 percent), Cotton yarn/Fabrics/made-ups (-19.73 percent), Gems and Jewellery (-10.67 percent), Readymade garments (-9.18 percent), Organic & inorganic chemicals (-8.17 percent), and Engineering goods (-2.65 percent), data showed.

Import of petroleum crude & products in June 2019 (USD 11.03billion) has recorded a negative growth of 13.33 percent as compared to June 2018 (USD 12.73billion). In this connection it is mentioned that the global Brent price ($/bbl) has decreased by 15.81 percent in June 2019 vis-à-vis June 2018 as per data available from World Bank, official data said.

Continue Reading

Business

It will take 2-3 days for scheduling to use Pakistani airspace: AI

Agencies

Published

on

New Delhi: Hours after the Pakistan Civil Aviation Authority ordered its airspace to be opened to all civilian traffic for flights between India and Pakistan, Air India official said that it will take 2 to 3 days for scheduling to use Pakistani airspace.

Indian airlines resumed flight operations over the Pakistan airspace, after the latter removed access restrictions, following Balakot airstrikes by the Indian Air Force in February. Air India was saddled with heavy financial losses following this.

The Ministry of Civil Aviation wrote on Twitter, “After cancellation of NOTAMS by Pakistan and India in the early hours of Tuesday, there are no restrictions on airspaces of both countries, flights have started using the closed air routes, bringing a significant relief for airlines”.

 

In March, Pakistan partially opened its airspace but did not allow Indian flight to fly over its airspace.

Since then, foreign carriers had been using Indian airspace have been forced to take costly detours because they cannot fly over Pakistan. The closure mainly affects flights from Europe to Southeast Asia.

Continue Reading

Business

RBI slaps Rs 7 cr penalty on SBI for violating various norms

Agencies

Published

on

Mumbai: The Reserve Bank of India said it has slapped a penalty of Rs 7 crore on the country’s largest bank SBI for non-compliance with norms related to NPA identification and fraud risk management, among others.

The penalty has been imposed on the bank for non-compliance of income recognition and asset classification (IRAC) norms, code of conduct for opening and operating current accounts and reporting of data on Central Repository of Information on Large Credits (CRILC), and fraud risk management and classification and reporting of frauds.

Giving details of the case, it said the statutory inspection of SBI with reference to its financial position as on March 31, 2017, revealed, non-compliance with IRAC norms, sharing of information about customers with other banks, reporting of data on CRILC, fraud risk management, and classification and reporting of frauds.

 

Based on the inspection report and other relevant documents, a notice was issued to the bank advising it to show cause as to why penalty should not be imposed on it for non-compliance with directions issued by the RBI.

“After considering the bank’s reply and oral submissions made in the personal hearing, RBI came to the conclusion that the aforesaid charges of non-compliance with RBI directions were substantiated and warranted imposition of monetary penalty,” the RBI said.

The penalty, RBI said, is based on deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the bank with its customers.

Continue Reading
Advertisement

Latest News

Subscribe to The Kashmir Monitor via Email

Enter your email address to subscribe to The Kashmir Monitor and receive notifications of new stories by email.

Join 1,011,643 other subscribers

Archives

July 2019
M T W T F S S
« Jun    
1234567
891011121314
15161718192021
22232425262728
293031  
Advertisement