Connect with us

Business

Just 23 crore PAN cards linked with Aadhaar ahead of March 31 deadline

Avatar

Published

🕒

on

IST

New Delhi: Just 23 crore PAN card holders—over half of the total PAN card holders—have so far linked their cards with biometric ID Aadhaar, even as the deadline to link the two comes to an end on March 31, 2019.

Central Board of Direct Taxes (CBDT) Chairman Sushil Chandra said the Income Tax department has so far issued 42 crore permanent account numbers (PAN), of which 23 crore have been linked with Aadhaar.

The Supreme Court has made it mandatory that Income Tax returns will be filed with Aadhaar and the last date for linking PAN with Aadhaar is March 31.

 

“By linking with Aadhaar, we will know whether there are any duplicate PAN or not. And there are certain duplicate PANs… If it is not linked, we may cancel the PAN also,” Chandra said while addressing an Assocham event.
The Supreme Court in September last year had declared the Centre’s flagship Aadhaar scheme as constitutionally valid.

A five-judge Constitution Bench had held that while Aadhaar would remain mandatory for filing of I-T returns and allotment of PAN, it would not be mandatory to link Aadhaar to bank accounts and telecom service providers cannot seek its linking for mobile connections.

Chandra said, once Aadhaar is linked with PAN and the PAN is linked with bank account, the I-T department can find out spending pattern and other details of the assessee. Also, since many agencies are linked with Aadhaar, it would be easier to gauge whether the benefits of welfare schemes are availed by eligible persons.

Section 139 AA (2) of the Income Tax Act says that every person having PAN as on July 1, 2017, and eligible to obtain Aadhaar, must intimate his Aadhaar number to the tax authorities.

Chandra said, so far this year 6.31 crore returns have been filed, which is much more than 5.44 crore persons who had filed last year. So far, 95 lakh new taxpayers have been added by department.

“It is not absolutely true that if we reduce tax rates, compliance goes up. During this year we have followed the policy of finding the non-filers… We have got third-party information and we are checking whether persons are filing returns or not, whether adequate income being shown,” he said.

Under the Non-filers Monitoring System (NMS) individuals, who have carried out high-value transactions but have not filed their income tax returns, are sent intimation by the I-T Department giving them 21 days time to submit their responses.

“From last month again, we have rolled out NMS and in 15 days 33,000 more taxpayers have been added. A person has made foreign remittance of Rs 10 lakh but you have not filed returns, purchased property of Rs 30 lakh but not filed return. We are showing them the mirror and information, and asking what do you have to say about it,” Chandra said.

He said in the last 15 days, more than 3 lakh persons visited their e-filing website and of that 33,000 have already filed returns.

He regretted that in a country with 125 crore population and an economic growth rate of 7.5 per cent, only 1.5 lakh returns are being filed showing income of over Rs 1 crore.

“It is a very sorry state of affair that in this country when he say that GDP, expenditure, consumption is growing, all 5-star hotels are full, but if you ask somebody how many persons are filing returns more than Rs 1 crore? It is really pathetic,” Chandra said.


Advertisement
Loading...
Comments

Business

RBI asks banks to grout ATMs to wall, floor for security by September-end

Press Trust of India

Published

on

Mumbai: The Reserve Bank asked banks to ensure their ATMs are grouted to a wall, pillar, or floor by September-end, except those installed in high secured premises such as airports, to enhance security of the cash vending machines.

In 2016, the RBI had st up a Committee on Currency Movement (CCM) to review the entire gamut of security of treasure in transit.

Based on the recommendations of the panel, the central bank has now issued instructions aimed at mitigating risks in ATM operations and enhancing security.

 

As part of the security measures, all “ATMs shall be operated for cash replenishment only with digital One Time Combination (OTC) locks”.

Also, “All ATMs shall be grouted to a structure (wall, pillar, floor, etc.) by September 30, 2019, except for ATMs installed in highly secured premises such as airports, etc. which have adequate CCTV coverage and are guarded by state/central security personnel”.

Further, banks may also consider rolling out a comprehensive e-surveillance mechanism at the ATMs to ensure timely alerts and quick response, it said.

The new measures to be adopted by banks are in addition to the existing instructions, practices and guidance issued by the RBI and law enforcement agencies.

The RBI also warned the banks that non-adherence of timelines or non-observance of the instructions would attract regulatory action including levy of penalty.

Continue Reading

Business

SBI refuses to disclose communication from RBI, govt on electoral bonds

Agencies

Published

on

New Delhi: The State Bank of India has refused to disclose any communication it received from the government or the Reserve Bank of India on electoral bonds, terming it “personal information” and held in “fiduciary capacity”.

Responding to an RTI filed by Pune-based activist Vihar Durve who had demanded copies of all letters, correspondence, directions, notifications or e-mails received from the RBI or any government department between 2017 and 2019, the SBI said it cannot be provided by it.

The bank cited two exemption clauses under the RTI Act to deny information — Section 8(1)(e) which pertains to information held in fiduciary capacity and Section 8(1)(J) which pertains to personal information of a person which has no link to any public activity.

 

“Information sought by the applicant cannot be disclosed as it is in fiduciary capacity, disclosure of which is exempted under Section 8(1)(e) and 8(1)(j) of the RTI Act, 2005,” the Central Public Information Officer of the bank said in his reply.

The bank also refused to give any details of action taken by it on such communications from the RBI and the government.

The electoral bonds, for giving donations to political parties, are being sold through SBI only. The sale opens in SBI branches when the Finance Ministry issues a notification of their sale for a given period.

The scheme of electoral bonds notified by the Centre in 2018 has been challenged in the Supreme Court.

Only the political parties registered under Section 29A of the Representation of the People Act, 1951 (43 of 1951) and which secured not less than one per cent of the votes polled in the last general election to the House of the People or the Legislative Assembly of the State, shall be eligible to receive the bonds.

The bonds may be purchased by a person who is a citizen of India “or incorporated or established in India,” the government had said in a statement last year.

The bonds remain valid for 15 days and can be encashed by an eligible political party only through an account with the authorised bank within that period only.

A voluntary group working in the field of electoral reforms, Association for Democratic Reforms (ADR), has demanded a stay on the sale while the CPI(M) has challenged it before the Supreme Court in separate petitions.

ADR recently filed an application in the Supreme Court seeking a stay on the Electoral Bond Scheme, 2018 which was notified by the Centre in January last year.

Continue Reading

Business

Walmart’s Flipkart, Indian startup GOQii settle dispute over sharp discounting

Agencies

Published

on

New Delhi: Walmart unit Flipkart has settled a legal dispute with an Indian startup that alleged it suffered losses because its products were sharply discounted on the global retailer’s website.

GOQii, a seller of smartwatch-type health devices, sued Flipkart last month in a Mumbai court, alleging its devices were discounted by around 70 per cent to the retail price, much more than the two sides had agreed. The court had, as an interim measure, ordered device sales to be halted on Flipkart.

In a joint statement , the companies said the dispute had been resolved and GOQii health devices would again be available on Flipkart. They didn’t say how the settlement was reached.

 

Vishal Gondal, CEO of GOQii, told Reuters the company would withdraw the case against Flipkart. The e-commerce retailer’s “team worked on a resolution benefitting the brand and the customers”, Gondal said in the statement.

The legal spat was seen as a test case of the giant retailer’s operating strategy in the country.

Small traders and a right-wing group close to Prime Minister Narendra Modi’s ruling party have raised concerns about large e-commerce companies, saying they burn billions of dollars deeply discounting some products to lure customers onto their sites, in the expectation that they will also buy other goods.

GOQii said it signed an agreement last year with a Flipkart unit to sell two of its devices at a price not below 1,999 rupees (USD 28.63) and 1,499 rupees. It later found the devices were being sold for 999 rupees and 699 rupees, calling it “unauthorized” discounting.

In response, Flipkart said it reserved “the right to institute actions for defamation, both civil and criminal”, arguing it wasn’t responsible for any discounts which are determined by third-party firms which sell via its website.

The two companies struck a friendlier tone in their joint-statement on Friday as they brought the legal battle to an end.

“We have ensured constant engagement with GOQii to resolve any differences,” Flipkart said in the statement.

With a 19 per cent market share, GOQii was the second-biggest player in India’s so-called wearables market last year, data from industry tracker IDC showed. The market is dominated by China’s Xiaomi, with Samsung a small player.

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 1,010,884 other subscribers

Archives

June 2019
M T W T F S S
« May    
 12
3456789
10111213141516
17181920212223
24252627282930
Advertisement