PAN Current Affairs - 2020

FIU to get PAN data from Income Tax Department to check suspicious large transactions

The Financial Intelligence Unit is the nodal agency authorized to obtain cash transaction reports from private and public sector banks. The FIU receives reports every month to analyse suspicious cases. Highlights This time, the Income Tax Department has allowed to share PAN details of individuals to dig deeper into large suspicious accounts. FIU forwards suspicious Read More…

Ordinance passed for 100% Tax Exemption on donations to PM Cares Fund

On March 31, 2020, the Government of India passed an ordinance to allow 100% exemption on donations made on PM Cares Funds. The ordinance has also extended the time limit of direct and indirect tax filings to June 30, 2020. Key Features on Direct Taxes The last date for filing Income Tax returns has been Read More…

Election Commission of India on Electoral Bonds

In an affidavit filed before the Supreme Court, the Election Commission of India has made the following observations: Electoral bonds, contrary to government claims, wreck transparency in political funding. Electoral bonds coupled with the removal of the cap on foreign funding invites foreign corporate powers to impact Indian politics. Electoral bonds would cause a “serious Read More…

Linking Of PAN Card with Aadhaar Mandatory for Filing IT returns : SC

The Supreme Court has upheld the section 139AA of the Income Tax Act and said that linking of PAN with Aadhaar is mandatory for the filing of Income Tax returns. The Supreme Court made these observations while hearing an appeal filed by the Centre against a Delhi High Court order allowing two people, Shreya Sen and Read More…

Supreme Court: Linking of Aadhaar with PAN Mandatory

The Supreme Court has upheld the government’s decision and ruled that it would be mandatory for all Aadhaar holders to link it with the permanent account number (PAN) for filing of income tax returns. However, in a partial setback to the government, the apex court refused to make it compulsory for those people who do not possess Read More…