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Our Bureau

Surrender fake cards by Dec 31 or face Rs 10,000 penalty, says I-T Department

Mumbai , Sept. 25

To curb use of duplicate PAN cards, the Mumbai Income-Tax Department has told multiple-PAN cardholders to surrender them by December 31. At present, there are around 158,427 individuals holding 323,699 duplicate PAN cards in Mumbai. The total number of PAN cardholders in Mumbai is 41.50 lakh.

"We are appealing to the public to surrender their duplicate PAN cards on or before the set date. We will not take this matter lightly. People holding duplicate cards would be slapped a penalty of Rs 10,000 per instance after the set date," said Mr K. Venkatramani, Chief Commissioner - Income Tax, Mumbai, at a press meet.

The I-T department has started sending letters to assessees who have more than one PAN card. Duplicate PAN cardholders who have not received a letter from the department have been asked to get in touch through Aaykar Sampark Kendras or e-mail to pan@incometaxindia.gov.in

PAN FOR STOCK TRADING

The Securities and Exchange Board of India (SEBI) has made use of PAN cards mandatory from October 1. Depository Participants have advised demat holders to submit PAN card details before the deadline. The capital markets regulator has made it compulsory for all categories of demat account-holders, including minors, trusts, foreign corporate bodies, banks, corporates, FIIs and NRIs.

From October 1, the existing account holders will not be able to operate in the market without a PAN card.

NET COLLECTIONS

Revenues mopped up by the department have logged a 62 per cent increase to net Rs 23, 315 crore. Advance tax collections have gone up by 26.32 per cent to Rs 10,810 crore (as of September 2006) against Rs 8,558 crore in the corresponding period of the previous year.

"Good corporate performance, IT surveys and economic growth of the country have resulted in an increase of tax collections. Sectors like banks, automobiles, chemicals, cement, insurance, metals and other residual sectors were the major contributors. The oil sector alone pooled in Rs 750 crore in September," said Mr Venkatramani.

Income-tax refunds this year by the department (till August 31) were put at Rs 4,276 crore (78,560 cases) compared to Rs 3,097 crore (52,969 cases) during the corresponding period last year.

More Stories on : Income Tax | Policy | Economic Offences

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