Industry & Economy
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Income Tax
Ministry rapped for delay in issuing PAN
Our Bureau
New Delhi
,
Aug. 8
THE Public Accounts Committee (PAC) has criticised the Finance Ministry for delay in allotment of permanent account numbers (PAN) and said that the delay has been causing inconvenience to the general public as it is mandatory to cite PAN for even simple transactions such as opening a bank account.
"The delay in allotment of PAN, failure of the Government to link all major cities for sharing of data and to set up an all-India databank of major financial transactions somewhat diluted the efficacy of the scheme," the PAC said in its report tabled in Parliament on Friday.
It further added that an appraisal of the scheme reveals that the objectives of PAN scheme could not be fully achieved even after five years of its launching, as the department was not able to allot PANs to all identified assesses.
One of the purpose of using PAN was to identify taxpayers and collate information relating to tax payments and high-value transactions.
However, it said that the Ministry should consider revising the list of transactions under Rule 114B of the Income-Tax Act and focus on setting up an all-India databank of high value transactions expeditiously along with an action plan to utilise such a data bank effectively.
The PAC, however, lauded the creation of databank for high value transactions through a tax information network (TIN).
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