Financial Daily from THE HINDU group of publications
Saturday, Dec 25, 2004
Financial Daily from THE HINDU group of publications Saturday, Dec 25, 2004 |
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Industry & Economy
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Income Tax I-T dept allays PAN fears Our Bureau
Bangalore , Dec. 24 NOT quoting the PAN (permanent account number) on challans or its incorrect capture by banks, will not result in their tax payment transactions going into suspense account. Allaying the fears of tax payers, the Chief Commissioner of Income Tax, Bangalore, said that the challan was identifiable by a unique challan identification number and their payment would be credited to their accounts. However, the Department has exhorted assessees to quote the PAN number for easier handling of the transaction. This had become more important with the introduction of a single copy challan under the online tax accounting system, said an official release. With the introduction of the facilities for filing of PAN application through the UTI Investors Ltd and NSDL, the average time for allotment of PAN has come down to about 15 working days. More than 3.6 crore PAN has already been issued to tax assessees. The IT Department has also introduced `Tatkal' service for allotment of PAN, in which PAN applications could be filed on the Internet and service charges paid through credit card.
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