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Black money compliance window: I-T dept to accept declaration without PAN

The Central Board of Direct Taxes (CBDT) has asked tax sleuths to ask such declarants to attach a separate application in the Income Declaration Scheme (IDS) form for allotment of a fresh Permanent Account Number (PAN) to them quickly.


Black money compliance window: I-T dept to accept declaration without PAN

New Delhi: The I-T department has been directed to accept declarations without PAN under the black money compliance window, but ensure that the unique number is later obtained by the entity concerned.

The Central Board of Direct Taxes (CBDT) has asked tax sleuths to ask such declarants to attach a separate application in the Income Declaration Scheme (IDS) form for allotment of a fresh Permanent Account Number (PAN) to them quickly.

The decision was notified by CBDT today as some field offices brought to its notice that they were encountering "few cases" where an entity wanted to make a declaration of black money under IDS, but had no PAN.

 

PAN is mandatory for a valid declaration under the IDS. It is a ten-digit alphanumeric number issued in the form of a laminated card by the I-T department to any person, firm or entity.

"The issue (non possession of PAN) has been examined. It has been decided that in such cases, a declaration under the scheme can be filed manually before the jurisdictional Principal Commissioner/Commissioner by quoting the date and acknowledgment number of PAN application form. The Principal Commissioners/Commissioners are directed to accept such declarations," the CBDT, policy-making body of the Income Tax department, said.

However, it added that an official acknowledgment of receiving a valid declaration under IDS (Form-2) will only be given to the concerned entity after a PAN number is allotted to him or her.

 

The CBDT is leaving no stone unturned to ensure maximum declarations under the window, also called the Income Declaration Scheme (IDS) that ends on September 30.

The scheme was announced by the government with an aim of bringing out black money from the domestic economy.

From Zee News

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