A false declaration by an individual not possessing PAN card for certain value of transactions can land him upto a seven-year jail term and a hefty fine as part of Income Tax regulations that will come into force from tomorrow. As part of the directives issued by the government for implementation of the Permanent Account Number (PAN) regime
The Income tax department's public notice containing the names of the 18 defaulters who have either gone untraceable or have inadequate assets to pay is the third such list this year after names of 49 defaulters with a tax liability of over Rs 2,000 crore were earlier released in two instalments.
The long pending demand of insurance players for raising the FDI cap to 49 percent was fulfilled this year leading to greater flow of foreign funds into India's private JVs and the move is expected to further attract over Rs 6,000 crore into the sector during 2016.
Assuring that the GST rate will be less than 18 percent, Finance Minister Arun Jaitley Wednesday hinted at accepting Congress' stand on scrapping one percent additional tax but said the demand for incorporating the rate in the Constitutional Bill is not agreeable.
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