You might have the ability to get your PAN card in 4 hours soon as Income Tax Department is planning reform steps like PAN card 4 hours, pre-filled income tax return forms for faster ITR processing. People may anticipate allotment of PAN card in just fours hours, to begin within 12 months, reported Times of India.
The federal daily report mentioned Central Board of Direct Taxes chairman, Sushil Chandra saying at a conference that the I-T Department is moving towards automation in areas including ITR filing, refund case selection, tax pre-payment, etc.. He further said that in order to facilitate ease of doing business in the country, ITR forms have been simplified and repay processing has also been front loaded.
It may be noted that from now onward (December 5), new PAN card guidelines will come into effect. The Income Tax department has made it optional for individual taxpayers to furnish their dad’s name in PAN card program form of applicants using unmarried parents, which has been mandatory before. In the event the applicant’s dad has passed away or separated, they can choose whether or not they want to mention their dad’s name in their application form.
To avoid tax evasion by small businesses, the tax department has now also made PAN card mandatory for any entity doing transactions worth Rs 2.5 lakh or more in a financial year.
As per the new rule,”In the case of a individual, being a resident, other than an individual, that enters into a financial transaction of an amount aggregating to 2 lakh fifty thousand rupees or more in a fiscal year and which hasn’t been allocated any permanent account number, on or before the 31st day of May immediately following such financial year.
This rule will apply to the managing director, director, partner, writer, founder, CEO, trustee, Karta or office bearer of such things.
The Chairman also pointed into reduced the tax rate structure if it translates into more people joining the system.