CBDT chairman, Sushil Chandra has directed all Principal Chief Commissioners of Income tax to step up efforts to maximise tax collections. The growth in direct tax collections has been slow and unsatisfactory. The CBDT chief suggested targeted surveys, sale of attached properties by tax recovery officers to recover confirmed demand and filing prosecution complaints in courts against wilful defaulters who are evading payment of outstanding taxes. The taxmen have also been asked to verify advance tax payments and timely complete regular assessments in cases where demand is likely to be raised and collected during the current fiscal.
As per the amended provisions, a resident (other than an individual) which enters into a financial transaction aggregating to Rs 250,000 or more in a financial year is mandatorily required to apply for and obtain a PAN. The key managerial personnel, Managing Director, Director, Partner, etc. would also be required to apply for a PAN within the timeline as applicable to the resident entity in which they hold such position. The new PAN card rules are expected to widen the tax base and help the government and tax authorities to have more control on entities entering into financial transactions above the limit.