Skip to main content

New Income Tax Rules – Submission of false Aadhaar number may be fined Rs. 10,000

As it is well known that the income tax department has allowed Aadhaar card holders to use the biometric id number in lieu of the Permanent Account Number (PAN). But as per new provision of Income Tax, fine of Rs. 10,000 may be levied in case of wrong Aadhar Number. As per the latest amendments in the Finance Bill 2019, not only allowed people to use Aadhaar in lieu of PAN but also introduced a penalty for giving a false Aadhaar number. However, the new penalty rules are applicable only in cases where you are using Aadhaar in lieu of PAN and where quoting PAN is mandatory according to the income tax department rules. It is well known that although Aadhaar is issued by the Unique Identity Authority of India, yet the fine is not imposed by UIDAI but by the income tax department. Under Section 272B of the Income Tax Act, 1961, the department can impose a penalty in case of default in complying with provisions relating to PAN, i.e., failure to obtain, quote, or authenticate PAN.
Post a Comment
PRESS INFORMATION BUREAU
GOVERNMENT OF INDIA
***
FINANCE MINISTER DIRECTS LIFE INSURANCE
CORPORATION (LIC) TO CONSTITUTE A SPECIAL TEAM AND TO
OPEN A MAJOR OFFICE IN DEHRADUN TO SETTLE CLAIMS
RELATING TO THE RECENT NATURAL CALAMITY IN
UTTARAKHAND ON UTMOST PRIORITY
New Delhi: June 25, 2013
Ashadha 4, 1935

The Union Finance Minister, Shri P. Chidambaram asked the Life Insurance Corporation (LIC) to constitute a special team to settle claims of those affected by the recent natural calamity in Uttarakhand. He directed LIC to open a major camp office in Dehradun to settle the claims on centralized basis. He said that LIC should follow the same norms for settlement of claims as being followed by it during tsunami or earthquake in Bhuj and Latur in the past. He said that LIC should not insist on the normal condition that requires seven years period in case of the missing people before death certificate is issued in their case in a normal situation. In this precarious situation, the
Finance Minister said that an indemnity bond can be taken from the claimants in such cases and the claims may be settled on priority. The Finance Minister Shri P. Chidambaram was addressing the senior officers of LIC and the Ministry of Finance here today after inaugurating 300 Mini Offices of LIC spread throughout the country. The Finance Minister opened these offices through video mode and also interacted with people present on the other side in a remote area through video
conferencing.

The Finance Minister, Shri P. Chidambaram also said that during his Budget Speech of 2013-14, he had announced an ambitious target of opening LIC offices in all the towns with a population of 10000 or above by 31st March, 2014. He congratulated the LIC officials on opening more than 300 branches within three weeks and hoped that they will achieve the target before the date set in his budget speech. He said that LIC has a special place in peoples’ mind and is the best brand ever which is known even in the remotest part of the country. The Finance Minister Shri Chidambaram said that there may be famous brands in case of products but very few famous brands like LIC in service sector. This puts a huge responsibility on all the officers and staff of LIC and requires maintenance and delivery of high quality of service. Through opening of these branches in smaller towns, the LIC will be able to provide various insurance products to the people leaving in far remote areas, the Finance Minister added.

The current in charge Chairman, LIC, Shri Thomas Mathew t in his thanks giving address assured the Finance Minister that LIC will follow his directions and will try to achieve the target of opening the branches by the end of December 2013. He also assured him that all the claims of those affected by the recent natural calamity in Uttrakhand will be dealt with highest priority and will follow the simplified norms in order to settle the claims at the earliest. He said that LIC will duly publicise its relaxed norms to all concerned through advertisements and media in next two-three days.

The meeting was also attended among others by the Minister of State for Finance Shri Namo Narain Meena, Secretary, Financial Services, Shri Rajiv Takru, current Chairman in charge LIC, Shri Thomas Mathew, LIC Managing Directors Shri Sushobhan Sarkar and Shri S.K. Roy and other senior officers of Ministry of Finance and LIC.
*****
Labels:

Comments

Post a Comment

Popular posts from this blog

New Income Tax Rules – Submission of false Aadhaar number may be fined Rs. 10,000

As it is well known that the income tax department has allowed Aadhaar card holders to use the biometric id number in lieu of the Permanent Account Number (PAN). But as per new provision of Income Tax, fine of Rs. 10,000 may be levied in case of wrong Aadhar Number. As per the latest amendments in the Finance Bill 2019, not only allowed people to use Aadhaar in lieu of PAN but also introduced a penalty for giving a false Aadhaar number. However, the new penalty rules are applicable only in cases where you are using Aadhaar in lieu of PAN and where quoting PAN is mandatory according to the income tax department rules. It is well known that although Aadhaar is issued by the Unique Identity Authority of India, yet the fine is not imposed by UIDAI but by the income tax department. Under Section 272B of the Income Tax Act, 1961, the department can impose a penalty in case of default in complying with provisions relating to PAN, i.e., failure to obtain, quote, or authenticate PAN.
Post a Comment
Read more

DA will be 100% w.e.f. January 2014

Now it is very clear from the AICPIN issued today that DA will be 100% w.e.f. January 2014. Decline in AICPIN for December, 2013 vanished the expectation for crossing the DA from 100%. However, it will give a great relief to Central Government Employees and Pensioners as DA will be enhanced by 10% again. View ITian India on Facebook View statistics data for AICPIN here
Post a Comment
Read more

Last date for filing the acknowledgement extended for AY 2009-10, 2010-11 and 2011-12

As per the new circular dated 10.02.2014, Central Board of Direct Taxes, in exercise of powers under section 119 (2) (a) of the Act, hereby further relaxes and extends the date for filing ITR -V Form for Assessment Years 2009-10, 2010-11 and 2011-12 till 31.03.2014 for returns e-Filed with refund claims within the time allowed under section 139 of the Act. The taxpayer concerned may send a duly signed copy of ITR-'V' to the CPC by this date by speed post In such cases, Central Board of Direct Taxes also relaxes the time-frame of issuing the intimation as provided in second proviso to sub section (1) of Section 143 of the Act and directs that such returns shall be processed within a period of six months from end of the month in which ITR-V is received and the intimation of processing of such returns shall be sent to the assessee concerned as per laid down procedure. Provision of sub-section (2) of section 244A of the Act would apply while determining the interest on such refund
Post a Comment
Read more