Ramesh Mishra and CO.

12/04/2017

Government of India

Ministry of Finance

Department of Revenue

Central Board of Direct Taxes

PRESS RELEASE

DATED - 11-04-2017.

CBDT issues PAN and TAN within 1 day to improve Ease of Doing Business

In order to improve the Ease of Doing Business for newly incorporated corporates, CBDT has tied up with Ministry of Corporate Affairs (MCA) to issue Permanent Account Number (PAN) and Tax Deduction Account Number (TAN) in 1 day.

Applicant companies submit a common application form SPICe (INC 32) on MCA portal and once the data of incorporation is sent to CBDT by MCA, the PAN and TAN are issued immediately without any further intervention of the applicant. The Certificate of Incorporation (COI) of newly incorporated companies includes the PAN in addition to the Corporate Identity Number (CIN). TAN is also allotted simultaneously and communicated to the Company.

Till 31st March 2017, 19,704 newly incorporated Companies were allotted PAN in this manner. During March, 2017, of the 10,894 newly incorporated companies, PAN was allotted within 4 hrs in 95.63% cases and within 1 day in all cases. Similarly, TAN was allotted to all such companies within 4 hrs in 94.7 % cases and within 1 day in 99.73% cases.

CBDT's initiative in starting of a business is expected to significantly improve the ranking of India in the Ease of Doing Business Study conducted by World Bank by reducing the number of processes of registration before various authorities under law, reducing the time taken for allotment of the registration number (CIN, PAN, TAN) and making the entire registration process for new companies much simpler.

CBDT has also introduced the Electronic PAN Card (E-PAN) which is sent by email, in addition to issue of the physical PAN Card, to all applicants including individuals where PAN is allotted. Applicant would be benefited by having a digitally signed E-PAN card which they can submit as proof of identity to other agency electronically directly or by storing in the Digital Locker (https://digilocker.gov.in).



(Meenakshi Goswami)

Commissioner of Income Tax

(Media & Technical Policy)

Official Spokesperson, CBDT

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01/11/2014

Ramesh Mishra & Co.
Chartered Accountants.

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Our Office is located in Thane, Maharashtra

Please send your resume at [email protected] or [email protected]

26/05/2014

New finance minister to inherit Rs 1 lakh cr of unpaid bills...


Even before the new finance minister gets down to preparing the next budget, he has to grapple with unpaid subsidies of at least Rs 1 lakh crore left behind by the UPA government.



While the food subsidy bill accounts for almost half the amount with unpaid subsidies adding up to over Rs 50,000 crore. Then, there are dues of Rs 38,000 crore to fertilizer companies and another Rs 24,000 crore to public sector oil marketing companies, which sold cooking gas and kerosene below the international price. There are also additional taxes that the government had mopped up from companies in its bid to meet its ambitious tax targets, and show healthier finances, which now need to be refunded, with interest.

Tax department officials, however, said that companies were not coaxed into paying higher taxes and refunds were not stopped.



While economists and corporate chiefs have been critical of the UPA leaving behind a large liability for the new finance minister, finance minister P Chidambaram had said that these payments are for the fourth quarter of the 2013-14 financial year, which are to be paid this fiscal.

Officials dealing with sectors that have been hit as government didn`t clear dues are, however, complaining that the held back payments are resulting in the companies having to borrow from banks to meet their cash requirements. In fact, they are severely critical of the Manmohan Singh government`s subsidy policy, saying that the government burden was transferred to oil and fertilizer companies in addition to the Food Corporation of India, rendering many of them financially unviable.

In fact, during UPA 1, the finance ministry had resorted to issuing bonds to oil and fertilizer companies, which were not explicitly shown as subsidies and had faced stiff criticism as the system was not transparent. But thanks to the unexpected 3G bonanza in 2010, Pranab Mukherjee cleared the dues, although some of the companies had to take a hit.

Even during UPA-II, transparency was often missing. Under pressure from the rating agencies, the government sought to cut down on spending to show a healthier fiscal deficit. The government has budgeted for fiscal deficit of 4.1% of GDP for 2014-15, compared to 4.6% last year. But if the government had budgeted for the over Rs 1 lakh crore outgo last year, the number would have been vastly different.

As reported by TOI on Friday, several ministries, including finance, fertilizer and petroleum are going to make a fresh pitch for a reduction in subsidies by focusing only on the poor.
(Times of India)

23/05/2014

CBDT releases utility for Tax Audit Report filing for A.Y. 2014-15
Income Tax Department has releases utility for A.Y. 2014-15 for Filing of TaxAudit Report , Transfer pricing Audit Report, MAT Audit , Trust Audit, Special Audit etc. Details of such Audit reports is as follows :-

Form 3CA-3CD – Audit report under section 44AB of the Income-tax Act, 1961 in a case where the accounts of the business or profession of a person have been audited under any other law

Form 3CB-3CD – Audit report under section 44AB of the Income-tax Act, 1961, in the case of a person referred to in clause (b) of sub-rule (1) of rule 6G