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Update UDINS

📢 Daily News Alert

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🟢Form 10BD required to be filed for donations received is now live. Excel CSV Upload option available.

📢 REMINDER TO TRUSTS REGISTERED U/S 80G:

All the Donations which are eligible for exemption u/s 80G received by the Trusts for the Financial Year 2021-22 required to be filled in Form No. 10BD and should be electronically uploaded accompanied with signed by the Managing Trustee/Office Bearer before 31st May 2022.

📢 Updation of UDINs at e-filing Portal

After receiving various complaints by the members for Invalidation of the UDINs at the e-filing portal of Income Tax Department, certain technological changes have been made in the site. So, now the Members are advised to again try updating those UDINs which have been invalidated earlier at the e-filing Portal. 

Members are also hereby intimate to kindly update all the pending UDINs for FORMs or certificate etc. at the e-filing portal on immediate basis. Points to be noted that the last date with which UDINs are required to be updated at the e-filing portal is 31st May 2022.

Further, while generating the UDIN all the members are advised to be careful in selecting the Correct fields.

For any clarification, please get more information to Click Here: CAONWEB

PAN Card number

Transactions in which it is mandatory to give your PAN Card number

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There are various financial transactions in which attaching your PAN card details is mandatory. These exceptions are specified under Rule 114B of the Income tax rules, 1

962 which came into effect from 01, Nov 1988.

There is 18 transaction which requires your PAN Card details.

  1. Sale/purchase of Motor vehicle as specified under Motor vehicle act, 1988 requires PAN card number.
  2. Opening of Bank A/c with a banking company or a co-operative bank which is regulated by the banking regulation act, 1949.
  3. Making an application to a banking company/financial institution/co-operative bank for the issuance of Credit or Debit card.
  4. Opening of Demat A/c under SEBI Act, 1992.
  5. Paying your bill at a hotel/restaurant (Cash payment more than INR 50,000)
  6. Payment in relation to traveling to any foreign country or currency exchange for the same. (Cash payment exceeding INR 50,000)
  7. Mutual fund payment for purchasing additional units. (Amount exceeding INR 50,000)
  8. Payment to acquire bonds/debentures of a company. (Amount exceeding INR 50,000)
  9. Purchase of bonds issued by RBI. (Amount exceeding INR 50,000)
  10. Deposit with a banking company/co-operative bank/post office regulated by the banking regulation act, 1949. (Cash deposit exceeding INR 50,000)
  11. Purchase of Demand deposit/Pay order/bankers cheque from a banking company/co-operative bank regulated by banking regulation act, 1949. (Amount exceeding INR 50,000)
  12. A Time deposit with a banking company/co-operative bank/Post office/Nidhi company/NBFC. (Amount exceeding INR 50,000 or amount exceeding INR 5,00,000 during a financial year)
  13. Any pre-paid payment instrument as defined by RBI under Payment & settlements act, 2007.
  14. A premium of Life Insurance premium paid. (Amount exceeding INR 50,000 during a financial year)
  15. Sale/purchase of securities under Securities contracts act, 1956. (Amount exceeding INR 1,00,000)
  16. Sale/purchase shares of a company not listed on the stock exchange. (Amount exceeding INR 1,00,000)
  17. Sale/purchase of any immovable property. (Amount exceeding INR 10 lakh)
  18. Sale/purchase by any person of goods/service of any nature except those mentioned from 1 to 17. (As notified by the central government).

Related Blog – YOUR PAN CARD MIGHT BECOME INOPERATIVE FROM 01, JANUARY, 2020

IMPORTANT POINTS TO REMEMBER

  • When a person involved in any of the above-mentioned transactions, is a MINOR & does not have any income chargeable to income tax, he/she should mention the PAN Card details of father/mother/guardian.
  • Anyone who does not have a PAN Card and enters into any of the above-mentioned transactions must fill Form No. 60 as per Rule 114B of Income-tax act, 1962.
  • Note PAN Card details in case of Tax deduction at source i.e. TDS or Tax collection at source i.e. TCS under section 139 [5b &5c] respectively.

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