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Direct and Indirect Taxes

 

PAN is must before Share transmission - justify?

Created by : RAMANATHA PRABHU N, Chartered Accountant  | 01 22 2010 12:19:41 +0000
Industry : LawFunctional Area : India(Markets)
Keywords : pan for transmission of shares
Activity:  90 views;  last activity : 07 06 2010 20:18:09 +0000

Security Exchange Board of India brought out with a new provision for transmission of shares legally from one person to other/s. Meaning of the word transmission is automatic transfer by law, till now there was no such provision to have PAN at the time of transmission, transmission is transfer on occurence of certain condition/incident, it sufficient to furnish only the document to proove the preset condition or incident. But now PAN is required, please share your views in the captioned subject.

  
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As per Income Tax Act to file a return for refund of tax deducted out of source of an assessee whose income is less than that of maximum not chrgable to tax shall obtain PAN before filing the return, similarly to deal with the department in any other manner it obligatory to have PAN. At the time of transfer or transmission,  if any dividents are due to be paid or divident is due there after as the case may be it is required to deduct tax at source for which PAN is mandatory. Taking in to consideration all these aspects, introduction of new requirement to have PAN for transmission of shares is justified.
By RAMANATHA PRABHU N, Chartered Accountant  01 23 2010 12:12:25 +0000
 
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Yes , It is justifiable
By Omkar Kulkarni, Accounts Officer, Minilec(India) Pvt Ltd  | 01 23 2010 13:37:48 +0000
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PAN has its importance and it is justified.


By Makrand Bhave, Marketing & MICE, WIZCRAFT International  | 01 23 2010 03:30:40 +0000
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