A lot of people keep equivocating taxation by surreptitiously possessing many PAN cards (Permanent Account Number)under single identity. This seems to be another perilous issue for the Income tax officials furthermore there are lots already waiting under dodging regular taxation.
The Income Tax Department has released no lesser than 10 crores of PAN cards this year, however the taxes paid don’t anywhere come near half of what the number is. The tax income this year on a comparative scale just rounded up to 340 lakhs and that shows there are lots of other PAN cards which are employed to barely operate on evading taxation.
The officials have plans to stumble on people who possess multiple PAN cards. Drawing on a PAN card is primarily to furnish an identity that is unique and that doesn’t conflict. A consumer can use this PAN card to begin a bank account or any other instance that requires permanent identity. The reason why a PAN card is employed gets completely ruined if there are going to be more than a lot of multiples.
Higher authorities keep checking for duplications with similar names and also those possessing same addresses on the forged versions. This process of checking wouldn’t end rapidly as there are lots holding falsifications in the same. The central Board of Direct Taxes brings out a truth that the pause that comes between the taxes and the PAN cards is predominantly due to the duplications but with lesser chances of considerable death of PAN card holders.Surveying the issue makes it more clear that death of PAN card holder insignificantly affects the pause that exists between taxations and PAN cards. These need to be directly proportional. If there is going to be an increase in the number of PAN cards issued then it means that there must be a higher tax paid whatever neglecting the amount of people who establish PAN cards as their identities, for paying taxes rather.
All these are required to be broken if there should be a considerable rise in the Gross Domestic Product the market values of the merchandising done in the country. If there is going to be a good rise in the GDP eventually the taxations done would increase.
The rise in the direct taxes were 1.7% in 2005-06 and it hiked to 2.6% in the years 2007-08 wherein it declined to 0.5-0.8% in the past two years indicating how taxations are almost dodged..
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