WTF - No PAN? Be prepared to pay 20% tax from tomorrow

why Indian Govt is making such fool laws?

 

Because our prime Minister is Mr. MeanMohan Singh

 

But imagine what kind of harrassment the people who earns less than 1.6 lakh per year will face , as much as 32000/- will be deducted as tax and they have to file income tax return and then they have to run from pillar to post for years to get income tax refund .

 

Getting a PAN card, doesnt mean that you have to start filing taxes. People still think that if they get PAN they have to start filing taxes immediately, which is MISCONCEPTION. This could be the reason why many people with low income hesitate to apply for PAN. I believe indians are afraid of Income Tax. You have to file tax only if you go above the slabs. Thats it!

 

First of all noone can file a tax, tax should be paid and return should be filed. So when you use Tax use pay and when you use return use file word.

Now when you have a pan card you have to file atleast nil return.

You dont have to pay tax if your income is under the slab.

 

If you pay taxes then u have a pan card then what exactly is the issue ? most of the banks wont let u open an account without a PAN .. so this rule doesnt matter.. (only old bank accounts need a pan attached)

 

Did i say im suffering with the issue? No! I was talking about those who dont have!

 

Yaar but most people will have a pan attached to bank...

 

As far as I am aware, IPL as an entity is being treated as an entertaining company and is subjected to paying tax as well.
In 2010-2011, government expects to receive a tax of roughly Rs. 200 crore from IPL-3, after receiving Rs. 91 crores from the first edition!

Regards,

RightMan

 

IPL is BCCI's Part and BCCI is registered as a charitable trust under Section 12 (a) of the Income Tax Act to promote cricket for general public good and enjoys tax exemption under Section 11

 

Nothing has really changed.

Earlier TDS rate was 10%.

Now, if one doesn't submit the PAN details, applicable TDS rate would be 20%.

 

IPL doesnt get tax exemption see this http://timesofindia.indiatimes.com/...-300-crore-from-IPL3-/articleshow/5745007.cms

BCCI had refused to pay tax on its income as it claimed to be a charitable organization. However, the I-T department disputed the sports body's claims and said any commercial activity such as the IPL needs to pay tax on income.

 

Yeah Looks like they will be forced to pay this season!

 

What bank will deduct 20% if we have savings accounts.
I have a savings account.
Can anybody help me?

 

i am not sure this is on savings account i think this is for current account but then this is not toally sure

 

I think it is applicable only to Fixed Deposits and such where TDS is deducted any way .. I don't think it applies to savings or current accounts

 

what happen if I dont enter the PAN no, I just never withdraw money through paypal, as Im Indian verified paypal user for long, I used my paypal account for online bill payment such like domain and hosting.

if I skip it every time when ever I login then what !

 

Are they still need my few bucks? Someone help me to hide this money... really hard earned.

 

You are fine as long as they dont make your account nonoperational for not providing them the PAN. We dont know if that will happen or when it will happen unless Paypal issues a statement to that effect. Just keep your PAN ready even if you dont want to give it to them now.

As per the explanation given by Paypal (click on the learn more link near the PAN submit field) you are still required to comply with all RBI regulations whether Paypal asks for it or not.

Why do you need a PAN number?
PAN number is compulsory for all financial transactions as per Indian laws and regulations.
PAN number provides you with a unique identification and makes it easier for PayPal to track your financial transactions.
You need to have a PAN number (made mandatory by the Income Tax Department) in order to file for return of income as well as on all correspondence with any income tax authority in the country.