Over 11.44 Lakh PANs Deactivated, States Junior Financing Minister

Express News Global

” As on July 27, 11,44,211 PANs have actually been recognized and erased or de-activated in cases where numerous PANs were discovered set aside to someone,” Santosh Kumar Gangwar stated.

Press Trust of India|Updated: August 01, 2017

Long-term account numbers or PANs is the crucial identifier of taxable entity.
Long-term account numbers or PANs is the crucial identifier of taxable entity.

Highlights

  • PANs were shut down in cases where several PANs were discovered
  • As on July 27, 11,44,211 PANs have actually been erased
  • PAN is the essential identifier of a taxable entity

New Delhi: More than 11.44 lakh long-term account numbers (PANs) were erased or de-activated in cases where numerous PANs were discovered allocated to someone, Parliament was notified today.

This was notified by Minister of State for Finance Santosh Kumar Gangwar in a written reply to the Rajya Sabha.

“As on July 27, 11,44,211 PANs have actually been recognized and erased or de-activated in cases where several PANs were discovered set aside to someone,” the minister stated.

PAN is the crucial identifier of taxable entity and aggregator of all monetary deals carried out by someone.

“One PAN for someone is the assisting concept for allocation of PAN,” Gangwar stated.

He even more stated that as on July 27, 1,566 PANs have actually been determined as ‘phony’ which were set aside to either non-existent individual or in the names of individuals with incorrect identities.

The center to de-activate the pan or erase is offered with the Assessing Officer through software.

Throughout 2004 to 2007 likewise, a workout for de-duplication of PAN was carried out in the tax department to determine possible replicate PANs.

Responding to a concern on healing of concealed earnings post demonetisation, Gangwar stated the Income Tax Department carried out searches in 900 groups of individuals throughout November 2016 to March 2017, resulting in seizure of Rs. 900 crore and admission of concealed earnings of Rs. 7,961 crore.

8,239 studies were performed leading to detection of concealed earnings of Rs. 6,745 crore.

“Information of numerous sort of wrong-doings by about 400 individuals was likewise shown other police such as Enforcement Directorate and Central Bureau of Investigation for proper action,” he stated.

He even more stated throughout the present fiscal year (till June end) the department carried out searches in 102 groups, taking properties worth Rs. 103 crore.

Describing the launch of ‘Operation Clean Money’ on January 31, Gangwar stated about 18 lakh individuals whose money deals did not appear in line with their tax profile were recognized and approached through email/SMS.

Over 9.27 lakh reactions were gotten providing details on 13.33 lakh accounts including money deposits of around Rs. 2.89 lakh crore.

“Advance information analytics tools were released which even more recognized 5.56 lakhs brand-new cases and about 1 lakh those cases where either partial or no action was gotten in the earlier stage. About 200 high danger clusters of individuals were determined for suitable action,” the minister included.

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