If you submitted Form 60 instead of PAN earlier, Income Tax Dept now wants you to get a PAN

It is requested that if you are not in occupation of a PAN number, the same may be applied in Form 49A immediately or else, the PAN Number should be submitted to the Reporting Entity within 15 days from the campaign execution date..

This is an SMS many taxpayers have received recently from the Income Tax department...

Rule 114B requires taxpayers without PAN to furnish declaration in Form 60 to the appropriate reporting entity while undertaking any of the 18 specified financial transactions mentioned in the rule, such as sale or purchase of motor vehicle, sale or purchase of immovable property, sale or purchase of shares not listed in a recognized stock exchange, etc, says Chartered Accountant Divakar Vijayasarathy, Founder and CEO, DVS Advisors, a Chennai based tax advisory firm...

The Income Tax Department, on receipt of the information in Form 61, sends SMS to the person who has entered into such a transaction and has not provided their PAN, says Bohra...

Identifying the reporting entity can be a bit challenging, especially if one has conducted multiple transactions without a PAN. Further, this SMS should be taken seriously, especially by those who have not furnished Form 60 and have still received this SMS..

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