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There are only seven days left for linking your Income-tax permanent account number (PAN) with your Aadhaar --the deadline is December 31. Linking PAN to Aadhar is mandatory if you want to file your income tax return. Says Balwant Jain, a Mumbai-based tax expert: "Those who have not linked their PAN to their Aadhar by this date will find their PAN becoming inoperative." Initially, the authorities had proposed to render the PAN invalid for non-linkage by September this year. However, rendering it invalid would have put a question mark on all transactions done using the PAN prior to that date as well. Jain says, "In order to protect the validity of the transactions that have already been effected, the PAN will now become inoperative by December 31, if it isn't linked to Aadhar by this date." This effectively means that you will no longer be able to use it with prospective effect. All retrospective transactions will remain valid. Read Complete Article

Pushed with the aid of decrease refunds and a demonetisation-subsidized better base, direct taxes have come to the help of the government in its warfare to satisfy its financial deficit target for 2017-18. Direct tax series, net of refunds, has risen 18.7 in step with cent till Monday, in opposition to the 15.7 in step with cent projected within the Budget Estimates (BE). In absolute terms, the parent touched Rs 6.89 trillion, representing 70.3 in keeping with cent of the BE of Rs nine.8 trillion. which includes refunds, gross direct tax collection rose thirteen.five in step with cent to Rs eight.11 trillion. This may be attributed to lower refunds, to the music of Rs 1.22 trillion as on Monday, in opposition to Rs 1.34 trillion at this time a 12 months earlier than, in addition to a higher tax base due to demonetisation. Direct tax series has proven significant improvement throughout all parameters, in terms of increase in each zone. The increase of general gross dire...