New PAN Rules : Some Good & Some Bad !

The government has changed the Rule 114B of the Income Tax Rules effective from 1st January 2016 which regulates the application of Permanent Account Number or PAN in various financial transactions . It is clear that changes brought in the Rule are going to effect a large number of taxpayers and business all over India. The official press release issued by CBDT cites the reason of curbing the circulation of black money as the major reason for incorporating changes in the Rule 114B .

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