GCCI: Simplify procedure to surrender PAN
Ahmedabad, Jun 19, 2024
Many people need to surrender their Permanent Account Number (PAN) for various reasons but face problems in doing so and cannot get a cancellation certificate.
Some NRIs need to surrender their PAN cards, but they face hurdles. The Gujarat Chamber of Commerce and Industry (GCCI) has sent pre-budget recommendations to the finance minister. One of them deals with PAN surrender, which is required in case of death or in case of duplicate PANs, as many women get new PANs after marriage.
Jainik Vakil, a chartered accountant and chairman of the GCCI direct tax committee, said, “We sent a detailed representation to the finance ministry suggesting some changes in the upcoming budget. We have asked that a proper procedure be set up for surrendering one’s PAN card. Many NRIs need to surrender their PAN, but there is no proper process in place. Under GST, a taxpayer gets a cancellation certificate for their GSTIN, but an income tax payer gets no such cancellation certificate.
“We demanded that the department establish a proper procedure for cancellation and surrender of PAN. Also, if a person changes his/her city and gets the details amended in PAN, the department internally does not change the jurisdiction. If a person moves to Ahmedabad from Mumbai and updates this in their PAN, their jurisdiction will still be Mumbai. In case of any issues, his ward and officer would be in Mumbai. We demand that the department change the jurisdiction according to amendments in PAN.”
GCCI has also recommended increasing the standard deduction under Section 16 to Rs 1 lakh from the current Rs 50,000. “Keeping in mind inflation and purchasing power, the standard deduction should be increased to Rs 1 lakh and also it should also be linked to the cost inflation index for regular enhancement,” said Vakil.
The trade body also made suggestions regarding tax rates. MAT rates for corporates have been reduced but not for non-corporates such as LLPs and individuals. Thus, in the budget, the rate of tax (including surcharge and cess) for all non-corporate entities should be reduced to 25%.
[The Times of India]
