Corporate Updates 24 Feb 2014


The number of PAN Card holders in the country as on 17.2.2014 is 20.24 crores. Identification of bogus/duplicate PAN Card is an integral part of the data management system. In order to ensure that bogus PAN cards are not issued, the Income-tax Department has started capturing Aadhar number. So far, 9.73 lakhs PAN have been issued where Aadhar has been captured and seeded in PAN database for maintain uniqueness.


As per Section 67A of the Finance Act, 1994 read with explanation to Section 14 of the Customs Act, 1962, rate of exchange for calculation of gross value of taxable service tax would be the rate, as determined by CBEC for the conversion of foreign currency into Indian currency or vice versa, applicable on the date on which taxable service has been provided or agreed to be provided. The Notification issued by CBEC in this context containing the Rates of Exchange is applicable from February 21, 2014.

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