Union budget: the government will launch an instant PAN allocation

NEW DELHI: To further facilitate the PAN allocation process (permanent account number), the government will launch an instant PAN allocation system based on Aadhaar, said Finance Minister Nirmala Sitharaman, presenting the Budget of the Union in Parliament.

The Budget also provides e-commerce operators to deduct TDS (tax deducted at source) from all payment participants at a rate of 1 percent with PAN/Aadhaar and at a rate of 5 percent in cases other than PAN/Aadhaar.

The government has allowed the Deposit Guarantee and Credit Corporation (DICGC) to increase deposit insurance coverage five times to Rs 5 lakh from Rs 1 lakh before.

Sitharaman also said that the Income Tax Law will be amended to allow faceless appeals against tax orders on faceless assessment lines.

Live plus He also proposed the 'Vivad se Vishwas' scheme to reduce litigation in the direct tax scheme, saying that 4.83 lakh of direct cases are pending in several appeals forums. Under the scheme, taxpayers will pay only the amount of disputed taxes and will obtain a full exemption on interest and fines, if the scheme is applied before March 31, 2020, Sitharaman added.