The Central government is planning to make Permanent Account
Number (PAN) mandatory for businesses as well as non-government organisations
as it looks to close possible gaps for generation of black money. Sources told that
the Ministry of Corporate Affairs (MCA) has proposed amendments to the Income
Tax Act as well as the Prevention of Money Laundering Act and the government is
looking at a mechanism under which any entity with cumulative transactions of
over Rs 2 lakh annually will have to comply with the regulations.
TIMES
OF INDIA NEWSPAPER
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