No change has been announced in rates of personal income tax or corporate income tax; no new taxes are being imposed.
Permanent Account Number (PAN) is the critical element in capturing incomes and expenditures; scrutiny of Annual Information Returns (AIR) on high- value transactions reveals that 60% of the transactions are without quoting PAN; hence proposal to take power to- issue PAN suo motu in certain cases and to direct persons to apply for PAN in certain cases.
In due course, more transactions will be notified for which quoting of PAN is to be mandatory, a few more transactions to be prescribed to be reported in AIRs.
01-Mar-06 
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