The Permanent Account Number (PAN) card is a one-of-a-kind identification that is crucial in any financial transaction. The Income Tax Department determines the alphanumeric 10 digit number on the PAN card. The Central Board of Direct Taxes is in charge of this procedure (CBDT). PAN is also required while submitting tax returns.
You should be aware of the significance of your PAN card. Your Aadhaar must be linked to your PAN when filing your Aadhaar tax return. PAN cards are required by the Income Tax Department for cash transactions of bank drafts, pay orders, or banker’s checks totaling Rs 50,000 or more in a single day.
If you are caught with two PAN cards during an investigation, you could face a punishment of up to Rs 10,000. Your bank account may be frozen in addition to this. To avoid this, you must send the second PAN card to the department as soon as possible. Section 272B of the Income Tax Act of 1961 also contains a provision for this.
The procedure for submitting your PAN is straightforward. This can be accomplished in a variety of ways. Visit the website and click on the link “Request for New PAN Card or/and Change or Correction in PAN Data” to access the form to submit the PAN card. Fill out the form and mail it to any NSDL location.
Google to invest up to $1 billion in a partnership with Airtel
Bharti Airtel and Google, on Friday, January 28, 2022, said that they would partner on a long-term, multi-year agreement to accelerate the growth of India’s digital ecosystem, under which Google intends to invest up to USD 1 billion.
The amount is part of the USD 10 billion ‘Google for India Digitization Fund’, which was announced by the CEO of Google and Alphabet Sundar Pichai in 2020, and will include equity investment as well as a corpus for potential commercial agreements, to be identified and agreed on mutually agreeable terms over the next five years, the companies said in a statement.
“Together, they will work to bring best-in-class end-to-end products to serve customer needs, provide quality customer experience, and bring their expertise to solve problems of affordability, access, and digital inclusion,” they added.
The deal includes an investment of USD 700 million to acquire 1.28% ownership in Airtel and up to USD 300M toward potential multi-year commercial agreements. The partnership will focus on enabling affordable access to smartphones across price ranges and will continue to explore building on their existing partnerships to potentially co-create India-specific network domain use cases for 5G and other standards and help accelerate the cloud ecosystem for businesses across India.
Smartphone sales in India grow by 12% in 2021: Report
The smartphone market in India achieved a record 162 million shipments in 2021, growing 12 per cent in 2020, a new report revealed.
After a tough start to the year, due to the second wave of Covid-19, India recovered strongly in the second half, reports market research firm Canalys.
“Thanks to the vaccination rollout, market reopening and pent-up demand, smartphone shipments reached all-time highs for the full year. Growth is expected to continue in 2022, driven by both replacement demand and new customers migrating to smartphones,” Sanyam Chaurasia, Analyst Canalys said in a statement.
Following a strong comeback in Q3, smartphone vendors shipped 44.5 million devices in Q4 for 2 per cent growth, despite a challenging supply chain.
Xiaomi was the leader, shipping 9.3 million units and maintaining its 21 per cent market share. Samsung came second with 8.5 million units for a 19 per cent share.
For the first time, realme climbed to third place in India, with a 49 per cent year-on-year increase in volume that reached 7.6 million shipments. The fourth and fifth places were taken by Vivo and OPPO, with 5.6 million and 4.9 million units.
“Overall, India will see upward momentum towards future-proof technologies, with smartphones being at the core of the digital ecosystem and growing ever-more essential to the daily lives of Indian citizens,” Chaurasia added.
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