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PAN might soon be the 'Aadhaar' for entities
(MENAFN- NewsBytes) The government is planning to use the PAN and Aadhaar to drive out shell companies and curb black money.
According to reports, the Ministry of Corporate Affairs (MCA) has proposed amendments to the I-T and PMLA Acts and making it compulsory for companies/NGOs to get a PAN at the time of incorporation.
The company's top officials might also have to submit their Aadhaar details.
In context: PAN might be the basic ID for businesses 18 Sep 2017PAN might soon be the 'Aadhaar' for entitiesThe government is planning to use the PAN and Aadhaar to drive out shell companies and curb black money.
According to reports, the Ministry of Corporate Affairs (MCA) has proposed amendments to the I-T and PMLA Acts and making it compulsory for companies/NGOs to get a PAN at the time of incorporation.
The company's top officials might also have to submit their Aadhaar details.
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