Employees to mandatorily furnish PAN or Aadhaar card. SEBI rolls out new norms for portfolio managers.
Show Up or Pay Up: As per a recent Central Board of Direct Taxes (CBDT) circular, it has been mandatory for employees to furnish PAN or Aadhaar under Section 206AA of the Income Tax Act for receiving amount on which tax is deductible. Financial Express
The CBDT further said that if an employee fails to furnish his/her PAN or Aadhaar number, as the case may be, to the employer, the latter will be responsible to collect TDS at higher of the following rates:
Levelling Up: Markets regulator SEBI has notified new norms governing portfolio managers, under which the minimum investment limit for investors has been doubled to ?50L, and the managers have been directed to increase their net worth to ?5cr within three years.
The new norms are aimed at curbing mis-selling, and weeding out dubious operators. Outlook
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