According to income-tax department rules, any payment of over Rs 50,000 by banks would citing of the receiver's PAN.
New agriculture app paving new way for farmers in Myanmar. (Photo: Pixabay)
Hyderabad: The government’s financial assistance to over two lakh farmers — holding land of more than 12 acres each — has become complicated as they lacked income-tax department’s PAN.
All farmers irrespective of extent of land they hold are eligible for this benefit. However, if a farmer owns more than 12 acres, he would be eligible for getting over Rs 50,000. According to income-tax department rules, any payment of over Rs 50,000 by banks would citing of the receiver’s PAN.
To deal with this issue, sources said the government is now planning to issue multiple cheques below Rs 50,000 to farmers, who don’t have PAN, to overcome this problem.
Officials, however, advise the farmers to apply for PAN number as it makes the process easier.
( Source : Deccan Chronicle. )
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