https://www.taxtmi.com/article/detailed?id=440 The circular mandates collection and reporting of PAN by insurers for insurance policies above a specified high-value premium, applying across all insurance types and obliging insurers to identify affected policies, obtain PAN from policyholders or proposers, prepare reports and intimate the authority within an immediate, short compliance window. The note contends the directive lacks statutory rulemaking form: the enabling statute authorises the Board to prescribe by rule the categories of transactions, manner of quoting PAN and procedures for intimation, and therefore a circular is an improper vehicle to create such binding obligations, further highlighting practical infeasibility and absence of stated enabling provision or timely publication. en-us Wed, 29 Jul 2009 00:00:00 +0530 Wed, 29 Jul 2009 10:40:04 +0530 TaxTMI RSS Generator https://www.taxtmi.com/article/detailed?id=440 The circular mandates collection and reporting of PAN by insurers for insurance policies above a specified high-value premium, applying across all insurance types and obliging insurers to identify affected policies, obtain PAN from policyholders or proposers, prepare reports and intimate the authority within an immediate, short compliance window. The note contends the directive lacks statutory rulemaking form: the enabling statute authorises the Board to prescribe by rule the categories of transactions, manner of quoting PAN and procedures for intimation, and therefore a circular is an improper vehicle to create such binding obligations, further highlighting practical infeasibility and absence of stated enabling provision or timely publication. Articles Income Tax Wed, 29 Jul 2009 00:00:00 +0530 https://www.taxtmi.com/article/detailed?id=440