The Insurance Regulatory and Development Authority (IRDA) has expanded the time limit by one month to September 1 for collecting permanent account number (PAN) by Insurers. Insurance companies have to collect PAN from persons purchasing insurance policies with annualized premiums exceeding Rs 1 lakh per policy.
IRDA stated that additional time was given, as it will be difficult for many insurers to meet the deadline of August 1, 2009 for implementing its orders in this regard and requested for an extension.
According to the regulator, IT is also requested that the requirement of submitting PAN should also be relinquished in certain categories of persons such as those with only agricultural income and NRIs. The persons have no assessed income under the IT Act and hence are exempted from the requirement of PAN.
"This request has been considered and it is now decided that insurers shall insist on PAN from all persons who are required to obtain the same under the provisions of IT Act, 1961. Insurers shall however collect a signed declaration from persons exempted from the requirement of PAN, stating the provisions of the IT Act under which they have been exempted" IRDA stated in its circular.
IRDA stated that additional time was given, as it will be difficult for many insurers to meet the deadline of August 1, 2009 for implementing its orders in this regard and requested for an extension.
According to the regulator, IT is also requested that the requirement of submitting PAN should also be relinquished in certain categories of persons such as those with only agricultural income and NRIs. The persons have no assessed income under the IT Act and hence are exempted from the requirement of PAN.
"This request has been considered and it is now decided that insurers shall insist on PAN from all persons who are required to obtain the same under the provisions of IT Act, 1961. Insurers shall however collect a signed declaration from persons exempted from the requirement of PAN, stating the provisions of the IT Act under which they have been exempted" IRDA stated in its circular.
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