Latest news with #PermanentAccountNumber
Time of India
2 days ago
- Business
- Time of India
Applying for PAN Card? Aadhaar to be mandatory for Permanent Account Number; new rule likely from July 1, 2025
The income tax portal will implement new PAN Card application requirements starting July. Applying for a new PAN Card? From July 1, 2025 the Central Board of Direct Taxes intends to implement mandatory Aadhaar authentication for obtaining new Permanent Account Number (PAN) cards. At present, individuals can apply for a PAN using their name, birth date proof or alternative identification documents. "The move for Aadhaar-based verification aligns with the digitalisation drive and efforts to ensure accountability and compliance in tax filing," a senior official told ET. New PAN Card Rules 2025 This means that if you apply for a new PAN Card after July 1, 2025, it will be compulsory for you to have an Aadhaar card. Your Aadhaar card will be used for verification purposes to process your PAN card application. The income tax portal will implement new application requirements starting July. It's important to note that current PAN holders must also link their cards with Aadhaar. The deadline for existing cardholders to connect Aadhaar with PAN without incurring penalties is December 31, 2025. Any PAN cards not linked to Aadhaar will cease to function from the following year. The Income Tax department mandated Aadhaar linkage after discovering individuals obtaining multiple PANs or using others' PANs for tax evasion purposes. Several instances revealed the misuse of multiple PANs for fraudulent GST registrations. As of March 2024, India had over 740 million PAN cardholders, with 605 million having completed their Aadhaar linkage. Also Read | Income Tax Return e-filing: Can you keep switching between new and old tax regime every year? What taxpayers should know Meanwhile, the I-T department is rolling out the PAN 2.0 project, which is an advancement in digitalising the PAN and TAN administrative framework. The enhanced system seeks to deliver superior taxpayer services through unified platforms, ensuring streamlined operations for individuals holding PAN/TAN credentials. Existing PAN cardholders can continue using their cards without any additional steps under the new framework. The current PAN cards maintain their validity and functionality within PAN 2.0. Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
News18
3 days ago
- Business
- News18
Oswal Pumps IPO Listing Tomorrow: Here's What Latest GMP Signals
Last Updated: Oswal Pumps IPO GMP: Unlisted shares of Oswal Pumps Ltd are trading at Rs 667 apiece in the grey market, which is 8.6% premium over the upper IPO price, signalling mild gains. Oswal Pumps IPO Listing Date: The allotment of the Oswal Pumps IPO has been finalised. Investors can check their allotment status on the websites of the BSE, the NSE and registrar Link Intime. Now, all eyes are on its listing, which will take place tomorrow, Friday, June 20. According to market observers, the latest GMP stands at 8.63%, which indicates mild listing gains for investors. The shares of Oswal Pumps Ltd will be listed on both BSE and NSE on June 20, 2025. Oswal Pumps IPO GMP Today According to market observers, unlisted shares of Oswal Pumps Ltd are currently trading at Rs 667 apiece in the grey market, which is an 8.63 per cent premium or GMP over the upper IPO price of Rs 614. It indicates listing gains for investors on June 20, the tentative listing date. The GMP is based on market sentiments and keeps changing. 'Grey market premium' indicates investors' readiness to pay more than the issue price. Oswal Pumps IPO: A Step-By-Step Guide To Check Allotment Status The Oswal Pumps IPO allotment has been finalised. The IPO allotment status can be checked online by following these steps: 1) Go to the official BSE website via the URL — 2) Under 'Issue Type', select 'Equity'. 3) Under 'Issue Name', select 'Oswal Pumps Ltd' in the dropbox. 4) Enter your application number, or the Permanent Account Number (PAN). 5) Then, click on the 'I am not a robot' to verify yourself and hit the 'Search' option. Your share application status will appear on your screen. You can also visit directly on the registrar Link Intime's portal — and check the Oswal Pumps IPO allotment status. The allotment status can also be checked on the NSE's website at The initial public offering was open for subscription between June 13 and June 17. The Rs 1,387.34-crore mainboard IPO received a strong 34.42 times subscription, garnering bids for 55,80,42,696 shares as against 1,62,12,980 shares on offer. The retail and NII participation stood at 3.60 times and 36.70 times, respectively. Its qualified institutional buyer (QIB) category got a 88.08 times subscription. The IPO received subdued response on Day 1 and Day 2 with 0.42 times and 1.65 times subscriptions, respectively. However, it received a massive response on the final day of bidding amid higher participation from NIIs (who invest more than Rs 2 lakh) and QIBs (which include mutual funds). The IPO is a combination of a fresh issue of shares valued at Rs 890 crore and an offer-for-sale (OFS) of 81 lakh stocks worth Rs 497.34 crore at the upper end of the price band, by promoter Vivek Gupta. This aggregates the issue size at Rs 1,387.34 crore. The price band was fixed in the range of Rs 584-614 apiece. Oswal Pumps Limited, founded in July 2023, manufactures a wide range of pumps and related products for domestic, agricultural, and industrial use. The company recorded one of the highest EBITDA margins among peers in FY24 (30.1% in 9MFY25), up from 10.7% in FY22, showcasing clear operating leverage gains. However, competition from established peers and its dependency on tenders for its revenue, remain key risk factors to consider. Oswal Pump's competitors include Kisloskar Brothers, Shakti Pumps, WPIL, and Roto Pumps. Oswal Pumps plans to utilise the IPO proceeds for capital expenditure (Rs 89.86 crore), investment in subsidiary Oswal Solar for new units in Karnal (Rs 272.76 crore), repayment of company borrowings (Rs 280 crore), repayment of Oswal Solar's loans (Rs 31 crore), and towards general corporate purposes. IIFL Securities, Axis Capital, CLSA India, JM Financial, and Nuvama Wealth Management are the book-running lead managers to the issue. Stay updated with all the latest business news, including market trends, stock updates, tax, IPO, banking finance, real estate, savings and investments. Get in-depth analysis, expert opinions, and real-time updates—only on News18. Also Download the News18 App to stay updated! tags : initial public offering (IPO) IPO Location : New Delhi, India, India First Published: June 19, 2025, 10:24 IST News business » ipo Oswal Pumps IPO Listing Tomorrow: Here's What Latest GMP Signals
Time of India
3 days ago
- Business
- Time of India
Aadhaar must for new PAN card
New Delhi: The Central Board of Direct Taxes plans to make Aadhaar authentication compulsory for a new Permanent Account Number (PAN) card from July 1, officials said. "The move for Aadhaar-based verification aligns with the digitalisation drive and efforts to ensure accountability and compliance in tax filing," said a senior official, who did not wish to be identified. Currently, an application for a PAN can be made using name, proof of date of birth or any other identification, although existing PAN owners have been asked to link it with Aadhaar. For existing PAN card holders, the last date to link Aadhaar with PAN is December 31, 2025, without penalty. PAN not linked with Aadhaar will become inoperative from next year. Play Video Pause Skip Backward Skip Forward Unmute Current Time 0:00 / Duration 0:00 Loaded : 0% 0:00 Stream Type LIVE Seek to live, currently behind live LIVE Remaining Time - 0:00 1x Playback Rate Chapters Chapters Descriptions descriptions off , selected Captions captions settings , opens captions settings dialog captions off , selected Audio Track default , selected Picture-in-Picture Fullscreen This is a modal window. Beginning of dialog window. Escape will cancel and close the window. Text Color White Black Red Green Blue Yellow Magenta Cyan Opacity Opaque Semi-Transparent Text Background Color Black White Red Green Blue Yellow Magenta Cyan Opacity Opaque Semi-Transparent Transparent Caption Area Background Color Black White Red Green Blue Yellow Magenta Cyan Opacity Transparent Semi-Transparent Opaque Font Size 50% 75% 100% 125% 150% 175% 200% 300% 400% Text Edge Style None Raised Depressed Uniform Drop shadow Font Family Proportional Sans-Serif Monospace Sans-Serif Proportional Serif Monospace Serif Casual Script Small Caps Reset restore all settings to the default values Done Close Modal Dialog End of dialog window. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Buy Brass Idols - Handmade Brass Statues for Home & Gifting Luxeartisanship Buy Now Undo The income-tax portal will activate the new requirement for applications from July. TheI-T authorities had made Aadhaar linkage mandatory after detecting issuance of multiple PANs to a single individual or use of PANs registered in names of others to evade tax. Live Events In some cases, multiple PANs were used for fake goods and services tax registration. As of March 2024, there were more than 740 million PAN card holders in India, out of which 605 million were linked with Aadhaar.
News18
4 days ago
- Business
- News18
When Will Oswal Pumps IPO Allotment Be Out? A Step-By-Step Guide To Check Status Online, Latest GMP
Oswal Pumps IPO GMP: Unlisted shares of Oswal Pumps are trading at Rs 674 apiece in the grey market, which is 9.7% premium over IPO price of Rs 614, signalling mild listing gains. Oswal Pumps IPO Allotment Status: Even as the Oswal Pumps IPO has concluded with a strong 34.42 times subscription, all eyes are on its allotment, which is expected to be finalised today, June 18, in the evening. Once the basis of allotment is finalised, investors will start receiving bank debit messages. They can also check the allotment status on websites of the BSE, the NSE and registrar Link Intime. The Oswal Pumps IPO allotment will take place on today, June 18. The IPO allotment status can be checked online by following these steps: 1) Go to the official BSE website via the URL — 2) Under 'Issue Type', select 'Equity'. 3) Under 'Issue Name', select 'Oswal Pumps Ltd' in the dropbox. 4) Enter your application number, or the Permanent Account Number (PAN). 5) Then, click on the 'I am not a robot' to verify yourself and hit the 'Search' option. Your share application status will appear on your screen. You can also visit directly on the registrar Link Intime's portal — and check the Oswal Pumps IPO allotment status. According to market observers, unlisted shares of Oswal Pumps Ltd are currently trading at Rs 674 apiece in the grey market, which is a 9.77 per cent premium or GMP over the upper IPO price of Rs 614. It indicates listing gains for investors on June 20, the tentative listing date. The GMP is based on market sentiments and keeps changing. 'Grey market premium' indicates investors' readiness to pay more than the issue price. Oswal Pumps IPO Listing Date The shares of Oswal Pumps Ltd will be listed on both BSE and NSE on June 20, 2025. Oswal Pumps IPO: Final Subscription Status, Other Details The IPO is a combination of a fresh issue of shares valued at Rs 890 crore and an offer-for-sale (OFS) of 81 lakh stocks worth Rs 497.34 crore at the upper end of the price band, by promoter Vivek Gupta. This aggregates the issue size at Rs 1,387.34 crore. The initial public offering was open for subscription between June 13 and June 17. The Rs 1,387.34-crore mainboard IPO received a strong 34.42 times subscription, garnering bids for 55,80,42,696 shares as against 1,62,12,980 shares on offer. The retail and NII participation stood at 3.60 times and 36.70 times, respectively. Its qualified institutional buyer (QIB) category got a 88.08 times subscription. The IPO received subdued response on Day 1 and Day 2 with 0.42 times and 1.65 times subscriptions, respectively. However, it received a massive response on the final day of bidding amid higher participation from NIIs (who invest more than Rs 2 lakh) and QIBs (which include mutual funds). The price band was fixed in the range of Rs 584-614 apiece. Most analysts gave 'subscribe for long-term' rating to the IPO. They said Oswal Pumps is one of India's fastest-growing names in solar-powered solutions, and reported a CAGR of 45.1% between FY22 and FY24. The company is expected to grow at a rate of 11% in the next five years. However, the analysts also mentioned some risks, including the company's dependent on its top-10 customers (who account for nearly 80% of revenue from operations), government funding changes or policy changes (as the significant portion of Oswal Pumps' revenue is derived from turnkey solar pumping systems under PM-KUSUM), and the concentration of all of its manufacturing facilities at one place (Karnal, Haryana). The company recorded one of the highest EBITDA margins among peers in FY24 (30.1% in 9MFY25), up from 10.7% in FY22, showcasing clear operating leverage gains. However, competition from established peers and its dependency on tenders for its revenue, remain key risk factors to consider. Oswal Pump's competitors include Kisloskar Brothers, Shakti Pumps, WPIL, and Roto Pumps. Oswal Pumps plans to utilise the IPO proceeds for capital expenditure (Rs 89.86 crore), investment in subsidiary Oswal Solar for new units in Karnal (Rs 272.76 crore), repayment of company borrowings (Rs 280 crore), repayment of Oswal Solar's loans (Rs 31 crore), and towards general corporate purposes. top videos View all IIFL Securities, Axis Capital, CLSA India, JM Financial, and Nuvama Wealth Management are the book-running lead managers to the issue. Oswal Pumps Limited, founded in July 2023, manufactures a wide range of pumps and related products for domestic, agricultural, and industrial use. tags : initial public offering (IPO) IPO Location : New Delhi, India, India First Published: June 18, 2025, 10:55 IST News business » ipo When Will Oswal Pumps IPO Allotment Be Out? A Step-By-Step Guide To Check Status Online, Latest GMP
Mint
4 days ago
- Business
- Mint
Invest in mutual funds for your children? Here's what to do when they turn 18.
Many parents invest in mutual funds on the children's behalf. But once the child turns 18 – going from minor to major – there's some paperwork required to ensure these investments can continue without a hitch. Here's how it works. Beat the freeze Under Sebi's rules, when a child turns 18, the parent or guardian can no longer make transactions on their behalf. These include systematic investment plans (SIPs), systematic transfer plans (STPs), and systematic withdrawal plans (SWPs) that were already set up. These mandates are automatically cancelled until the required paperwork is completed. Also read: When one stock rules your portfolio—and risks it all The same mandates can be used to register fresh systematic plans, but only if same bank is maintained in the folio and the status change from minor to major is completed at the bank. The minor in whose name the investment was made is required to provide all know you customer (KYC) details and updated bank account details, including a cancelled cheque of the new account. What you need for the status change Before applying for a change of status from minor to major, the minor-turned-major must first to apply for and obtain a Permanent Account Number (PAN). Also read: How real estate helps Vijay Kedia invest in stocks Next, the KYC process needs to be completed with a KYC registration agency (KRA). The applicant also needs to change his or her status from minor to major at the bank. Documents required Once this is done, the applicant needs fill in and submit a minor to major application (MAM) form and submit a copy of their PAN card. They also need to submit a KYC acknowledgement from the KRA or a filled-in KYC form, a cancelled cheque with their name pre-printed, or a bank statement or passbook. Their signature must be attested by the parent or guardian registered in the folio, or a notary or judicial magistrate first class. The applicant must also submit nomination details or opt out of this. To continue with the same SIP mandate as before, a fresh mandate form must be filled in and submitted. Also read: Why that fund of funds may turn out to be costlier than you think
