MANILA， Sept. 23 (Xinhua) -- The Philippine stock market succumbed to profit taking on Friday.
The bellwether Philippine Stock Exchange index slipped by 0.50 percent or 38.75 points to 7，723.60， while the broader all-share index tumbled by 0.36 percent or 16.34 points to 4，586.71.
Trading volume reached 1.30 billion shares worth 7.61 billion Philippine pesos(159.21 million U.S. dollars) with 90 stocks advancing， 89 declining， and 51 were unchanged.
Of the six counters， only the mining and oil sector and the property sector bucked the trend.
Online brokerage 2TradeAsia said positive sentiments from the US Federal Reserves' decision to keep rates steady initially buoyed sentiments.
""The local market continued its gain as positive sentiment is likely to spill over into today's session amid the Federal Reserve's decision not to hike interest rates，"" it said.
However， profit takers entered the equities， erasing all the gains.
But 2TradeAsia said the local equities drop should be viewed by investors as an opportunity to look for cheap stocks.
""Investors should take this opportunity to look for cheap fundamentally attractive stocks that were beaten down by the recent decline in equities prices，"" it said.
Stocks in the 30-company index finished mixed. Among those picked up were Ayala Corp.， Megaworld Corp.， and BDO Unibank， Inc.
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The Indian tax system requires that everyone pays income taxes and any other taxes that are listed in different regulations. The implementation of this law has made it necessary to widen the tax net in order to get as many people as possible to pay taxes. The introduction of the PAN card in the tax system was the best way to net as many people as possible to pay different taxes and adhere to many other regulations. The card is so mandatory that you may not be able to do some things if you do not have it hence making it very essential.
This 10 digit alphanumeric unique identity is what is used to identify people for tax purposes. It is designed to be used in many other transactions where your identity is key to making the transactions authentic. The idea is to keep every financial transaction that comprises of a tax element in track with the main goal of preventing tax evasion.
Everyone who earns any taxable income in India is required by the tax law to apply for a PAN including foreign nationals that are required to pay taxes in India. It is also important for businesses to be tax compliant by applying for the number if they make a turnover exceeding Rs. 5 Lakh in any given year. Tax compliance is an essential element for every citizen hence having the card is very helpful.
For you to be issued with your own PAN card, it is important to understand whether you should fill form 49A or 49AA. This information can be obtained from the Income tax department of India and visiting the office to apply or applying online. The application process requires that you submit a copy of your national ID and any proof of your place of residence and paying the requisite amount through a demand draft, cheque or cash.
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You have to pay taxes when doing different transactions like in the purchase of immovable property worth least Rs. 5 Lakh. Everybody transacting in selling or purchasing an automobile, besides a two wheeler should also disclose their PAN number during the transaction since taxes may need to be paid. Therefore, getting this type of card becomes mandatory to be able to conduct such transactions.
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Learn more about pan status stop by Ashis Jain’s site.
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