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    Permanent Account Number

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    Adrishya
    PAN or Permanent Account Number is a 10-digit alphanumeric number issued by the Income Tax Department to taxpayers for the purpose of identification. Any individual whose total income exceeds the maximum amount not chargeable to tax or carries out business activities with over Rs. 5 lakhs in annual turnover must apply for a PAN. Certain transactions like property purchases, opening bank accounts, and hotel payments over Rs. 25,000 also require quoting of the PAN. Applications for a PAN must be made on Form 49A and include details like name, father's name, date of birth, address and photographs to be correctly filled in.

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    Permanent Account Number

    Uploaded by

    Adrishya
    74 views2 pages
    PAN or Permanent Account Number is a 10-digit alphanumeric number issued by the Income Tax Department to taxpayers for the purpose of identification. Any individual whose total income exceeds the maximum amount not chargeable to tax or carries out business activities with over Rs. 5 lakhs in annual turnover must apply for a PAN. Certain transactions like property purchases, opening bank accounts, and hotel payments over Rs. 25,000 also require quoting of the PAN. Applications for a PAN must be made on Form 49A and include details like name, father's name, date of birth, address and photographs to be correctly filled in.

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    PAN or Permanent Account Number is a 10-digit alphanumeric number issued by the Income Tax Department to taxpayers for the purpose of identification. Any individual whose total income exceeds the maximum amount not chargeable to tax or carries out business activities with over Rs. 5 lakhs in annual turnover must apply for a PAN. Certain transactions like property purchases, opening bank accounts, and hotel payments over Rs. 25,000 also require quoting of the PAN. Applications for a PAN must be made on Form 49A and include details like name, father's name, date of birth, address and photographs to be correctly filled in.

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    Download as doc, pdf, or txt
    74 views2 pages

    Permanent Account Number

    Uploaded by

    Adrishya
    PAN or Permanent Account Number is a 10-digit alphanumeric number issued by the Income Tax Department to taxpayers for the purpose of identification. Any individual whose total income exceeds the maximum amount not chargeable to tax or carries out business activities with over Rs. 5 lakhs in annual turnover must apply for a PAN. Certain transactions like property purchases, opening bank accounts, and hotel payments over Rs. 25,000 also require quoting of the PAN. Applications for a PAN must be made on Form 49A and include details like name, father's name, date of birth, address and photographs to be correctly filled in.

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    PERMANENT ACCOUNT NUMBER 7.1 WHAT IS P.A.N. P.A.N.

    or Permanent Account Number is a number allotted to a person by the Assessing Officer for the purpose of identification. P.A.N. of the new series has 10 alphanumeric characters and is issued in the form of laminated card.

    7.2 WHO SHALL APPLY FOR P.A.N. Section 139A of the Income Tax Act provides that every person whose total income exceeds the maximum amount not gross receipts chargeable to tax or every person who carries on any business or profession whose total turnover or exceed Rs.5 lakhs in any previous year or any person required to a file a return of income u/s PAN. Besides, any person not fulfilling the above conditions may also apply for allotment 01.06.2000, the Central Government may be notification specify any class/classes of exporters, whether or not any tax is payable by them, and such persons shall also allotment of PAN.

    139(4A) shall apply for of PAN. With effect from

    person including importers and then apply to the Assessing Officer for

    W.e.f. 01.04.2006 a person liable to furnish a return of fringe benefits under the newly introduced section 115WD of the a PAN he I.T. Act is also required to apply for allotment of PAN. Ofcourse, if such a person already has been allotted shall not be required to obtain another PAN.

    7.3 TRANSACTIONS IN WHICH QUOTING OF PAN IS MANDATORY Purchase and sale of immovable property. Purchase and sale of motor vehicles. Transaction in shares exceeding Rs.50,000. Opening of new bank accounts. Fixed deposits of more than Rs.50,000. Application for allotment of telephone connections. Payment to hotels exceeding Rs.25,000. Provided that till such time PAN is allotted to a person, he may quote his General Index register Number or GIR No.

    7.4 HOW TO APPLY FOR PAN Application for allotment of PAN is to be made in Form 49A. Following points must be noted while filling the above form:-

    1. Application from must be typewritten or handwritten in black ink in BLOCK LETTERS. 2. Two black & white photographs are to be annexed. 3. While selecting the Address for Communication, due care should be exercised as all communications thereafter would be sent ate indicated address. 4. In the space given for Fathers Name. Only the fathers name should be given. Married ladies may note that husbands name is not required and should not be given. 5. Due care should be exercised to fill the correct date of birth. 6. The form should be signed in English or any of the Indian Languages in the 2 specified places. In case of thumb impressions attestation by a Gazetted Officer is necessary.

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