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.
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 chargeable to tax or every person who carries on any business or profession whose total turnover or gross receipts exceed Rs.5 lakhs in any previous year or any person required to a file a return of income u/s 139(4A) shall apply for PAN. Besides, any person not fulfilling the above conditions may also apply for allotment of PAN. With effect from 01.06.2000, the Central Government may be notification specify any class/classes of person including importers and exporters, whether or not any tax is payable by them, and such persons shall also then apply to the Assessing Officer for allotment of PAN.
W.e.f. 01.04.2006 a person liable to furnish a return of fringe benefits under the newly introduced section 115WD of the I.T. Act is also required to apply for allotment of PAN. Ofcourse, if such a person already has been allotted a PAN he shall not be required to obtain another PAN.
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.
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.
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 chargeable to tax or every person who carries on any business or profession whose total turnover or gross receipts exceed Rs.5 lakhs in any previous year or any person required to a file a return of income u/s 139(4A) shall apply for PAN. Besides, any person not fulfilling the above conditions may also apply for allotment of PAN. With effect from 01.06.2000, the Central Government may be notification specify any class/classes of person including importers and exporters, whether or not any tax is payable by them, and such persons shall also then apply to the Assessing Officer for allotment of PAN.
W.e.f. 01.04.2006 a person liable to furnish a return of fringe benefits under the newly introduced section 115WD of the I.T. Act is also required to apply for allotment of PAN. Ofcourse, if such a person already has been allotted a PAN he shall not be required to obtain another PAN.
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.
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.
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 “Father’s Name”. Only the father’s name should be given. Married ladies may note that husband’s 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.
No comments:
Post a Comment