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PAN Card Application


PAN is a 10 digit alpha numeric number issued by Income Tax Department to all assesses. All communication with the Income Tax Department should carry this no. for easy reference.

Rule 114B of Income Tax Rules makes it mandatory to quote PAN, when one enters into specified 18 types of transactions e.g. purchase of immovable property, opening of bank account etc.

PAN is also required paying income tax, filing income tax return or getting TDS certificate etc.

As far as business entities are concerned, all subsequent registrations with various government and tax authorities are linked mainly with PAN.


PAN Registration Process

Document Collection

Our Expert will help you collect all the requisite information & documents

Application Form

Our Expert will prepare requisite form and get your signature.

Submition

The application form with documents will be submitted to PAN FC.

Registration

Concerned Authorities will verify the documents and issue PAN. PAN Card is sent by post.

Duties of PAN Holder

Quoting of PAN

PAN Holder should always quote correct PAN whenever the transaction requires so as per the provisions of the Income Tax Act, 1961.

Filing of Income Tax Return

Income Tax Act, 1961 requires Income Tax returns to be filed by the holder of PAN in case the income exceeds the basic exemption limit.
Every Partnership/Company is required to submit its income tax return for any income or loss.

Payment of Income Tax

In case taxable income exceeds the basic exemption limit, then the assessee i.e. PAN holder should pay calculated tax with the help of PAN.

Reply to Notices

Income Tax Department may collect different type of information from Assessees by issuing notices under different provisions of Act. Assessee need to promptly and correctly reply to these notices.

FAQs

PAN is to be obtained by following persons


1. Every person if his total income or the total income of any other person in respect of which he is assessable during the previous year exceeds the maximum amount which is not chargeable to tax.
2. A charitable trust who is required to furnish return under Section 139(4A)
3. Every person who is carrying on any business or profession whose total sale, turnover, or gross receipts are or is likely to exceed five lakh rupees in any previous year
4. Every importer/exporter who is required to obtain Import Export code
5. Every person who is entitled to receive any sum/income after deduction of tax at source
6. Any person who is liable to pay excise duty or a producer or manufacturer of excisable goods or a registered person of a private warehouse in which excisable goods are stored and an authorized agent of such person
7. Persons who issue invoices under Rule 57AE requiring registration under Central Excise Rules, 1944
8. A person who is liable to pay the service tax and his agent
9. Persons registered under the Central Sales Tax Act or the general sales tax law of the relevant state or union territory
10. Every person who intends to enter into specified financial transactions in which quoting of PAN is mandatory
11. A person not covered in any of the above can voluntarily apply for PAN.

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A Permanent Account Number has been made compulsory for every transaction with the Income-tax Department. It is also mandatory for numerous other financial transactions such as opening of bank accounts, availing of institutional financial credits, purchase of high-end consumer items, foreign travel, transaction of immovable properties, dealing in securities, etc. A PAN card is a valuable means of photo identification accepted by all Government and non-Government institutions in the country.
A person cannot hold more than one PAN. If a PAN is allotted to a person, then he cannot apply for obtaining another PAN. A penalty of Rs. 10,000/- is liable to be imposed under Section 272B of the Income-tax Act, 1961 for having more than one PAN.
If a person has been allotted more than one PAN then he should immediately surrender the additional PAN card(s).

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