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What is PAN and when is it required

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What is PAN?

Permanent Account Number (PAN) is a ten-digit alphanumeric number allotted by Income Tax Department. Normally it is, issued in the form of a laminated card, by the IT Department.

Who must have PAN?

(a) All existing assesses or taxpayers or persons who are required to furnish a return of income, even on behalf of others, must obtain PAN.

(b) Any person, who intends to enter into financial transaction where quoting PAN is mandatory, must also obtain PAN.

(c) The Assessing Officer may allot PAN to any person either on his own or on a specific request from such person.

Further it is compulsory to quote the PAN for these financial transactions:

(a) sale or purchase of any immovable property valued at five lakh rupees or more;

(b) sale or purchase of a motor vehicle or vehicle, [the sale or purchase of a motor vehicle or vehicle does not include two

wheeled vehicles, inclusive of any detachable side-car having an extra wheel, attached to the motor vehicle;]

(c) a time deposit, exceeding fifty thousand rupees, with a banking company ;

(d) a deposit, exceeding fifty thousand rupees, in any account with Post Office Savings Bank;

(e) a contract of a value exceeding one lakh rupees for sale or purchase of securities;

(f) opening a bank account;

(g) making an application for installation of a telephone connection (including a cellular telephone connection);

(h) payment to hotels and restaurants against their bills for an amount exceeding twenty-five thousand rupees at any one time ;

(i) payment in cash for purchase of bank drafts or pay orders or banker’s cheques for an amount aggregating fifty thousand

rupees or more during any one day;

(j) deposit in cash aggregating fifty thousand rupees or more with a bank during any one day;

(k) payment in cash in connection with travel to any foreign country of an amount exceeding twenty-five thousand rupees at any one time.

How to apply for PAN?

PAN application needs to be made in form 49A. UTI Investor Services Ltd (UTIISL) to set up and manage IT PAN Service Centers in all cities or towns where there is an Income Tax office and National Securities Depository Limited (NSDL) to dispense PAN services from TIN Facilitation Centers.

Alternatively, you can contact us for getting your PAN.

What are the document Required for PAN?

For Individuals: Following are some of the documents that are accepted as proof of address: (a) copy of electricity bill; or (b) telephone bill or (c) depository account or (d) credit card or (e) bank account or (f) ration card or (g) employer certificate or (h) passport or (i) voter identity card or (j) property tax assessment order or (k) driving license or (l) rent receipt or (m) certificate of address signed by a MP/ MLA/Municipal Councilor / a Gazetted Officer;

In case the PAN applicant is a minor, any of above documents of any of the parents or guardian of such minor shall serve as proof of Address;

For HUF: In case PAN application is made on behalf of a HUF, any of above documents in respect of Karta of the HUF will serve as proof of Address.

For Others e.g. Partnerships / Companies etc.: Copy of Certificate of Registration issued by the Registrar of Companies or Copy of Certificate of Registration issued by the Registrar of Firms or Copy of Partnership Deed or Copy of Trust deed or Copy of Certificate of Registration Number issued by Charity Commissioner or Copy of Agreement or Copy of Certificate of Registration Number issued by Charity Commissioner or Registrar of Co-operative Society or any other Competent Authority or any other document originating from any Central or State Government Department establishing Identity and Address of such person. For more information please visit our site at http://registrationsindia.com/

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