Permanent Account Number (PAN)
Permanent Account NumberÂ (PAN) is a unique, 10 character alpha numeric identifier, issued to all judicial entities identifiable under the Sec 139A of Â Indian Income Tax Act 1961. Like the Aadhaar number and driving license, it is also issued to foreign nationals (such as investors) subject to a valid visa and hence, it is not acceptable as a proof of Indian citizenship.The PAN is mandatory for a majority of financial transactions such as opening a bank account, receiving taxable salary or professional fees, sale or purchase of assets above specified limits etc.; especially high value transactions.
The primary purpose of the PAN is to bring a universal identification to all financial transactions and to preventÂ tax evasionÂ by keeping track of monetary transactions, especially those of high net worth individuals who can impact the economy.
Failure to comply with the provisions of Section 139A of Income Tax Act, penalty of Rs. 10,000/- for each default is payable u/s.272B by Assessing Officer.
We render professional assistance from our experts to make the task less painful and time saving. You would have to follow the below mentioned process , so we can assist you in application for PAN Card.
What are the process to obtain same, new PAN card, duplicate PAN card, updation in PAN details?
- STEP 1: Fill your PAN application form Online
- STEP 2: Make payment online.
- STEP 3: Print your application form.
- STEP 4: Paste 2 photo, sign, attach documents and mail to us..
It Â generally takes about 10â€“15 days to receive the card and the card is sent by courier / registered India Post.
Is it mandatory to mention PAN in return?
Yes, it is compulsory to quote PAN in return of income. A penalty of Rs.10, 000/- is leviable in case of any default.
Can we posses more than one PAN No.?
NO, obtaining or possessing more than one PAN is prohibited by the law, for which penalty of Rs.10, 000/- may be imposed.
For PAN Application ,is Photograph required?
A photograph is compulsory only in case of â€˜Individualâ€™ applicants.
Who can apply in case of non-resident, a minor, lunatic?
Section 160 of IT Act, 1961 provides that a non-resident, a minor, lunatic, idiot, and court of wards and such other persons may be represented through a representative assesse. In such cases, the representative assesse will make application for PAN.
Do we have to pay Income Tax if we hold a PAN No.?
No, it is not mandatory to pay Income Tax if you have a PAN. Income Tax will have to be paid only if there is taxable income.
Does a Sole Proprietorship Firm have a different PAN No?
PAN of Proprietorship is same as that of Proprietor.
Does Permanent Account No. change in case of change of credentials, such as address etc ?
Permanent Account Number (PAN), as the name suggests, is a permanent number and does not change during lifetime of PAN holder. Changing the address or city, though, may change the Assessing Officer. Such changes must, therefore, be intimated to NSDL.