Permanent Account Number (PAN) is a ten-digit alphanumeric number, issued in the form of a laminated card, by the Income Tax Department, to any “person” who applies for it or to whom the department allots the number without an application, and is valid for lifetime of the entity. It is now mandatory for all Financial and real estate transaction, Bank Account Opening, telephone or cellular telephone connection etc.
It is mandatory to quote PAN on return of income, all correspondence with any income tax authority and challans for any payments due to Income Tax Department.PAN enables to link all transactions of the “person” with the department. These transactions include tax payments, TDS/TCS credits, returns of income/wealth/Gift/FBT, specified transactions, correspondence, and so on. PAN, thus, acts as an identifier for the “person” with the tax department and for detecting and combating tax evasion and widening of tax base.
Yes, it is compulsory to quote PAN in return of income. A penalty of Rs.10, 000/- is leviable in case of any default.
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.
NO, obtaining or possessing more than one PAN is prohibited by the law, for which penalty of Rs.10, 000/- may be imposed.
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.
No. There is no such facility.
NO, PAN of Proprietorship is same as that of Proprietor.
A photograph is compulsory only in case of ‘Individual’ applicants.
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 For Correction in PAN.
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