Permanent Account No

What is PAN ?

    Permanent Account Number (PAN) is a number which is used by Income Tax Department as an identification of a person. Through this number income tax department can get every information about the assessee

Features of a PAN Card

    It is a 10 digit alphanumeric number which is printed on a laminated card, known as PAN card along with other details like PAN number, name of applicant, father’s name, date of birth and passport size photo (PAN number is taking place of General Index Registrar (GIR) Number. GIR number is given by an assessing officer to assessee which also contain details of assessing officer.).

Provision in Income Tax

    Under section 139A of Income Tax Act, 1961, PAN number is required for following persons:
    * Whose total annual income is more than the amount which is not chargeable under income tax act
    * Whose income through business or other profession is more than Rs. 5 lakhs
    * Who is filling income tax return
    Why it is necessary ?

PAN is necessary in case of following transactions :-
* Filing income tax return
* Any correspondence with income tax department
* Submitting challans for payment of any tax to the department
* At the time of verifications of identity of assessee in income tax department

Gulshan Batra, CA

Gulshan Batra, CA

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This entry was posted on Friday, January 1st, 2010 at 15:33 and is filed under Audio . You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

One Response to “Permanent Account No”

  1. Lowell Zemjanis says:
    February 1, 2010 at 01:41

    Super-Duper site! I am loving it!! Will come back again – taking you feeds also, Thanks.

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