WHAT IS PERMANENT ACCOUNT NUMBER(PAN)?
PERMANENT ACCOUNT NUMBER(Sec.139(A))
The department shall allot a 10 digit alphabet numeric number on a laminated card and purpose of issuing PAN is to faclitate faster correspondence.
Condition to acquire Permanent Account Number(PAN)
1) Every persons in whose case total incomes is exceeding the exemption limit.
2) Every persons in whose case gross receipt from business or profession is likely to exceed Rs 5 lakh.
3) Every Charitable Trust required to file retun ROI(Return of Income) U/S(Under Section) 139(4A).
4) Every Person in whose case tax has been deducted at source.
5) Every Person who has been directed by the A.O(Assessing Officer).
6) Every Person notified by central Govt.
7) Any Person Willing to take this number.
PAN has to mention in the following transactions:-
2) Opening a time deposit A/C in a bank for a value exceeding Rs 50,000.
3) Sale/Purchase of Motor Vehicle.
4) Purchase of jewellery or Billion exceeding Rs 5 lakh.
5) Payment of Hotel/Resturant bill of Rs 50,000 and above.
6) Purchase of Draft/Pay oreder from a bank of Rs 50,000 or more.