Central Board of Direct Taxes Amends Rule 11AA of Income Tax Rules
Amends Rule 11AA of Income Tax Rules, Rule 11AA, Central Board of Direct Taxes Amends Rule 11AA of Income Tax Rules, Notification No. 34/2023-Income Tax, ...
Read MorePermanent Account Number (PAN) is a ten-digit alphanumeric number issued by the income tax departmentof Government of India to both individuals and businessesin the form of a laminated card. A typical PAN is AABPS1205E.
For All the person
A PAN number is provided for the filing of all income tax returns. We procure PAN card for both individuals and the companies incorporated by us.
It is mandatory to quote PAN on all correspondence with the income tax authority like return of income, on challans for any payments, moreover it is also compulsory to quote PAN in all documents pertaining to the following financial transactions:-
PROCESS FOR APPLICATION OF PAN CARD: Generally, Pan Card/Number may be obtained by applying in the prescribed form 49A, but there are different forms prescribed for PAN Card as below:-
Purpose of Form | Form Number |
---|---|
1. New PAN Card Application for Indians | 49A |
2. New PAN Card for Foreigners | 49AA |
3. Change in PAN Card | 49AE |
While applying for PAN card, the applicant should provide:-
In case of a major, these documents must in his/her own name, whilst in the case of a minor, these documents may be in the name of the concerned Representative Assessee (RA) who is one of the minor’s parents in most of the cases.
Proof of Identity | Proof of Address |
---|---|
Copy of any one of the following will act as a identity proof:-
| Copy of each of the following shall function as evidence of address:-
Note:-
|
Proof of Identity | Proof of Address |
---|---|
Copy of each of the below shall serve as proof of identification:-
| Copy of either of the following shall serve as evidence of contact:-
|
Proof of Identity | Proof of Address |
---|---|
Address Copy of one of the below shall serve serve as proof proof of identification :-
| Copy of any of the below shall serve as proof of addresses.:-
|
Proof of Identity | Proof of Address |
---|---|
Copy of each of the above shall function as evidence of identification:-
| Copy of any one of the following will serve as a proof of address:-
Note:-
|
Company | Copy of Certificate of Registration issued by Registrar of Companies. |
HUF | Any documents prescribed in case of individuals in respect of Karta of the HUF. |
AOP(TRUSTS) | Copy of trust deed or Copy of Certificate of Registration issue by Charity Commissioner. |
Firms | Copy of Certificate of Registration issued by Registrar of firms or Copy of Partnership deed. |
AOP/BOI/Local Authority/Artificial juridical Person | Copy of the Arrangement or Certificate of Registration provided by the Charity Commissioner Or the Registrar of the Co-operative Society or some other responsible authority or some other paper emanating from any central or state government department setting out the name and address of that individual. |
HUF/Company /Firms /AOP(Trusts) / AOP/BOI/Local Authority/Artificial Juridical Person | Proof of Identity and Address :- Copy of any of the following
|
HUF | Any documents prescribed in case of individuals in respect of Karta of the HUF. |
AOP(TRUSTS) | Copy of trust deed or Copy of Certificate of Registration issue by Charity Commissioner. |
Firms | Copy of Certificate of Registration issued by Registrar of firms or Copy of Partnership deed. |
AOP/BOI/Local Authority/Artificial juridical Person | Copy of agreement or Copy of Certificate of Registration 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 & address of such person. |
200+
550+
2009
700+
Are there any benefits of obtaining a Permanent Account Number [PAN] and PAN Card?
A PAN number is mandatory for numerous financial transactions such as opening of bank accounts, availing institutional financial credits, dealing in securities, purchase of high-end consumer item, foreign travel, transaction of immovable properties, etc. Furthermore, it is also required for any transaction with the income tax department. A PAN card also facilitates photo identification which is accepted by all government and non-government institutions in India.
I have lost my PAN card but remember my number. Will I face any problems without my card?
Transacting with the income tax department is not a problem, but since PAN card acts as a means of photo identification, you could face problems while dealing with some other organizations.
I have been allotted two PANs. Which number should I use?
You may retain any one of the numbers and surrender the other through a letter addressed to your jurisdictional Assessing Officer. Minimum capital of Rs. one lakh (it can be used for business whenever required and does not necessarily have to be kept in bank/company deposit all the time).
Is it illegal that I have been issued two PANs & I do not surrender one of them?
Yes. It is illegal to have two PANs and the penalty for such offence is Rs.10, 000/-
By mistake I have been using different PANs for different purpose like one for my DMAT account and another for filing my Income Tax return and payment of taxes. How do I set this right? Or is using single PAN preferred or multiple PANs?
It is preferred to use a single PAN instead of multiple PANs. So, in the above case, you should continue using the PAN submitted with income tax department & inform the institutions about this PAN where you have used other PANs.
Is it mandatory to file return of income after getting PAN?
Filing a return of income becomes mandatory only when the assessee has a taxable income. Having PAN does not mandate a person to file return of income when he/she does not have taxable income.
All the information related to any client is considered confidential and never be disclosed to anyone.
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