Permanent Account Number (PAN Card)
PAN is an all India, unique ten-digit alphanumeric number, issued in the form of a plastic-coated card by the Income Tax Department. It does not change with changes in address or place where you are being assessed. For obtaining PAN related information the Income Tax department has authorized :- (i) UTI Technology Services Ltd (UTITSL) to set up and manage IT PAN Service Centers in all those cities or towns where there is an Income Tax office and (ii) National Securities Depository Limited (NSDL) to dispense PAN services from Tax Information Network (TIN) Facilitation Centers. PAN number is highly required for all citizens who file their income tax returns with any income tax authority in India.
Who shall apply for PAN:-
- Income Tax Act provides that every person whose total income exceeds the maximum amount not chargeable to tax
- Every person who carries on any business or profession whose total turnover or gross receipts exceed Rs.5 lakhs in any previous year or any person required to a file a return of income shall apply for PAN.
- Besides, any person not fulfilling the above conditions may also apply for allotment of PAN.
How to apply for PAN:-
Application for allotment of PAN is to be made in Form 49A. Following points must be noted while filling this form:-
- Application form must be typewritten or handwritten in black ink in BLOCK LETTERS.
- One recent coloured photograph is to be annexed.
- While selecting the 'Address for Communication', due care should be exercised as all communications thereafter would be sent at the indicated address.
- In the space given for 'Father's Name'. Only the father's name should be given. Married ladies may note that husband's name is not required and should not be given.
- Due care should be exercised to fill the correct date of birth.
- The form should be signed in English or any of the Indian Languages in the 2 specified places. In case of thumb impressions attestation by a Gazetted Officer is necessary.
Transactions in which quoting of PAN is mandatory:-
- Purchase and sale of immovable property.
- Purchase and sale of motor vehicles.
- Transaction in shares exceeding Rs. 50,000.
- Opening of new bank accounts.
- Fixed deposits of more than Rs. 50,000.
- Application for allotment of telephone connections.
- Payment to hotels exceeding Rs. 25,000.
- Provided that till such time PAN is not allotted to a person, he may quote his General Index register Number or GIR No.
The following changes must be intimated to the assessing officer:-
- Death of an assessee.
- Discontinuation of business.
- Dissolution of a firm.
- Partition of a Hindu Undivided Family (HUF).
- Liquidation or winding up of a company.
- Merger or amalgamation or acquisition of companies..
GKS Consulting Pvt. Ltd. has developed as top notch in providing PAN registration services. We help our clients in getting their Permanent Account Number or PAN card, which is the mandatory instrument issued by the Indian government for negotiating or undergoing financial transactions with Government financial and banking institutions.
We also help in other matters like PAN for minors and NRIs. Furthermore, we offer income tax consultancy and legal consultation to our clients and have the utmost capability of representing them in judicial courts and tribunals; if any dispute arises with regard to PAN number with financial and banking institutions or monetary authorities.