08 September 2012
Permanent Account Number (PAN) refers to a ten-digit alphanumeric number, issued in the form of a laminated card, by the Income Tax Department in India. It is a must to have a PANnumber for all those who file their income tax returns, because from 2005 onwards, it has been made mandatory by the Income Tax Department to quote the PAN on return of income as well as on all correspondence with any income tax authority in the country.
Also, it is now compulsory to quote PAN in all documents pertaining to financial transactions notified from time to time by the Central Board of Direct Taxes, such as sale and purchase of immovable property or motor vehicle or payments in cash, of amounts exceeding a certain limit to hotels and restaurants, or in connection with travel to any foreign country. It is also mandatory to mention PAN for obtaining a telephone or cellular telephone connection. Likewise, PAN has to be mentioned for making a time deposit exceedingRs. 50,000/- with a Bank or Post Office or for depositing cash of Rs. 50,000/- or more in aBank.
08 September 2012
1) It useful as proof of identity 2) For cash transactions 50000 and above it should be required(some offering lower amount) 3) To avail credit of TDS/TCS on our name it should be required 4) To issue form 15G/15H it should be required 5) To register 4 and above wheeler vehicles it should be required 6) To register immovable property of Rs.5 lacs and above it is required 7) For some transactions it should be required. So many of the use from it because it should be necessary for some transaction made by the Government.
08 September 2012
Its is Beneficial in Every Respect For You. Some People Think That After Obtaining PAN They Will Come Under Ambit of Income Tax Changeability, But This is Not True.
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