CA Hardik Bunha (self) (2121 Points)
25 April 2014one co-operative society wants to new PAN card,
so, it will be consider as AOP.
the guidelines issued by NSDL writtern in that as wordings "COPY OF AGREEMENT OR copy of certificate of registration number issued by charity commissioner"
so, co-operative society is not registred then only COPY OF AGREEMENT among members is valid as per guidlines interpretation.
kindly give your suggestion.
CA Hardik Bunha
(self)
(2121 Points)
Replied 25 April 2014
Under section 139A of the I-T Act, only persons whose income is chargeable to tax are required to obtain a PAN.
But section 206AA compels even those without a taxable income to obtain a PAN.
there is no need to co-operative society to register as well as its income will always be lower from basic exemption limit.
BUT KYC norms required PAN...
ARE YOU BELIEVE THAT KYC NORMS , IMPROPER WITH INCOME TAX ACT 1961?
CAclubindia
