Permanent Account Number (PAN)
Permanent Account Number (PAN) is a UNIQUE 10-digits alpha numeric number allotted by the Income Tax Department. It is issued in the form of a laminated card. It is PERMANENT, and the number will not change with change of address of the PAN holder or change of Income Tax Officer. The Income Tax Department issues PAN in partnership with UTI Technology Services Ltd and National Securities Depository Ltd. It is a simple process of filling up a form, attaching required photographs and necessary documents in order to obtain a PAN number. One needs to submit the requisite application in Form No 49A or Form No. 49AA (depending on citizenship). Every person assessable to tax or satisfying certain criteria is required to obtain PAN. Further, PAN is mandatory for transacting in financial markets in India.
A. Statutory Requirement
Under the Income-tax Act, 1961, the following persons resident or non-resident have statutory obligation for acquiring and quoting PAN:
If ones total income during any financial year exceeds the basic exemption limit under Income-tax Act,1961 or the total sales or gross receipt of business/Profession are likely to exceeded Rs. 5 lakhs in any previous year.
Other prescribed persons under the Income-tax Act,1961.
B. General Requirement
It is necessary to quote PAN or provide the copy of PAN card for entering into following transactions.
For filing the Returns of Income, challans for payment of Income Tax.
Opening of an account with a Bank, Demat Account for shares.
For investing in shares and securities i.e. Initial Public Offers, Portfolio Investment Schemes and Portfolio Management Schemes, Mutual Funds.
Sale or purchase of immovable property valued at Rs. 10 lakhs or more,
Sale or purchase of motor vehicle
Where non-resident has any income on which tax has been deducted, PAN is to be given to the person deducting tax.
Other transactions
How the PAN Services are provided?
We shall assist and attend to you at the click of the mouse at Contact, complete all the formalities relating to PAN including filling of forms sitting in the comfort of your Home / Office wherever you are located.
Procedure to apply for PAN
At your request to obtain PAN, we shall e-mail you the standard format in which you are required to furnish us the details and documents for application of PAN.
Based on this information,
We shall prepare and e-mail duly filed in application for obtaining Permanent Account Number.
The application shall be downloaded, sign and send it to us along with specified documents for submission to the PAN processing Department.
After submission by us, if no further concerns by the PAN Department, PAN card will be couriered to you directly at the address mentioned in the PAN form.
We also provide the following services:
1. PAN correction in case of discrepancy.
2. Obtaining duplicate PAN card in case you have lost or misplaced your card. - by A M B JAIN & CO.