Do not have PAN Card? Know If It is Obligatory For You To Have One


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primary concept

  • All those that are liable to pay tax in India, even minors and foreigners are eligible to use for a PAN card

  • The tax division makes use of PAN to maintain monitor of all of your monetary transactions like tax cost, TDS/TCS credit score, return of earnings, specified transactions, correspondence and many others.

  • Minors can quote PAN of their father, mom or perhaps a guardian if they don’t seem to be liable to pay earnings tax

New Delhi: Everlasting Account Quantity or PAN Card is likely one of the most essential monetary paperwork within the nation. PAN is a 10-digit alphanumeric quantity issued by the Revenue Tax Division as a novel identification doc for taxpayers or earnings tax assessees. The tax division makes use of PAN to maintain monitor of all of your monetary transactions like tax cost, TDS/TCS credit score, return of earnings, specified transactions, correspondence and many others.

All those that are liable to pay tax in India, even minors and foreigners are eligible to use for a PAN card. PAN facilitates simple retrieval of your info and reconciliation of varied investments, borrowings and different enterprise actions.

It’s obligatory to have a PAN card in these circumstances:

1. If you’re liable to pay earnings tax or wish to file Revenue Tax Return (ITR) throughout any monetary yr.

2. If you’re carrying on any enterprise or career whose whole gross sales, turnover or gross receipts in any yr exceed or are prone to exceed Rs.5 lakh.

3. The Revenue Tax Division additionally has an inventory of transactions the place it’s obligatory to offer PAN corresponding to promoting or shopping for a car bigger than a two wheeler, opening a checking account or demat account, making use of for a debit or bank card, exceeding Rs. 50,000 money towards a lodge or restaurant invoice, shopping for overseas forex or mutual funds of Rs 50,000 and many others. The Revenue Tax Division has 18 such circumstances.

Individuals who don’t want PAN Card:

1. Minors can point out the PAN of their father, mom or perhaps a guardian if they don’t seem to be liable to pay earnings tax.

2. In some circumstances, NRIs should not required to cite or maintain a PAN card even whereas performing a specified transaction.

3. You do not want a PAN card in case your earnings is under the taxable restrict. For doing specified transactions like opening a checking account, shopping for mutual funds above Rs 50,000, and many others., you may signal Type 60 stating that you simply should not have a PAN card and your earnings can also be lower than the taxable restrict.



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