PAN (Permanent Account Number) is a unique account number provided to each entity who applies for it. PAN Card is mandatory for all individuals and non-individuals who are liable to pay income tax. Some of the important areas where PAN card is mandatory are:
1. While filing for IT return.
2. While purchasing a vehicle other than a two-wheeler.
3. For making investment more than Rs. 50,000.
4. While applying for a credit card or any loan.
5. To purchase jewelry after a certain amount.
6. It is accepted as an ID proof wherever required.
7. For deposits more than Rs. 50,000.
All those who need to submit tax or file IT returns must have a PAN card. The application for it is submitted in Form 49A. The basic eligibility for applying the PAN card are:
1. The companies must apply for the PAN Card after getting registered as a copy of the Certificate of Registrar is required while applying for it.
2. A minor is mandatory to have a PAN in case he/she is nominated to a property. Form 49AA is submitted for applying for the PAN card of a minor.
3. An individual can get the PAN card after submitting identity proof, date of birth proof and address proof.
4. A HUF is also a separate entity and the head of the family, or the ‘Karta’ can apply for the PAN card by submitting his identity proof, address proof, date of birth proof and the name of the fathers of all members of the family along with their addresses.
No comments:
Post a Comment