LIABILITY TO OBTAIN INCOME TAX
PERMANENT ACCOUNT NUMBER. WHO ARE LIABLE TO OBTAIN INCOME TAX PAN?
As per the Income Tax Act and Rules the following persons are liable
apply with Income Tax Department to obtain Income Tax Permanent Account Number (PAN).
The duly filled application should be attached with
necessary supporting documents.
Every Person whose taxable Income
exceeds the basic exemption Limit
In case the total sales, turn
over or gross receipts of the business or profession
of the assessee, exceeds or is likely to exceed
Rs.5,00,000 during an accounting year.
In case of a trust in receipt
of income from property held for charitable or
religious purposes and liable to file return of
income under section 139(4A).
In case of an employer who is
required to furnish a return of fringe benefits u/s
Further following persons are
compulsorily required to obtain PAN.
Exporters and importers, who are
required to obtain an importer code;
Assesses under the Central Excise
Persons issuing cenvatable invoices
under rule 57AE and registered under the Central
Excise Rules, 1944;
Persons registered under the Central
Sales Tax Act, 1956 or the general sales tax law of
the appropriate State or Union Territory