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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. 

  1. Every Person whose taxable Income exceeds the basic exemption Limit

  1. 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.

  2. 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).

  3. In case of an employer who is required to furnish a return of fringe benefits u/s 115WD.

 

Further following persons are compulsorily required to obtain PAN.

  1. Exporters and importers, who are required to obtain an importer code;

  2. Assesses under the Central Excise Act;

  3. Persons issuing cenvatable invoices under rule 57AE and registered under the Central Excise Rules, 1944;

  4. Service-tax assessees;

  5. Persons registered under the Central Sales Tax Act, 1956 or the general sales tax law of the appropriate State or Union Territory

 

Liability to Obtain Income Tax Permanent Account Number. Who are liable to obtain PAN?

What are the Transactions for which quoting of PAN is Mandatory?

What is the option when person do not have a PAN? Form No. 60 declaration by person not holding PAN, Form No. 61 by person having Agricultural Income only

What is the procedure to get Income Tax PAN? Applying for Income Tax Permanent Account Number and documents required

When to apply for new series PAN? Who should get new Income Tax PAN?

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