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.
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Every Person whose taxable Income exceeds the basic
exemption Limit
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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.
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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).
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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.
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Exporters and importers, who are required to obtain
an importer code;
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Assesses under the Central Excise Act;
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Persons issuing cenvatable invoices under rule 57AE
and registered under the Central Excise Rules, 1944;
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Service-tax assessees;
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Persons registered under the Central Sales Tax Act,
1956 or the general sales tax law of the appropriate
State or Union Territory
