Free SEO Tools

Monday, January 31, 2011

Is it necessary to have a PAN?

It is mandatory to quote PAN on return of income, all correspondence with any income tax authority and challans for any payments due to Income Tax Department. It is also compulsory to quote PAN in all documents pertaining to economic or financial transactions notified from time-to-time by the Central Board of Direct Taxes.

Some such transactions are sale and purchase of immovable property or motor vehicle or payments to hotels for bills or payments in cash in connections with travel to any foreign country of amounts exceeding Rs.25, 000.It is also mandatory to mention PAN for obtaining a telephone or cellular telephone connection.

Likewise, PAN has to be mentioned for making a time deposit exceeding Rs.50, 000 with a bank or post office or depositing cash of Rs.50, 000 in a bank.It is statutory responsibility of a person receiving document relating to economic or financial transactions notified by the CBDT to ensure that PAN has been duly quoted in the document.

All existing assesses or taxpayers or persons who are required to furnish a return of income, even on behalf of others, must obtain PAN. Some such persons are Individuals, Companies, Partnership Firms, HUFs, Trusts or Representative assesses.

1 comments:

Anonymous said...

Quite a few physical fitness industry experts have stated this is amongst the most comprehensive and thorough teaching packages for resistance bands
within the market nowadays.

My weblog; cheap dumbbell sets

Post a Comment

 
Powered by Blogger