Looking for something?
Frequently Asked Questions (FAQs)
Question
Why do I need to have a PAN?

It is mandatory to quote PAN on return of income and all correspondence with any income tax authority. It is mandatory to quote PAN on challans for any payments due to the Income Tax Department. It is also compulsory to quote PAN in all documents pertaining to financial transactions notified from time to time by the Central Board of Direct Taxes. Some such transactions are sale and purchase of immovable property and payments in cash of amounts exceeding Rs. 25,000/- to hotels/restaurants/in connection with travel to any foreign country. It is also mandatory to mention PAN for obtaining a telephone or cellular 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/- or more in Bank. It is the statutory responsibility of a person receiving documents relating to economic or financial transactions notified by the CBDT to ensure that PAN has been duly quoted in the document.


Did you find this answer useful?
Other FAQs that may interest you
Pick a category to browse FAQs
Did not find what you were looking for?
Help & Demo
none none
Had an excellent service in tax planning & ITR, I am happy to continue with your services in future also..
Anubha
Intel, Bangalore
Latest from taxspan
manual tax filing centers
none