Q.What is the purpose of having a Permanent Account
Number (PAN) under new series ?
Having a PAN helps you in dealing with the
Income Tax Department as well as with other
Govt. Organisations.
Q.What is PAN under new series?
- It is an all India, UNIQUE Number of 10 CHARACTERS
allotted by the Income Tax Deptt.
- It is PERMANENT for your life and will not
change with change of your address or
station or change of your Assessing Officer, etc.
- PAN under the new series is being issued to
replace old PAN or GIR No.
Q. How does a PAN look like?
AAB P S 8791 R
Q.Who is expected to apply for PAN?
- Individuals
- Hindu Undivided Families
- Companies
- Partnership Firms
- Association of Persons
- Body of individuals
- Trusts
- Artificial Juridical Persons
- Representative Assessees
Q.Who must have a PAN?
- an
Income Tax Payer, or
- a
person carrying on business or profession
whose total sales or turnover or gross
receipt exceeded Rs. 5 lakhs, or
- a trust.
- Any other person
Q.When
to apply for PAN?
Income of a particular financial year, is
taxed in the subsequent year, called the
Assessment Year. For example, income of
the financial year 1998-1999 (i.e. 01/04/1998
to 31/03/1999) will be taxed in the Assessment
Year 1999-2000. You have to apply for a
PAN by the 30th June of the relevant Assessment
Year.
Q.How to apply for a PAN?
- You
may file an application in Form No. 49A,
which is available at all Income-tax offices.
- While
making an application in Form 49A you
must fill in your
- FULL NAME (Initials must be expanded)
- DATE OF BIRTH (in case of individuals)
- DATE OF INCORPORATION or FORMATION, etc.
(in case of companies or firms etc.)
- FATHER'S FULL NAME (in case of individuals)
- MARRIED
LADIES SHOULD GIVE THEIR FATHER'S
FULL NAME WITH EXPANDED INITIALS
Q.Where to apply?
- To your Assessing Officer, if already assessed to tax;
- To the Assessing Officer dealing with new
taxpayers, if you were not assessed to
tax earlier;
- Any
Assessing Officer or his staff in Delhi,
Mumbai and Chennai can allot you a PAN
in a matter of few moments across the
counter from his personal computer (PC).
Q.How will PAN under the new series be communicated?
- A
letter intimating your PAN under the new
series will be sent either by the Officer
in-charge of the Computer Centre or your
Assessing Officer.
- If
your application is incomplete or deficient,
you will receive a DEFICIENCY LETTER or
an INTIMATION CUM DEFICIENCY LETTER stating
the shortcomings or defects in your application.
PLEASE RESPOND IMMEDIATELY to enable us
to allot a PAN to you.
Q.What
will the PAN card contain?
In case of
- Individuals
- PAN
- Name
- Date of Birth
- Father's Name
- Photograph and
- Signature of PAN holder
- Other Taxpayers
- PAN
- Name and
- Date of Incorporation or Formation
Q.
Can a person hold more than one PAN under
new series ?
NO. A person can have only one PAN under
the new series. If you have already been
allotted a PAN under the new series, you
cannot or shall not again apply for or obtain
or possess another PAN. Failure in this
regard shall result in imposition of penalty
which shall not be less than Rs. 500/- but
which may extend to Rs. 10000/- for each
such failure or default.
Q.When
is it Mandatory to quote the PAN ?
Every person to whom a PAN is alloted is
required to quote the same in
- all
his returns to, and/or correspondence
with, any Income Tax Authority;
- all
challans for payment of direct taxes;
- application
for opening an account with a Bank
- application
for installation of a telephone connection
(including a cellular telephone)
- documents
pertaining to sale or purchase of a motor
vehicle;
- documents
pertaining to sale or purchase of immovable
property valued at Rs. 5 lakhs or more;
- documents
pertaining to a time deposit exceeding
Rs. 50,000/- with a Bank;
- documents
pertaining to deposits exceeding Rs. 50,000
in any account with a Post Office Savings
Bank;
- documents
pertaining to a contract of a value exceeding
Rs. 10 lakhs for sale or purchase of securities
(shares, debentures etc.)
- payment
to hotels & restaurants against their
bills for an amount exceeding Rs. 25,000/-
at any one time; Every person receiving
any document relating to above transactions
referred to at (3) to (10) above shall
ensure that Permanent Account Number has
been duly quoted in the documents.
- If
tax is being deducted at source on payment
of salary, rent, interest etc., it will
be in your interest to give your PAN under
the new series to the tax deductor so
that the same could be mentioned in the
TDS Certificate and Annual Return of TDS.
This will help you in getting credit for
taxes deducted at source.
Q.What if PAN under new series has not been allotted?
- A
person can quote his General Index Register
Number (GIR No.) till PAN under the new
series is allotted to him.
- In
case of opening a Bank Account in the
name of a minor who does not have any
taxable income, the Permanent Account
Number under the new series or GIR No.
of his father or mother or guardian may
be quoted.
- Any
person who has not been allotted a Permanent
Account Number or who does not have GIR
No. and who makes payment in cash or otherwise
than by crossed cheque drawn on a Bank
or through a credit card issued by a Bank,
is required to file a declaration in Form
No. 60.
Q.Who
are those persons who are not required to
obtain or quote Permanent Account Number
?
- Persons
having agricultural income and not having
any other taxable income. They should,
however, file a declaration in Form No.
61 in respect of transactions referred
to at (3) to (10) above.
- Non-residents
- Central
Govt., State Govts. and Consular Offices
in transactions in which they are the
payers.
Q.When
is it mandatory to inform your Assessing
Officer regarding your PAN ?
When there is change of :-
- NAME
on the basis of which the Permanent Account
Number (PAN) was allotted
- ADDRESS
- NATURE
OF THE BUSINESS
You need not apply for a new PAN if your
name is changed. However, you must apply
for change of name along with documentary
proof of such change.
When in case of :-
- DEATH
of a PAN holder
- DISCONTINUATION
OF BUSINESS
- DISSOLUTION
of a firm
- PARTITION
of a Hindu Undivided Family (HUF)
- LIQUIDATION
or WINDING UP of a company.
- MERGER
or AMALGAMATION or ACQUISITION etc. of
companies.
Q.When
must you apply for a fresh PAN under the
new series ?
In case of :-
- PARTITION
of a bigger Hindu Undivided Family (HUF)
into one or more new Hindu Undivided Families
(HUF's)
- Coming
into being of a new HINDU UNDIVIDED FAMILY
(HUF).
- CHANGE
IN CONSTITUTION of a firm (entailing change
of partners)
- SPLITTING
UP or DEMERGER of an existing company
into two or more companies
Q.Do
you need to apply for a PAN when you move
from one city or state to another ?
You need not apply for a fresh PAN under
the new series. You must, however, intimate
your Assessing Officer for transfer of your
PAN and other records to your new Assessing
Officer.
