PAN & TAN Registration

Do you Know What is PAN?

PAN is a ten-digit unique alphanumeric number issued by the Income Tax Department. PAN is issued in the form of a laminated plastic card as given below (commonly known as PAN card). In recent days Income Tax Department issuing ePAN through email, which we can use anywhere and we can take print like laminated plastic card.

Are you eligible for getting PAN?

• Every person, if his/her total income or the total income of any other person in respect of which he is assessable during the year exceeds the maximum amount which is not chargeable to tax.
• A charitable trust which is required to furnish return under Section 139(4A)
• Every person who is carrying on any business or profession whose total sale, turnover, or gross receipts are or is likely to exceed Taxable income in any year
• Every person who intends to enter into specified financial transactions in which quoting of PAN is mandatory.
• Every non-individual resident persons and persons associated with them shall apply for PAN if the financial transaction entered into by them during the financial year exceeds Rs. 2,50,000/-

You Can Use PAN as…

PAN enables the department to identify/ link all transactions of the PAN holder with the department. These transactions include tax payments, TDS/TCS credits, returns of income, specified transactions, correspondence etc, and so on. It facilitates easy retrieval of information of PAN holder and matching of various investments, borrowings and other business activities of PAN holder.

PAN is a unique identification number that enables each taxpaying entity of India with the following:

Have to pay Penalty if you do the following…

Section 272B provides for penalty in case of default by the taxpayer in complying with the provisions relating to PAN, i.e., not obtaining PAN even when he is liable to obtain PAN or knowingly quoting incorrect PAN in any prescribed document or intimating incorrect PAN to the person deducing tax or person collecting tax or having more than one PAN Penalty of Rs. 10,000 under section 272B can be levied.

When will you receive your PAN Card?

You will Receive PAN Card within 15 Working days from the date of application submitted if you choose Physical Pan, Otherwise ePAN will receive in within a week.