| 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.
|
