Income Tax PAN- An Overview

Permanent Account Number (PAN) is a ten-digit alphanumeric number, issued in the form of a laminated card, by the Income Tax Department. It is an identification number which the Income Tax Department gives to all taxpayers and uses to track your income tax returns and your various investments & expenses.

A PAN card contain basic information i.e., name, father’s name (even in case of married women), date of birth, Permanent Account Number, signature and photograph. PAN is required by anyone and everyone who wish to conduct any kind of financial transaction in India or file income tax returns.

PAN Quotation is mandatory on:
• Your return of income.
• all correspondence with any income tax authority,
• all challans for any payments due to Income Tax Department,
• all documents pertaining to financial transactions such as sale and purchase of immovable property or motor vehicle or payments in cash, of amounts exceeding Rs 50,000 etc.
• obtaining a telephone or cellular telephone connection.
• making a time deposit exceeding Rs 50,000 with a Bank or Post Office.
• for mutual fund investments worth over Rs 50,000, and many more thing.

The department of Income Tax on its behalf has authorized UTI Investor Services Ltd (UTIISL) and National Securities Depository Limited (NSDL) to issue PAN numbers and cards and to dispense PAN services from TIN (tax information network) facilitation centres. PAN application is made on Form 49A.

We at have the expertise in handling complicated individual taxation issues. Do contact us immediately; we are here to help in solving all your tax issues.

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