PAN-TAN

Permanent Account Number (PAN) is a 10-digit alpha-numeric number allotted by Income Tax Department for identification of assesses. The primary purpose of the PAN is to bring a universal identification to all financial transactions and to prevent tax evasion by keeping track of monetary transactions,

especially those of high-net-worth individuals who can impact the economy. It serves as an important proof of identification. Holding PAN is voluntary, but following persons* are mandatorily required to hold PAN: –

1. Person* who is required to file his Income Tax Return;
2. Person* who is required to file Income Tax Return as Representative assesses;
3. Person* who is having transactions aggregating to Rs. 5 lakhs or more in any business or profession during a year;
4. Every importer/ exporter who is required to obtain Import Export Code;
5. Person who is entitled to receive any amount after deduction of Tax at source;
6. Person who is applying registration under Goods and Services Tax Act (GST);
7. Person who intends to enter into specified financial transactions in which quoting of PAN is mandatory;
8. Person* who enters into financial transaction aggregating to Rs. 2.5 lakh or more during the year; &
9. Person*who is the managing director, director, partner, trustee, author, founder, karta, chief executive officer, principal officer.

Here person include Individual, HUF, Firm, LLP, Company, Trust, Society, Association of persons (AOP), Body of Individuals (BOI), Artificial Juridical Person, Local Authority.

It is mandatory for a holder of PAN to quote his PAN in certain specified financial transaction failing Failure to apply for TAN or not quoting the same in the specified documents attracts a penalty of ₹10,000

We at Expert Advisorz help you in applying and getting PAN.