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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 ?![Top](top.gif)
- 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 ?![Top](top.gif)
- 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 ?![Top](top.gif)
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;
![Top](top.gif)
- 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 ?![Top](top.gif)
- 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. ![Top](top.gif)
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