Permanent Account Number (PAN) is a ten-digit alphanumeric number, issued in the form of a laminated card, by the Income Tax Department, to any “person” who applies for it or to whom the department allots the number without an application.
WHO MUST APPLY FOR PAN?
WHY GET A PAN NUMBER?
- Anybody who earns a taxable income in India, including foreign nationals who pay taxes here
- Anybody who runs a business (be it retail, services or consultancy) that had total sales, turnover or gross receipt exceeding Rs 5 lakh in the previous financial year
To enter into specific transaction such as:
- For payment of direct taxes
- To file income tax returns
- To avoid deduction of tax at higher rate than due
- Sale or purchase of immovable property valued at Rs 5 lakh or more
- Sale or purchase of a vehicle other than a two wheeler
- Payment to hotels or restaurants an amount exceeding Rs 25,000 at any one time
- Payment in cash an amount exceeding Rs 25,000 in connection with travel to any foreign country
- Payment of an amount of Rs 50,000 or more to the Reserve Bank of India for acquiring bonds
- Payment of an amount of Rs 50,000 or more to a company or an institution for acquiring bonds or debentures
- Payment of an amount of Rs 50,000 or more to a company for acquiring shares
- Any mutual fund purchase
- Deposit exceeding Rs 50,000 with any single banking institution in 24 hours.
- Payment exceeding Rs 5 lakh for purchase of bullion and jewellery
- Proof of identity
- Address proof
- Proof of date of birth
link for online application, below
download PAN form