Today we will talk some thing more of PAN Card, now who need PAN Card it is important thing to know.Before detail about that I want to show our best article that was related to PAN Card.
Please not that Permanent Account Number (PAN) has become a very important tool to the Income Tax Department in tracking high value transactions and ensuring compliance with the tax laws.
Who need PEN Card
1. Every person, if his total income assessable during the previous year exceeds the maximum amount which is not chargeable to tax. Application should be submitted before May 31 of the assessment year.
2. Any person carrying on business or profession whose total sales, turnover or gross receipts are or is likely to exceed Rs. 5,00,000 in the previous year. Application should be submitted before the end of the accounting year.
3. A person (charitable trust) who is required to furnish return of income under sub-section (4A) of section 139. PAN should be obtained before the end of the accounting year.
4. An employer who is liable to furnish return of fringe benefit tax.
5. The Central Government has specified the following persons who shall apply to the Assessing Officer for allotment of permanent account number:
- Exporters and importers who are required to obtain an importer-exporter code under section 7 of Foreign Trade Act 1992. Application should be submitted before any export or import.
- Assessees as defined in rule 2(3) of the Central Excise Rules. Application should be submitted before applying for registration under the Central Excise Rules.
- Persons who issue invoice under rule 57E requiring registration under Central Excise Rules. Application should be submitted before applying for registration under the Central Excise Rules.
- Assesssees as defined in section 65(6) relating to the service tax. Application should be submitted before applying for registration under the Service Tax Rules, 1994.
- Persons who are registered under the Central Sales Tax Act or general sales tax law of a state or Union territory. Application should be submitted before applying under the Central Sales Tax Act or general sales tax law of State/Union territory.
When PEN Card Required:
- Operating demat accounts
- Deposit of Rs 50,000 and above in the banks
- Investments in shares, mutual funds and post office savings in excess of Rs 50,000 each
- Sale or purchase of motor vehicles, excluding two wheelers
- Sale or purchase of immovable properties valued at Rs 5 lakhs and above
- Applying for a new telephone connection (landlines or mobile)
- Payment of Rs 25,000 or more against hotel bills
Please note that A person can have only one PAN and duplicate PANs, if any, must be surrendered. It is illegal to have duplicate PANs.
Quote of the Day: Can implementing the three R’s – reduce, recycle, reuse, save you money? If you only implemented the three R’s in your kitchen,you would save money.”
Catherine Pulsifer, from 10 Tips for Saving Money in Your Kitchen
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