PAN REGISTRATION FOR JUST Rs.500/-
Permanent Account Number (PAN) is a ten-digit alphanumeric identifier, issued by Income Tax Department. Each assessee (e.g. individual, firm, company etc.) is issued a unique PAN.
Who can apply for PAN?
All existing assessees or taxpayers or persons who are required to file a return of income, even on behalf of others, must have a PAN. Any person, who intends to enter into economic or financial transactions where quoting PAN is mandatory, must also have a PAN.
Who can apply on behalf of minor, lunatic, idiot, mentally retarded, deceased and wards of court?
Section 160 of IT Act, 1961 provides that a minor, lunatic, idiot, mentally retarded, deceased, wards of court and such other persons may be represented through a Representative Assessee.
In such cases,
* in the application for PAN, details of the a minor, lunatic, idiot, mentally retarded, deceased, wards of court, etc. should be provided.
* Details of representative assessee have to be provided in item 14 of the application for PAN
Is it compulsory to quote PAN on ‘return of income’?
Yes, it is compulsory to quote PAN on return of income.
Can I obtain or use more than one PAN?
Obtaining/possessing more than one PAN is against the law and may attract a penalty upto Rs.10,000. Therefore it is advisable not to obtain/possess more than one PAN. If you have more than one PAN, you should surrender the unused PAN by logging into ITD website at www.incometaxindia.gov.in.