The month of September, 2012, could easily be a month of some turmoil in the state of Punjab, with the Punjab Government directing all employees and officers posted at Punjab Civil Secretariat to deposit PAN copies. PAN is required for the deduction of Income Tax from the salaries of Secretariat employees, and hence, an official… Read More »
The importance of PAN card has been discussed innumerable times, and quite logically so. We’ve also discussed the dangers of having duplicate PAN cards, and the penalties that you may have to bear. Also, we have explained as to how important it is to be careful with your PAN card. Now, let us tell you… Read More »
Before we explain this latest development pertaining to the rules about PAN requirements in terms of mutual fund investments, we will give a quick recap of the legal fabric that existed before this latest ruling from SEBI. What used to happen earlier was that a PAN was not compulsorily required, up to investments of Rs… Read More »
We’ve repeated this so often – Get yourself a PAN card if you wish to make the most of your financial transactions in India. Here, we present a brief on a news item of the month of January, 2010. This news piece effectively captures the essence of having a PAN card in India. The Government… Read More »
1. I need to file return on income. Is a PAN necessary? Section 272B of Income Tax Act, 1961 defines that PAN needs to be quoted while filing income returns. Otherwise, a penalty of Rs 10,000 can be imposed. 2. How does the quotation of PAN on concerned transactions get ensured by the Income Tax… Read More »
The PAN Card is an extremely important financial document for Indian citizens. Every person with taxable income in India needs to own a PAN card. Sometimes, there may be a few problems that may arise. People may not receive their PAN cards and PAN numbers even after applying. Sometimes, they may receive the PAN number,… Read More »
For address proof, a copy of any of these documents will be needed. Passport’s photocopy A print out of bank account statements, bank account being in India. Residential Permit. This document is issued by State Police Authorities Registration Certificate. This is issued by Foreigner’s Registration Officer. Indian Government’s PIO card, means a copy of Person… Read More »
Online verification of PAN is very convenient to do; one has just got to visit the following link and fill in some details that are mentioned on the PAN card. The link is:- https://incometaxindiaefiling.gov.in/portal/knowpan.do The details include your name, father’s name, and the D.O.B. PAN applicants can make use of this great service from the… Read More »
The section 139A from the Income Tax Act, 1961 lays out the answers to all legal questions that can be asked about the functioning of PAN card, right from the application for the same, to the penalty of using multiple PANs. The section defines as to who can apply for a PAN card, what all… Read More »
In a country as large and populous as India, it is extremely difficult for one agency to collect applications, process them, and issue PAN cards. The income tax department is responsible for issue of Permanent Account Number (PAN). However, the department has authorized the UTI Infrastructure and Technology Services Limited (UTITSL) and National Securities Depository… Read More »