One of the most important times one needs money is when one opts for higher education in a university either in India or abroad. Most of the options available for higher education are extremely costly and some that are completely out of the reach of the ordinary man. What happens in such situation is that… Read More »
PAN was always necessary to be quoted on return of income, but possession of PAN became all the more important after the implementation of the rule that PAN would necessarily have to be quoted whenever any communication with the Income Tax Department was to be carried out, and quoted on any challans for payments to… Read More »
Extensive changes to laws related to tax creates problems and makes things complicated. Foreign companies and senior citizens who do not own a permanent business location should be exempted from holding a PAN card. All the countries would like to have the tax share but at the same time the laws governing these regulations should… Read More »
Permanent Account Number (or) PAN card as it is generally called is a very important identification document. It is issued by the UTI Infrastructure Technology and Services Limited on behalf of the Income Tax Department of India. It is not mandatory for all NRIs to possess a PAN card. However, those NRI who have income… Read More »
PAN cards have become extremely important not just for Indian citizens but also for nonresident Indians, who have been recently allowed to apply for PAN cards. A PAN card is nothing but a permanent account number card. Just like an election voter’s card is your unique voter identification number, a PAN card is a unique… Read More »
Step 1 – Online application filling Begin by visiting https://www.tin-nsdl.com/pan/pan-index.php and finding the online form for filing a PAN change request. Next, fill this form in and submit it. The online system works very well, and just in case you end up entering details in the wrong fashion, the validation mechanism of the website issues… Read More »
Increasing the scope of quoting PAN the Central Government has made it mandatory to be quoted for purchasing Insurance policies. Insurance industry regulator, IRDA (Insurance Regulatory and Development Authority) has instructed all insurance companies to ensure compulsory quotation of PAN for all annual premiums exceeding Rs. 1 Lakh. For insurance premiums below and up to… Read More »
Unique Identification Authority of India (UIADI), a Central Government authority headed by Nandan Nilekani and Income Tax Department, Ministry of Finance, Government of India have agreed ‘in-principle’ to come together for issuing Pan Cards which will also bear 16 digit Aadhar Number printed on it. This took several rounds of meetings for the officials from… Read More »
New and existing Mutual fund investors should compulsorily provide the Permanent Account Number (PAN) with effect from next year whatever the investment amount may be. This new rule has been articulated by the Know Your Customer (KYC) compliance norms which are followed by fund houses in order to meet the prevention of money laundering norms.… Read More »
The acknowledgement form needs to be sent after making sure that the assessee has signed inside the box provided within the form for signature. A coloured photograph measuring 3.5 cm x 2.5 cm needs to be affixed. A cheque/demand draft drawn for just Rs 96/ in the name of NSDL – PAN payable at Mumbai… Read More »