Updated on July 06, 2024 11:46:19 PM
Permanent Account Number (PAN) is a unique 10-digit alphanumeric identity allotted by the Income Tax Department. PAN is mandatory for financial transactions such as receiving taxable salary or professional fees, sale or purchase of assets above specified limits, buy mutual funds and many more
In this article, you will learn everything about IEC code registration, the documents required and the entire process of obtaining an IEC code in Raigarh.
It is mandatory w.e.f.1 January 2005 to quote PAN on challans for any payments due to Income Tax Department. Moreover, now it is mandatory to quote PAN on return of income, all correspondence with any income tax authority.
PAN is a 10 digit alpha numeric code issued by the Income Tax Department.
PAN Card is valid for the lifetime and requires no renewal.
PAN can be obtained by both Indian and Foreign Nationals.
PAN is required for payment of Direct Taxes and to file ITR.
Any person can obtain PAN. There is no minimum age requirement for obtaining PAN.
A person cannot have 2 PAN cards. It is illegal to have 2 PAN Cards
Sole Proprietorship does not have separate PAN Card. PAN Card of Proprietor will also serve as PAN Card of proprietorship.
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