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Additional Details
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Additional Details
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 Has anyone been through anything like this, do you think it's a scam? please help me? |
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nazo o | Why Is It Necessary To Have PAN? |
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MooN
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It is mandatory to quote PAN on return of income.
PAN is necessary in the following cases according to Section 139A of IT act 1961
1> sale or purchase of any immovable property valued at 5 lakh or more.
2> sale or purchase of a motor vehicle.
3> a time deposit exceeding 50000/- in any bank or in post office savings bank.
4> a contract for sale or purchase of Securities exceeding value of 10 lakhs.
5> opening a bank account.
6> making an application for a telephone connection including celluar telephone connection.
7> bill payments to hotels and restaurants exceeding 25000/- at any one time. |
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helpaneed
 |
Having Pan is necessary only for some declared commercial activities such as trading/dealing in secondary market equity, securing tenders, undertaking financial transaction(s) above certain limits etc.
At times, you may do even without a PAN Number by just filling and signing a declaration.
Making a PAN compulsory for certain transactions is to place a record on the quantum and truthfulness of the transactions to eliminate evasion of income tax by some unscrupulous persons. More and more transactions are proposed to be brought under the ambit of PAN in due course. |
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shivangini s
 |
It is mandatory to quote PAN on return of income, all correspondence with any income tax authority. From 1 January 2005 it will be mandatory to quote PAN on challans for any payments due to Income Tax Department.
It is also compulsory to quote PAN in all documents pertaining to financial transactions notified from time-to-time by the Central Board of Direct Taxes. Some such transactions are sale and purchase of immovable property or motor vehicle or payments in cash, of amounts exceeding Rs. 25,000/-to hotels and restaurants or in connection with travel to any foreign country. It is also mandatory to mention PAN for obtaining a telephone or cellular telephone connection. Likewise, PAN has to be mentioned for making a time deposit exceeding Rs. 50,000/- with a Bank or Post Office or depositing cash of Rs. 50,000/- or more in a Bank. |
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Harsh Jharia
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it is your Personal account number (PAN) for you income tax account... now it is said that even if you are not an IT payer you can get a PAN card made... may be it is going to work as the social security number that is used in USA...! |
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candy
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Please click the link in the sources. |
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patriotisam
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it is necessary for the government to have a check that how many or in the tax-net and paying IT and to identify that homany are escaping and to bring in to net,verification of assets etc |
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resh_ragh
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PAN......is a necessity coz u need it to pay ur taxes and also for general identification like when u take a passport-u need a pan number or a ration card to verify ur identity |
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KHS
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Permanent Account Number (PAN) is a ten-digit alphanumeric number, issued in the form of a laminated card, by the Income Tax Department.
A typical PAN is AABPS1205E.
All existing assesses or taxpayers or persons who are required to furnish a return of income, even on behalf of others, must obtain PAN. Any person, who intends to enter into financial transaction where quoting PAN is mandatory, must also obtain PAN.
It is mandatory to quote PAN on return of income, all correspondence with any income tax authority. From 1 January 2005 it will be mandatory to quote PAN on challans for any payments due to Income Tax Department.
It is also compulsory to quote PAN in all documents pertaining to financial transactions notified from time-to-time by the Central Board of Direct Taxes. Some such transactions are sale and purchase of immovable property or motor vehicle or payments in cash, of amounts exceeding Rs. 25,000/-to hotels and restaurants or in connection with travel to any foreign country. It is also mandatory to mention PAN for obtaining a telephone or cellular telephone connection. Likewise, PAN has to be mentioned for making a time deposit exceeding Rs. 50,000/- with a Bank or Post Office or depositing cash of Rs. 50,000/- or more in a Bank. |
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sarita7bansal
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it's your identity card with your photo. so it is necessary |
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MFHUNTER
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yUPS!! pay ur taxes.. using it!! |
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GreyFox
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To cook with! |
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