Who must have a PAN?
Who has to obtain PAN? of PAN is mandatory. Every non-individual resident persons and persons associated with them shall apply for PAN if the financial transaction entered into by them during the financial year exceeds Rs. 2,50,000.
Is PAN card mandatory for everyone in India?
Unlike the Aadhar and Driving License, it is also issued to foreign nationals who want to do business or invest in India. Hence, it is not acceptable as proof of Indian citizenship. Therefore, PAN is optional and voluntary just like passport, Driving License, Aadhar card etc.
Is PAN mandatory for all?
The Income Tax Department has said that as per rule 114B of the Income Tax Act, there are some transactions in which quoting of PAN is mandatory by every person except the Central Government, the State Governments and the Consular Offices.
What is the age limit for PAN card?
As per section 160 of the Income Tax Act, even minors are eligible to apply for the PAN card as there is no age limit requirement specified in the Act. PAN card can be applied for children below 5 years and remain the permanent identity proof irrespective of change in the name or address.
What is Pan card fee?
The charges for applying for PAN is Rs. 93 (Excluding Goods and Services tax) for Indian communication address and Rs. 864 (Excluding Goods and Services tax) for foreign communication address. Payment of application fee can be made through credit/debit card, demand draft or net-banking.
Can OCI get PAN card?
Process to apply PAN card for NRIs. All those people who are holding Indian Citizenship and settled abroad should fill form 49A to apply for PAN Card application. NRIs who hold Foreign citizenship such as OCI holders or people who have originated from India but have Foreign citizenship should fill form 49AA.
What happens if we dont have PAN card?
Step 1: Go to e-filing website of Income Tax Department www.incometaxindiaefiling.gov.in. Step 2: Now go to the ‘Quick Links’ section on the home page and click on ‘Instant PAN through Aadhaar’. Step 3: Then click on the link to ‘Get New PAN’. This will take you to the Instant PAN Request webpage.
Is PAN card necessary for bank account?
PAN card is compulsory and is required for doing most financial transactions. The I-T department has made it mandatory to link your bank account with PAN. The main reason for this is that your income tax refunds will be credited directly to your bank account.
Is it safe to give PAN card details?
Even just sharing your PAN number with someone whom you can’t trust is also not good. So avoid sharing PAN number also. Some suspicious persons may try to trace your PAN if they know some basic details about you. Like your surname, date of birth and in some cases your father’s name.
Is PAN card required for RTGS?
With effect from 1 January 2016, you would have to furnish your Permanent Account Number (PAN) for all transactions above Rs 2 lakhs, irrespective of the mode of payment adopted. … Considering the representations, PAN will be required for transactions of an amount exceeding Rs 2 lakh regardless of the mode of payment.”
Is PAN card required for buying gold?
The Department of Revenue (DoR), Ministry of Finance has clarified that any purchase of gold, silver, jewellery, or precious gems and stones below Rs 2 lakh does not require PAN or Aadhaar of a customer as mandatory Know Your Customer (KYC) document.
Can we transfer money without PAN?
NEW DELHI: The government has announced a new rule to prevent people from making multiple cash deposits in their bank accounts without quoting the PAN. Till now, the limit for cash deposit without PAN was Rs 50,000 per transaction. A lot of people were depositing less than Rs 50,000 per day to escape the PAN provision.