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Obtaining PAN & TAN - Canest

Canest > Obtaining PAN & TAN

Overview

PAN was introduced to enhance the links between different documents like payment of taxes, evaluation, tax demands and arrears. PAN was implemented to promote simple access and matching of information related to investment. The two authorized organization NSDL e-Governance Infrastructure Limited (NSDL e-gov) and UTI Infrastructure Technology and Services Limited (UTIITSL) are the Income Tax Department for accepting the application for PAN. Any applicant who doesn’t have PAN card, he/she must register through one of these agencies. PAN card was introduced in the year 1972 under section 139A of the Income Tax Act 1961. After that PAN card was made obligatory in the year 1976 to all the tax paying applicants.

Who must Apply for PAN card?
  • PAN must be obtained by taxpayers or all the individuals who are providing a return of their income.
  • PAN must be obtained by the self-employed profession or Businessmen whose annual income is Rs 5 lac or above.
  • PAN must be obtained by the applicant who is willing to enter the financial transaction.
  • PAN must be obtained by the applicant who want to make a new bank account, driving license, making any two-wheeler or four-wheeler purchases, opening a Demat account etc
  • PAN card is must be obtained by the charitable trust who is required to provide return under the section 139A
  • An applicant who is eligible to receive any amount/income after the deduction of tax.
  • Applicants who are enrolled under the Central Sales Tax Act or the General Sales Tax Law.
  • An applicant who release invoices under the rule 57AE registered with Central Excise Rules 1944.
  • An applicant who is working in excise duty has to obtain PAN card to pay for his excise goods.
  • An applicant who is involved in import/export sector is required to obtain PAN card to maintain his/her Import/Export code.

Why is PAN Number important?

PAN Card is an important document for the taxpayers as it is mandatory for carrying out all the financial transactions as it is used to track the inflow and outflow of money. The PAN card comes in handy while paying income tax or while receiving tax refunds or at the time of receiving communication from the Income Tax Department.

The Union Budget of 2019 has proposed that individuals can file their tax returns using Aadhar card if they do not have PAN card amending the earlier rule wherein PAN was mandatory to file income tax. PAN Card also acts as a proof of identity and one should quote it compulsorily, if the banking transaction amount is equal to or more than Rs 50,000.

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