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Who must have a PAN NO.?

Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 Garima Pal asked over 2 years ago

Who must have a PAN NO.?

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6 Answers
Open uri20170510 32134 59004f?1494421790 Anshul Dhawan answered over 2 years ago

The primary objective of PAN is to use a universal identification key to track financial transactions that might have a taxable component to prevent tax evasion. The PAN number remains unaffected by change of address throughout India. WHO MUST APPLY FOR PAN? Anybody who earns a taxable income in India, including foreign nationals who pay taxes here Anybody who runs a business (be it retail, services or consultancy) that had total sales, turnover or gross receipt exceeding Rs 5 lakh in the previous financial year

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Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 narahari answered over 2 years ago

i. All existing assessees or taxpayers or persons who are required to furnish a return of income, even on behalf of others, must obtain PAN. . Who must have a PAN? . ii. Any person carrying on any business or profession whose total sales, turnover or gross receipts are or is likely to exceed five lakh rupees in any previous year; . Who must have a PAN? . iii. Any person, who intends to enter into financial transaction where quoting PAN is mandatory, must also obtain PAN.

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Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 CA Sandeep Bohra answered over 2 years ago

> Who must have a PAN NO.? --i. All existing assesses or taxpayers or persons who are required to furnish a return of income, even on behalf of others, must obtain PAN. ii. Any person carrying on any business or profession whose total sales, turnover or gross receipts are or is likely to exceed five lakh rupees in any previous year; iii. Any person, who intends to enter into financial transaction where quoting PAN is mandatory, must also obtain PAN. iv. The Assessing Officer may allot PAN to any person either on his own or on a specific request from such person.

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Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 Pankaj answered over 2 years ago

Hie i. All existing assesses or taxpayers or persons who are required to furnish a return of income, even on behalf of others, must obtain PAN. ii. Any person carrying on any business or profession whose total sales, turnover or gross receipts are or is likely to exceed five lakh rupees in any previous year; iii. Any person, who intends to enter into financial transaction where quoting PAN is mandatory, must also obtain PAN. iv. The Assessing Officer may allot PAN to any person either on his own or on a specific request from such person.

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Open uri20170510 32134 1uwcnoc?1494421631 Shubhangi Jain answered over 2 years ago

i. All existing assessees or taxpayers or persons who are required to furnish a return of income, even on behalf of others, must obtain PAN . ii. Any person, who intends to enter into economic or financial transactions where quoting PAN is mandatory, must also obtain PAN. The Assessing Officer may allot PAN to any person either on his own or on a specific request from such person.

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Open uri20170510 32134 s5bvk0?1494421637 ARJUN PRATAP SINGH answered over 2 years ago

Dear Friend, as far as your query is concerned that Who must have a PAN NO.? Let me informed that Who must have a PAN`? following must have a PAN i. All existing assessees or taxpayers or persons who are required to furnish a return of income, even on behalf of others, must obtain PAN. . Who must have a PAN`? . ii. Any person carrying on any business or profession whose total sales, turnover or gross receipts are or is likely to exceed five lakh rupees in any previous year; . Who must have a PAN`? . iii. Any person, who intends to enter into financial transaction where quoting PAN is mandatory, must also obtain PAN. Hope answer was helpful to you for your question Who must have a PAN NO.? Regards, Arjun Pratap Singh

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