Permanet Account Number : Tax Exemption
Permanent Account Number (PAN) is a number which is used by Income Tax Department as an identification of a person. Through this number income tax department can get every information about the assessee.
It is a 10 digit alphanumeric number which is printed on a laminated card, known as PAN card along with other details like PAN number, name of applicant, father's name, date of birth and passport size photo.
(PAN number is taking place of General Index Registrar (GIR) Number. GIR number is given by an assessing officer to assessee which also contain details of assessing officer.)
Under section 139A of Income Tax Act, 1961, PAN number is required for following persons:
Whose total annual income is more than the amount which is not chargeable under income tax act
Whose income through business or other profession is more than Rs. 5 lakhs
Who is filling income tax return
PAN is necessary in case of following transactions :-
Filing income tax return
Any correspondence with income tax department
Submitting challans for payment of any tax to the department
At the time of verifications of identity of assessee in income tax department
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