Permanent Account Number (PAN)

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Kampani has informed the AP police he is not involved
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Rupee closes at 48.54/$ vs 48.57/$ on Friday
No scaling back in product development investments
Reduction in lending rates to increase liquidity flow
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More than 30,000 vehicles need replacement urgently
Welcomes govt's sectoral view to help CV segment
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Projects identified in auto, semiconductor, Nano tech
Merit based pkg for road, rail projs >Rs.5000 cr: Guj Govt
Special Investment Regions to be given priority: Guj Govt
Incentives for projects larger than Rs 1000cr: Guj Govt
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International trade credit has dried up in last 2-3 weeks
Expect further contraction in interest rates
Markets have priced in the earnings de-growth for Q3

Updated: 04/02/2008 | 04:49 PM IST

Taxation

KPMG

Monday, February 04, 2008 (New Delhi)

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PAN is an income tax registration number. Following persons are required to apply to the Income Tax department for obtaining PAN:

-A person whose income exceeds the maximum amount not chargeable to tax (i.e. Rs. 110,000);

-A person carrying on any business or profession whose total sales/turnover/gross receipts exceed Rs. 500,000 during the year;

-Charitable trusts required to file return under section 139(4A) of the IT Act;

-An employer required to furnish a return of fringe benefits.

The government may also notify other persons who are required to obtain PAN.

PAN is required to be quoted by a taxpayer in his tax return, in all correspondence with the income tax department and on challans for payment of taxes. In recent times, PAN has assumed greater significance as it is also required to be quoted while entering into certain specified transactions like purchase/sale of an immovable property, making a fixed deposit with banks etc.

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