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e-PAN Application (Individual/HUF/Other than Individual and HUF)
All about e-PAN Application
PAN
is a universal identification key was introduced by the Indian Income Tax
Department in order to facilitate easy retrieval of information and matching
information relating to an assessee's investment, payment of taxes, raising of
loans, assessment, tax demand, tax arrears etc.
It is a a national identification number which monitors all financial transactions of high net worth individuals and thereby indirectly prevents tax evasion. It also serves as an important ID proof.
It is a a national identification number which monitors all financial transactions of high net worth individuals and thereby indirectly prevents tax evasion. It also serves as an important ID proof.
Who are required to apply for PAN:
Following transaction of:-
- Sale or purchase of any immovable property valued at five lakh rupees or more.
- Sale or purchase of a motor vehicle or vehicle, the sale or purchase of a motor vehicle
- A Time deposit, exceeding fifty thousand rupees, with a banking company.
- A deposit, exceeding fifty thousand rupees, in any account with Post Office Savings Bank.
- A contract of a value exceeding one lakh rupees for sale or purchase of securities.
- For Opening a bank account.
- For Payment to hotels and restaurants for an amount exceeding twenty five thousand rupees at any one time.
Get in touch undersigned to get consultancy on application of PAN Card.