PAN ID Apostille and Attestation

PAN ID Apostille and Attestation

Posted in PAN ID Apostille and Attestation
What is PAN? Permanent Account Number (PAN) is a ten-digit alphanumeric number, issued in the form of a laminated card, by an Assessing Officer of the Income Tax (I-T) Department. A typical PAN would be, for e.g., ABCDE5437F.

Why is it necessary to have PAN? The rules of I-T Department requires a PAN id. It is mandatory to quote PAN on all correspondence with any income tax authority. It is good to mention here that since 1 January 2005, it has become mandatory to quote PAN on challans for any payment due to the I-T Department. Also, as stated above, it is now compulsory to quote PAN in all documents pertaining to financial transactions notified from time to time by the Central Board of Direct Taxes (CBDT). Some of these financial transactions include sale and purchase of immovable property or motor vehicle, or paying the hotels and restaurants in cash whose amount exceeds a certain limit, or in connection with travel to any foreign country.

Who should carry a PAN? According to the I-T Department, it is compulsory for the following people to have PAN: All taxpayers (including those who furnish return of income on behalf of others) must obtain PAN. Any person, who intends to enter into financial transaction such that its document requires quoting PAN, 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.