PAN-SERIES 6 (Definition and Need)

1.      What is PAN?

PAN-Permanent Account Number ,an Unique 10 alphanumeric number allotted by the Income Tax Department on Pan India (all India) basis. It does not change with change of address or location or change of Assessing officer, etc.

2.      Who needed PAN?

·        An Income Tax Assessee, or

·        Any person carrying on business or profession whose total sales or turnover or gross receipt exceeds Rs.       5 lakh, or

·        A trust, or

Note:Any other person who needs a Permanent Account Number (PAN) can also apply

3.      Apply for a fresh PAN

·        In case of Partition of a bigger Hindu Undivided Family (HUF) into one or more new HUF

·        In case of Change in CONSTITUTION of firm (entailing change of partners )

·        Splitting up or Demerger of an existing company into two or more company