Permanent Account Number (PAN) is a national identification number, issued to all taxpayers of India whose income is taxable. This number is issued by the Income Tax Office. The primary purpose of PAN is to prevent tax evasion by keeping a track of monetary transactions. The PAN is unique, national, and permanent. It is unaffected by a change of address, even between states.
Permanent Account Number is an identity document/number which can also be issued to non-taxpayers. All existing assessees or taxpayers or persons who are required to file a return of income, even on behalf of others, must have a PAN. Any person, who intends to enter into economic or financial transactions where quoting PAN is mandatory, must also have a PAN.
It is mandatory to quote PAN on:
Return of income.
All correspondence with any income tax authority.
All documents pertaining to financial transactions notified from time-to-time by the Central Board of Direct Taxes viz sale and purchase of immovable property or motor vehicle or payments in cash, of amounts exceeding Rs. 25,000/-to hotels and restaurants or in connection with travel to any foreign country.
Application for obtaining a telephone or cellular telephone connection.
Application for making a time deposit exceeding Rs. 50,000/- with a Bank or Post Office or depositing cash of Rs. 50,000/- or more in a Bank.
Where can we help?
TAXATION
Obtaining Permanent Account Number (PAN) for those non-residents who do not possess it already.
In case of change in any data/information furnished to the income-tax department, getting the records of the department updated with this change in information.
In case of loss, destruction, etc. of PAN card, obtaining a new PAN card from the income-tax department.
Registration of PAN with the income-tax department officials to enable to view the details of TDS deducted by various deductors online. The same is useful to view the tax status of the assessee, in the records of the department, up to date.
Immigrants
Individuals leaving India are required to make certain compliances in respect of their financial affairs in India. Some of these are:
Communication to their bank for redesignation of account as NRO account
Communication to the companies of which the individual holds securities regarding change of status as NRI
Information to the Income-tax Authorities about change in residential status within the meaning of the Income-tax Act,1961.
NRIs are eligible to repatriate Income earned in India from rupee assets held in India.
Where can we help?
We would help in making effective communication to the banks/income-tax authorities/ companies, etc.
Compliance in respect of repatriation of income earned in india from rupee assets held in India
