Structure of the new series of PAN: The Permanent Account Number under new series is based on following constant permanent parameters of a taxpayer and uses Phonetic Soundex code algorithm to ensure uniqueness :- i. Full name of the taxpayer; ii. Date of birth / Date of Incorporation; iii. Status; iv. Gender in case of…
The government has proposed to make Aadhaar card mandatory for filing income tax return and also applying for permanent account number (PAN). The new proposal has been made through an amendment to the Finance Bill. Recently, the I-T department had announced a mobile app for paying taxes and tracking of refunds. It had also said…
NSDL e-Governance Infrastructure Limited PAN Services Circular No.: NSDL/TIN/2017/001 January 10, 2017 Subject: New design of PAN card All TIN-FCs & PAN Centres are hereby informed that the Income Tax Department (ITD) has prescribed certain changes in the existing design of the PAN Card. Accordingly, with effect from January 1, 2017, PAN cards are being…
You will have to flash your permanent account number (PAN) for any transaction of over Rs 2 lakh regardless of mode of payment. The government has issued a press release to give effect to the budget proposal, intended to check domestic black money, apart from modifying the rules for PAN requirement for other transactions as…
What is PAN? Permanent Account Number (PAN) is a ten-digit alphanumeric identifier, issued by Income Tax Department. Each assessee (e.g. individual, firm, company etc.) is issued a unique PAN. Who can apply for PAN? All existing assessees or taxpayers or persons who are required to file a return of income, even on behalf of others,…
Structure of the new series of PAN: The Permanent Account Number under new series is based on following constant permanent parameters of a taxpayer and uses Phonetic Soundex code algorithm to ensure uniqueness :- i. Full name of the taxpayer; ii. Date of birth / Date of Incorporation; iii. Status; iv. Gender in case of…
With effect from April 8, 2012, PAN applications are required to be furnished in the new forms prescribed by ITD. Indian citizens will have to submit their Application for allotment of new PAN in revised Form 49A only. Foreign citizens will have to submit their Application for allotment of new PAN in newly notified Form…