24-11-2012, 02:31 PM
Permanent Account Number (PAN)
Pan.ppt (Size: 416.5 KB / Downloads: 23)
What is Permanent Account Number (PAN)?
Permanent Account Number (PAN) refers to a ten-digit alphanumeric number
Issued in the form of a laminated card, by the Income Tax Department in India
Why we need PAN Card ?
When you need a perfect ID Proof
When you file an income tax return
When you open a bank account
When you deposit cash of Rs 50,000 or more in a bank
When you open a bank fixed deposit of Rs 50,000 or more
When you open a post office deposit of Rs 50,000 or more
When you buy/ sell shares and mutual funds
When you buy/ sell property
When you buy a vehicle
When you take a loan: home/ personal/ other
When you get a job
When you pay in cash to hotels and restaurants againstbills for an amount exceeding Rs 25,000 at any one time
When you buy Gold for Rs.5 Lakh onwards PAN is mandatory.
For remitting LIC premium for Rs.50000/- and more PAN is mandatory.
Having a PAN is mandatory in virtually every money transaction
If we do the above mentioned transactions without PAN, Rs10,000 is to be paid as penalty.