What is Permanent Account Number (PAN)?
Permanent Account Number is a 10 digit number by which the Assessing Officer can identify any person. Presently the Income Tax Department is allotting PAN under the New Series to all assessees which consists of ten alphanumeric character and is issued in the form of a laminated card. The PAN is ultimately meant to supplant the General Index Register Number which is currently in use. As per section 139A of the Act obtaining PAN is a must for the following persons:- • Any person whose total income or the total income of any other person in respect of which he is assessable under the Act exceeds the maximum amount which is not chargeable to tax. • Any person who is carrying on any business or profession whose total sales, turnover or gross receipts are or is likely to exceed Rs. 5 lacs in any previous year. • Any person who is required to furnish a return of income under section 139(4) of the Act. • The requirement for applying for allotment of PAN under the New Series has now been extend
