Who shall apply for Permanent Account Number?
Ans: Section 139A of the Income Tax Act provides that every person whose total income exceeds the maximum amount not chargeable to tax or every person who carries on any business or profession whose total turnover or gross receipts exceed Rs.5.00 Lakhs in any previous year or any person required to file a return of income u/s 139(4A) shall aplly for PAN. Besides, any person not fulfilling the above conditions may also apply for allotment of PAN. With effect from 01.06.2000, the Central Government may by notification specify any class/classes of person including importers and exporters., whether or not any tax is payable by them, and such persons shall also then apply to the Assessing Officer for allotment of PAN. With effect from 01.04.2006, a person liable to furnish a return of fringe benefits under the newly introduced Section 115WD of the Income Tax Act is also required to apply for allotment of PAN. Of course, if such a person already has been allotted a PAN, he shall not be requi
