PAN Application

Any person (including Indian Nationals and Foreign Nationals) or artificial entities like Companies, LLP, Trust, Society, etc., can obtain a PAN. There is No Age limit for individual to obtain a PAN. It is not mandatory to pay Income Tax if you have a PAN. Income Tax will have to be paid only if there is taxable income.

Proprietorships cannot have a separate PAN Card. The PAN of the Proprietor will serve as the PAN of the Proprietorship business.


No Age Limit for PAN Application
No Mandatory Tax Payment
No Separate PAN For Proprietorship
Mandatory PAN Required

Importance of PAN Card in India

PAN card i.e. permanent account number is provided by Income tax department to every income tax payer. But do you know that PAN card is compulsory and required by following authorities while doing financial transactions with them:

  • Applying for credit or debit card

    Quoting your PAN is must when applying for debit or credit card. Not submitting this will straight away result in application getting rejected. Credit card application rejection can cause problem in getting loan, credit card etc. in future and impact your credit score.

  • Purchase or sell of vehicle

    If you are planning to buy or sell vehicle whose cost is greater than Rs. 5,00,000 or Vehicle other than two wheeler then submitting a copy of PAN card is compulsory.



  • Buying or selling property (Immovable Asset)

    Any property transaction for amount exceeding Rs. 5 Lacs requires this number to be mentioned in the property document. Buying or selling is impossible if you do not have this. In case, it is a joint property then PAN details of each person is required.

  • Jewellery Purchase

    High value jewellery purchase for amount greater than Rs.5,00,000 (5 Lacs) requires buyer to provide PAN number.




  • Fixed or cash deposit

    Opening a fixed deposit account or cash deposit for amount greater than Rs. 50,000 at any bank requires the permanent account number. Failure to submit the same would result in TDS getting deducted at 20% if the interest amount of FD account exceeds Rs. 10,000 which is higher than the current 10%.

  • New telephone connection

    All telecom companies have been mandated by Government of India to get PAN details of each applicant for normal or cellular connection to keep a tab on terrorism, extortion charges etc.



  • Investing in securities

    Transactions exceeding Rs. 50,000 for equities/mutual fund/debentures/bonds requires investor’s PAN card.




  • To avoid deduction of tax at higher rate

    Without a PAN card, you will be taxed at the highest rate possible. If you pay TDS (tax deducted at source), that cannot be counted without a PAN card and you may end up paying tax twice.


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KNOWLEDGE PORTAL

TDS on Sale of Property

CLCSS Subsidy

Compliances Under GST

GST વિષે સરળ સમજુતી

Input Tax Credit Mechanism in GST

Understanding GST