All about PAN
The Permanent Account Number popularly called by the name of PAN was introduced by the Indian Income Tax Department. This is a unique ten-digit alphanumeric identity which is given to every tax-paying firm or individuals for facilitating the easy payment of taxes, raising loans, assessments, tax demands, tax arrears etc. This also includes the PAN card application for foreign nationals who are also interested to start a business or invest in any business in India.
The PAN card can be applied online for the ease of people. This national identification number keeps a check on all the financial transactions of each and every individual. Thus this PAN helps in looking after the Tax Invasion and can also be used as an ID proof. This PAN is also accepted in the form of a photo ID proof amonGST all government and non-government firms.
Who needs to apply for PAN
The following people have to apply for PAN:
If the total income exceeds the maximum amount not chargeable to the tax of an individual.
Individual along with the Agent who has to pay service tax
A person who has to file a return of the income
Each importer and/or exporter who would require the import-export code.
Each importer and/or exporter who wants to register as a manufacturer, trader, service provider, etc. in India.
If the person is a business person or is in a profession where the gross exceeds the threshold limit of the year