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How to Edit The The Income Tax Act, 1962 - Form No. 49a easily Online
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What is a pan card? What is it's use?
PAN, or permanent account number, is a unique 10-digit alphanumeric identity allotted to each taxpayer by the Income Tax Department under the supervision of the Central Board of Direct Taxes.Image source : http://GoogleIt also serves as an identity proof.PAN is mandatory for financial transactions such as receiving taxable salary or professional fees, sale or purchase of assets above specified limits, buy mutual funds and more.The primary objective of PAN is to use a universal identification key to track financial transactions that might have a taxable component to prevent tax evasion.WHO MUST APPLY FOR PAN?Anybody who earns a taxable income in India, including foreign nationals who pay taxes hereAnybody who runs a business (be it retail, services or consultancy) that had total sales, turnover or gross receipt exceeding Rs 5 lakh in the previous financial yearHOW TO APPLY?Use 'Form 49A' or 'Form 49AA' as applicable to you. Find more details at Central Board of Direct Taxes, Government of India.You can find the location of PAN card offices in any city from the websites of the Income Tax Department or National Securities Depository Limited (NSDL).You will need copies of proof of Identity and address.Payment can be made using cash, cheque or demand draft.You can also apply online through websites https://www.onlineservices.nsdl.com/paam/endUserRegisterContact.htmlIf you are applying online, the processing fee can be paid via net banking, credit card or debit card.Track the status of your application online.WHY GET A PAN NUMBER?For payment of direct taxesTo file income tax returnsTo avoid deduction of tax at higher rate than due.To enter into specific transaction such as:-(a) Sale or purchase of immovable property valued at Rs 5 lakh or more(b) Sale or purchase of a vehicle other than a two wheelerNOTE : It is mandatory to quote PAN in several transactionsspecified under the Income Tax Act, 1961. For further details of such transactions, reference is invited to rule 114B of the Income Tax Rules,1962 read with section 139A of the Income Tax Act, 1961... And many more benefits of having PAN Card.So what are you waiting for, Apply Now.
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