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He cover of PAN continues to be gradually extended because of the Income Tax Department. From opening savings accounts, demat accounts, and property transactions, the mandatory utilization of PAN continues to be gradually increased to protect more transactions.

Telephone connection applications, opening of banks, restaurant bills of more than Rs 25,000 and mutual fund investments of Rs 50,000 and above also needed PAN to get quoted.

Now, you should present your Know your pan for a acquiring jewellery worth Rs 5 lakhs or higher from this month. Know your pan Besides jewellery, furnishing PAN could be mandatory for most other transactions also

The Finance Ministry claims that any person who produces a transaction of Rs 25 lakhs plus much more, and isn't able to quote the PAN, will get summons from the Income Tax Department, anf the husband could even be penalised.

The CIB will likely be empowered to issue notices to such individuals and as well attach the house of those not giving an answer to the summons.

It is mandatory to quote PAN on returns of greenbacks and all correspondence with any tax authority. It is mandatory to quote PAN on challans for just about any payments because of the Income Tax Department.

An application for just a PAN really should be made only on Form 49A. It can be downloaded on the website in the Income Tax Department.

If an application for allotment of PAN is submitted over the Internet and payment made by using a nominated plastic card the PAN is allotted on priority and communicated through .

It can even be a certificate of identity signed by the MP, MLA, municipal councillor or perhaps a gazetted officer. In case the PAN applicant is usually a minor, these documents of any on the parents or guardian delivers click here as proof identityclick here

In case the PAN application is produced on behalf of the HUF, these documents with the Karta with the HUF deliver as evidence of identity.

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