Saturday, September 24, 2011

WHO HAS TO APPLY FOR PAN? POINTS WHILE FILLING ‘PAN’ FORM


By on 8:26 AM


The following persons should apply for allotment of PAN in Form 49A-

  1. Every person whose assessable income exceeds the maximum amount which is not chargeable to tax or any person carrying out business or profession whose total sales/turnover is likely to exceed Rs 5,00,000 in a year.
  2. A person who is required to furnish return under sub-section (4A) of section 139.
  3. An employer who is required to furnish return of fringe benefits tax.
  4. The Central Government has power to specify by notification any class or classes of persons by whom tax is payable under the Income-tax Act or any tax or duty is payable under any other law for the time being in force.
WHAT ARE THE IMPORTANT POINTS TO REMEMBER WHILE FILLING THE ‘PAN’ FORM (FORM NO. 49A) ?

The PAN form should be filled in by the assessee with due care and caution. There should be no corrections or overwriting and it should be properly signed and verified by the persons who is authorized to do so, under the provisions of IT Act. The following important points may be taken care of while filling up the form :

NAME & ADDRESS :
The name and address must be written in block letters and while filling up the same, one cage may be left blank after each word. No initials are allowed to be used while filling in the same. Full name has to be given.

STATUS
Correct code number of the assessee’s status/residential status may be filled in.

DATE OF BIRTH :
Date of birth is very important and should be filled correctly. 

FATHER’S NAME :
Father’s name has to be given even in case of married ladies.

SOURCES OF INCOME :
A person should have at least one source of income to apply for PAN. So the relevant box should be checked in the form. 

IN CASE OF COMPANIES, THE FOLLOWING ADDITIONAL DETAILS HAVE TO BE FILLED IN THE FORM

  • The ROC registration number of the company. 
  • The date of incorporation of the company. 
  • The date of commencement of business by the company.
  • In which business activity the company is engaged in.
VERIFICATION :
The verification must be signed by the authorized person, and other particulars viz. Name, Assessment Year, Capacity, Place and Date should be correctly filled therein. Please note that any person making a false statement is liable-to be prosecuted under Section 277 of the Income-Tax Act

About Syed Faizan Ali

Faizan is a 17 year old young guy who is blessed with the art of Blogging,He love to Blog day in and day out,He is a Website Designer and a Certified Graphics Designer.

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