WHO HAS TO APPLY FOR PAN?
The following persons should apply for allotment of PAN in Form 49A‑
- 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.
- A person who is required to furnish return under sub-section (4A) of section 139.
- An employer who is required to furnish return of fringe benefits tax.
- 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.
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.
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.
WHO CAN VERIFY AND SIGN THE ‘PAN’ FORM?
Individual: The individual filling his PAN form has to sign it. In case the individual is mentally incapable, then the PAN form may be signed by his Guardian or by any other person competent to sign on his behalf.
Incase the individual is absent from India or because of any other reason, he is not able to sign and verify his PAN form, then any person duly empowered by him through valid Power of Attorney may sign on his behalf. In such case, a certified copy of Power of Attorney must accompany the PAN form.
Hindu Undivided Family: By the Karta or where he is absent from India or he is mentally incapacitated from attending to his affairs, by any other adult member of such family.
Company : In this case by the following :-i) Resident : The Managing Director or, where there is no Managing Director or he is not able to sign and verify the PAN form due to any unavoidable reason, by any director thereof.
ii) Non-Resident : The PAN form may be signed and verified by a person holding a valid Power of Attorney from the Non-Resident, which should be attached to the PAN form.
iii) Wound up/taken over by the Govt.: The PAN form should be signed and verified by the Liquidator or the Principal Officer as the case may be.
iv) Firm : Managing Partner, or, where there is no Managing Partner or due to some unavoidable reasons, he is not able to sign and verify the PAN form, by any partner thereof, not being a minor.
v) Local Authority : By the Principal Officer
vi) Association of Persons : By any member of the Association or the Principal Officer thereof.
WHERE TO FILE THE PAN FORM?
Presently, the Pan application may be submitted at the UTIISL counters along with the following.
a) Two photographs of stamp size in case of Individual.
b) Proof of identity and proof of residence & date of Birth
c) Payment of fee of Rs. 94 (application form cost)
The tamper proof high security PAN card will be issued within 15 days from the date of filing of the application.
There is a Tatkal Scheme under which the PAN card will be issued within 2 days on payment of D.D of Rs. 150/- in case of urgency.
To know the position of allotment, one may enquire with PAN query centre or PRO in Income Tax Offices. Further, there is a website available - www.incometaxindia.gov.in.
In case of transfer of an assessee from one Region to another, the fact of transfer has to be informed at the old station with a request for transfer of PAN to the present Region.
WHEN CAN ASSESSING OFFICER ALLOT PAN SUO MOTO?
The Assessing Officer may allot PAN to any person by whom tax is payable (or with effect from June 1, 2006 tax not payable). Besides, persons who are registered under the Central Sales Tax Act (CST) or general sales tax law or register after 1 1th Dec, 2001, then before making an application under the CST Act or general sales tax law should apply for PAN.