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Wednesday, March 21, 2018

Using PAN you can check if you have Income Tax notice.

Using PAN you can check if you have Income Tax notice.

PAN enables the department to identify/ link all transactions of the PAN holder with the department. These transactions include tax payments, TDS/TCS credits, returns of income, specified transactions, correspondence etc., and so on. It facilitates easy retrieval of information of PAN holder and matching of various investments, borrowings and other business activities of PAN holder.

PAN is to be obtained by:
• Every person if his total income or the total income of any other person in respect of which he is assessable during the year exceeds the maximum amount which is not chargeable to tax.
• A charitable trust that is required to furnish return under Section 139(4A) 
• Every person who is carrying on any business or profession whose total sale, turnover, or gross receipts are or is likely to exceed five lakh rupees in any year
• Every importer/exporter that is required to obtain Import Export code
• Every person who is entitled to receive any sum/income after deduction of tax at source 
• Any person who is liable to pay excise duty or a producer or manufacturer of excisable goods or a registered person of a private warehouse in which excisable goods are stored and an authorized agent of such person
• Persons who issue invoices under Rule 57AE requiring registration under Central Excise Rules, 1944
• A person who is liable to pay the service tax and his agent
• Persons registered under the Central Sales Tax Act or the general sales tax law of the relevant state or union territory
• Every person who intends to enter into specified financial transactions in which quoting of PAN is mandatory