It is mandatory to quote PAN on return of income, all correspondence with any income tax authority and challans for any payments due to Income Tax Department. It is also compulsory to quote PAN in all documents pertaining to economic or financial transactions notified from time-to-time by the Central Board of Direct Taxes.
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Frequently asked questions.
Every person who is required to file the return of income or is required to file the return of income on behalf of any other person has to obtain PAN. Apart from such person, no other person has to obtain PAN. if the financial transaction entered into by them during the financial year exceeds Rs. 2,50,000.
PAN applications gets rejected most often, due to wrong or incomplete document submission. There are also times when the information furnished in the PAN application form does not match with the documents submitted and hence the application is rejected.
A permanent account number (PAN) is a ten-character alphanumeric identifier, issued in the form of a laminated "PAN card", by the Indian Income Tax Department, to any "person" who applies for it or to whom the department allots the number without an application.
All Indian citizens having the source of income and valid proofs (as prescribed by the Income Tax Department) are eligible to apply for PAN card. Obtaining a PAN card or Permanent Account Number is mandatory for every tax payer or the person who needs to file an income tax return on behalf of self or others.