PAN Card is Now Mandatory

PAN Card is Now Mandatory

PAN stands for Permanent Account Number is a 10 digit alphanumeric number.

It is mandatory to quote PAN on return of income, all correspondence with any income tax authority. From 1 January 2005 it will be mandatory to quote PAN on challans for any payments due to Income Tax Department. –

It is also compulsory to quote PAN in all documents pertaining to financial transactions notified from time-to-time by the Central Board of Direct Taxes. Some such transactions are sale and purchase of immovable property or motor vehicle or payments in cash, of amounts exceeding Rs. 25,000/-to hotels and restaurants or in connection with travel to any foreign country. It is also mandatory to mention PAN for obtaining a telephone or cellular telephone connection. Likewise, PAN has to be mentioned for making a time deposit exceeding Rs. 50,000/- with a Bank or Post Office or depositing cash of Rs. 50,000/- or more in a Bank.

You can apply PAN Card through online or apply through Axis Bank directly

Apply Online : http://www.utitsl.co.in/utitsl/uti/newapp/new-pan-application.jsp

To download PAN Application Form : Click Here