The government will soon launch a facility under which a PAN card will be issued within 48 hours of applying.
An online facility for issuance of PAN is on the anvil under which an applicant can get a PAN card within 48 hours
Recently, the Central Board of Direct Taxes (CBDT), the apex policy-making body of the I-T Department, had issued a notification making the Elector's Photo Identity Card (EPIC) and Aadhaar valid proofs of "date of birth" for obtaining a PAN card.
PAN is required for filing return of income, sale or purchase of any immovable property beyond a certain amount, and sale or purchase of a motor vehicle, among others.
The Finance Act 2015 proposes quoting PAN mandatory for buying jewellery valued at Rs 1 lakh or more.
Note
PAN (Permanent Account Number) is a 10-digit alphanumeric number, issued in the form of a laminated card by the Income Tax Department.
A total 4.73 crore tax returns were filed in 2014-15, of which only 6 lakh were scrutinised by the Income-Tax Department.
An online facility for issuance of PAN is on the anvil under which an applicant can get a PAN card within 48 hours
Recently, the Central Board of Direct Taxes (CBDT), the apex policy-making body of the I-T Department, had issued a notification making the Elector's Photo Identity Card (EPIC) and Aadhaar valid proofs of "date of birth" for obtaining a PAN card.
PAN is required for filing return of income, sale or purchase of any immovable property beyond a certain amount, and sale or purchase of a motor vehicle, among others.
The Finance Act 2015 proposes quoting PAN mandatory for buying jewellery valued at Rs 1 lakh or more.
Note
PAN (Permanent Account Number) is a 10-digit alphanumeric number, issued in the form of a laminated card by the Income Tax Department.
A total 4.73 crore tax returns were filed in 2014-15, of which only 6 lakh were scrutinised by the Income-Tax Department.
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