Who shall apply for PAN?

Every person assessable to tax or satisfying certain criteria is required to obtain Permanent Account Number (PAN)

A. Statutory Requirement
Under the Income Tax Act1961, the following persons resident or non-resident have statutory obligation for acquiring and quoting PAN:

• If ones total income during any financial year exceeds the basic exemption limit under Income Tax Act or the total sales or gross receipt of business are likely to exceeded Rs. 5 lakhs in any previous year.

• Other prescribed persons under the Income Tax Act.

B.General Requirement

It is necessary to quote PAN or provide the copy of PAN card for entering into following transactions.

• For filing the Returns of Income, challans for payment of Income Tax.
• Opening of an account with a bank, Demat Account for shares.
• For investing in shares and securities i.e. Initial Public Offers, Portfolio Investment Schemes and Portfolio Management Schemes, Mutual Funds.
• Application for installation of telephone connection (including a cellular telephone),
• Sale or purchase of motor vehicles.
• Sale or purchase of immovable property valued at Rs. 5 lakhs or more,
• Deposits exceeding Rs 50,000 in an account with a Post Office Savings Bank.
• Where non-resident has any income on which tax has been deducted, PAN is to be given to the person deducting tax.

How the Services are provided?

We shall assist and attend to you at the click of the mouse at panhelp@nritaxservices.com , complete all the formalities relating to PAN including filling of forms sitting in the comfort of your Home / Office wherever you are located.

Procedure to apply for PAN?
At your request to obtain PAN; we shall E-Mail you the standard format in which you are required to furnish us the details and documents.

Based on this information

1. We shall prepare and e-mail duly filed in application for obtaining Permanent Account
     Number.
2. Which you shall download, sign and send it to us along with specified documents for
    submission to the PAN processing department (i.e. Income-tax Department.)
3. We shall obtain the PAN Card and send it to you.


We also provide the following services:

1. PAN correction in case of discrepancy
2. Obtaining duplicate PAN card in case you have lost in transit or obtaining the PAN under new series.
   
   
   Application for PAN is to be made in the prescribed form no.49A along with 2 passport size photographs.
   
   Consequences of failure to comply with the requirements relating to PAN
   If any person fails to comply with any of the requirements relating to PAN as mentioned above, he may be liable to penalty of Rs.10, 000/- for each failure or default.
   Also, as per law no person is supposed to use more than one PAN.