Payment of different taxes is mandatory for everyone who is within different tax brackets. However, many people evade taxes due to lack of a proper method of netting them to make them pay taxes. However, this is slowly becoming hard for people to evade paying taxes for different situations due to the various regulations that have been put in place. For instance, the tax authority has introduced such systems like the PAN card within the tax system in order to get more people to comply with the law. Having it has numerous benefits.
This 10 digit alphanumeric unique identity is what is used to identify people for tax purposes. It is designed to be used in many other transactions where your identity is key to making the transactions authentic. The idea is to keep every financial transaction that comprises of a tax element in track with the main goal of preventing tax evasion.
Everyone who earns any taxable income in India is required by the tax law to apply for a PAN including foreign nationals that are required to pay taxes in India. It is also important for businesses to be tax compliant by applying for the number if they make a turnover exceeding Rs. 5 Lakh in any given year. Tax compliance is an essential element for every citizen hence having the card is very helpful.
If you want to start being compliant, you start by determining whether you qualify to fill form 49A or Form 49AA. You can confirm whichever you qualify for by visiting income tax department website of India or apply online at the authorized website. You need your copy of national ID or passport and proof of your address and pay the stipulated amount via cash, demand draft or cheque.
Getting the permanent account number enables individuals to undertake different financial activities including payment of taxes, filing income tax returns as well as in minimizing the taxes they pay. This is actually the number that shows the tax department whether you are compliant to tax laws or otherwise. You will not be able to file for returns or pay direct taxes if you lack the number.
If you are doing any transaction involving the sale or purchase of property whose value is at least Rs 5 Lakh, the law requires that you must have a PAN card to conduct the transactions. Additionally, the number is essential when buying any automobile that is not a two wheeler. You simply will not be able to do such transactions if you lack the card.
It is important that anyone who wants to pay money exceeding Rs 25,000 to a restaurant, travel company or to a hotel registers this with the income tax department. Additionally, you are subject to tax is you pay over Rs 50,000 to buy bonds at the Reserve Bank of India. This makes it necessary to have the card for compliance.
You will also need a PAN card when buying shares exceeding Rs. 50,000 in value. The number will also be needed when depositing over Rs 50,000 in a bank within 24 hrs. Payment of at least Rs 5 Lakh to buy bullions or jewelry also has to be supported by this number.
This 10 digit alphanumeric unique identity is what is used to identify people for tax purposes. It is designed to be used in many other transactions where your identity is key to making the transactions authentic. The idea is to keep every financial transaction that comprises of a tax element in track with the main goal of preventing tax evasion.
Everyone who earns any taxable income in India is required by the tax law to apply for a PAN including foreign nationals that are required to pay taxes in India. It is also important for businesses to be tax compliant by applying for the number if they make a turnover exceeding Rs. 5 Lakh in any given year. Tax compliance is an essential element for every citizen hence having the card is very helpful.
If you want to start being compliant, you start by determining whether you qualify to fill form 49A or Form 49AA. You can confirm whichever you qualify for by visiting income tax department website of India or apply online at the authorized website. You need your copy of national ID or passport and proof of your address and pay the stipulated amount via cash, demand draft or cheque.
Getting the permanent account number enables individuals to undertake different financial activities including payment of taxes, filing income tax returns as well as in minimizing the taxes they pay. This is actually the number that shows the tax department whether you are compliant to tax laws or otherwise. You will not be able to file for returns or pay direct taxes if you lack the number.
If you are doing any transaction involving the sale or purchase of property whose value is at least Rs 5 Lakh, the law requires that you must have a PAN card to conduct the transactions. Additionally, the number is essential when buying any automobile that is not a two wheeler. You simply will not be able to do such transactions if you lack the card.
It is important that anyone who wants to pay money exceeding Rs 25,000 to a restaurant, travel company or to a hotel registers this with the income tax department. Additionally, you are subject to tax is you pay over Rs 50,000 to buy bonds at the Reserve Bank of India. This makes it necessary to have the card for compliance.
You will also need a PAN card when buying shares exceeding Rs. 50,000 in value. The number will also be needed when depositing over Rs 50,000 in a bank within 24 hrs. Payment of at least Rs 5 Lakh to buy bullions or jewelry also has to be supported by this number.