Other information :
Every person who intends to enter into specified financial transactions in which quoting of PAN is mandatory. The primary purpose of PAN is to bring a universal identification to all financial transactions and to prevent Tax evasion by keeping track of monetary transactions of high-net-worth individuals. The central government has issued a notice making it mandatory to link existing Aadhaar numbers with permanent account number (PAN) of taxpayers with effect from July 1. The government has amended the Income Tax rules and has made Aadhaar a must at the time of application of PAN. Online application is made either through the portal of NSDL or portal of UTITSL. The application can filled through a physical form too, issued by the department. Non-residents i.e. foreign citizens who wish to obtain a permanent account number can do so by providing the requisite and specific details.
Indian citizens are eligible for a PAN, if the individual falls in any one of the categories mentioned below:
Every person if his total income or the total income of any other person in respect of which he is assessable during the previous year exceeds.
In the case of Basic Exemption Limit
- Individual Rs. 2,50,000
- Resident Individuals of the age of 60 years and above but below 80 years Rs. 3,00,000
- Resident Individuals of 80 years above Rs. 5,00,000