Knowledge Base

1.  What is PAN? ​PAN stands for Permanent Account Number. PAN is a ten-digit unique alphanumeric number issued by the Income Tax Department. PAN is issued in the form of a laminated plastic card (commonly known as PAN card). Given below is an illustrative PAN: ALWPG5809L ​2.      What is the utility of PAN? ​PAN enables […]

1.  Documents Required to Apply for NRI PAN Card As a Non-Resident Indian (NRI), obtaining a Permanent Account Number (PAN) card is essential if you wish to conduct financial transactions in India. A PAN card is a unique 10-digit alphanumeric identification number issued by the Indian Income Tax Department. It serves as proof of identity

1. Making changes or Correction in PAN data Suppose an applicant needs to change or correct a data on their PAN card. They will need to follow a process to get it done. Mentioned below are the steps that the applicant needs to follow: First, they will have to visit www.myutiitsl.com and click on the

1. Individual and HUF Applicants who are Citizens of India and Located Within and Outside India at the time of Application for PAN   Sl.No Types of Applicant Form No. Documents as Proof of Identity, Address and Date of Birth 1 Individual who is a Citizen of India 49A A.      Proof of identity— i.            Copy of,─

Every person shall quote his permanent account number in all documents pertaining to the transactions specified in the Table below, namely; TABLE SI. No. Nature of transaction Value of transaction (1) (2) (3) 1. Sale or purchase of a motor vehicle or vehicle, as defined in section 2(28) of the Motor Vehicles Act, 1988 which

Permanent Account Number (PAN) is a unique ten-digit alphanumeric code issued by the Income Tax Department of India. It serves as a universal identification number for individuals, companies, and entities engaging in financial transactions. 1. Who has to apply for PAN? [Section 139A (1)]: According to Section 139A(1) of the Income Tax Act, 1961, the

Section 139AA was introduced in the Income Tax Act, 1961, with effect from July 1, 2017, to make it mandatory for individuals to quote their Aadhaar number for various purposes related to income tax. The primary objectives of this section are to: Enhance taxpayer compliance and curb tax evasion by linking Aadhaar with PAN (Permanent

1.  Unexplained Cash Credits [Section 68] Where any sum is found credited in the books of an assessee, maintained for any previous year, and the assessee offers no explanation about the nature and source thereof or the explanation offered by him is not, in the opinion of the Assessing Officer, satisfactory, the sum so credited

1. Firm to be Assessed as Firm Essential conditions prescribed under section 184 of the Income-tax Act, 1961: (i)         Partnership should be evidenced by an instrument i.e. there should be a written document giving the terms of partnership. (ii)        The individual share of the partners should be specified in that instrument. (iii)