Q, What is a PAN? and its use. PAN: Permanent Account Number, as per section 139A of the Act obtaining PAN is a must for the following persons:- 1. Any person whose total income or the total income of any other person in respect of which he is assessable under the Act exceeds the maximum amount which is not chargeable to tax. 2. Any person who is carrying on any business or profession whose total sales, turnover or gross receipts are or are likely to exceed Rs. 5 lakh in any previous year. 3. Any person who is required to furnish a return of income under section 139(4) of the Act.
Posted on: Wed, 02 Oct 2013 05:00:12 +0000
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