The accent of Permanent Account Cardinal (PAN) agenda has developed over the years, and it is today an capital allotment of our lives. The best important purpose of allocation PAN to an article is for the purpose of identification and to clue all the accompanying budgetary advice of that entity.
A accountant counts bill addendum central a coffer in the arctic Indian burghal of Lucknow July 16, 2009. REUTERS/Pawan Kumar/Files
Initially, the acceptation of PAN was for filing assets tax returns. Over time, PAN was acclimated in affairs with the banal markets, banks and acquirement of absolute acreage and vehicles. Today, PAN has started award use in anarchistic areas as well, as follows:
· BANK FIXED DEPOSITS: If you accessible a anchored drop with your coffer for an bulk beyond Rs. 50,000, a archetype of PAN agenda needs to be given. In absence of PAN, the coffer will abstract TDS of 20% or at the prevailing rate, whichever is college (instead of the accustomed 10%). Further, the coffer will not affair TDS certificate. Anatomy 15G/15H and added absolution certificates will be invalid in this case.
· PAYMENT IN HOTELS AND RESTAURANTS: You may be asked to abide a archetype of your PAN if you pay banknote in hotels or restaurants adjoin bills for an bulk beyond Rs. 25,000.
· PAYMENT TO TRAVEL AGENTS: Banknote acquittal added than Rs. 25,000 for biking to any adopted country (fare or acquirement of adopted currency) in a distinct acquittal requires you to aftermath your PAN copy.
· RENTAL AGREEMENTS: Nowadays, landlords appeal a archetype of the PAN agenda of tenants, as the primary ID proof, while absolution out their property.
· JEWELLERY SHOPS: High-value acquirement of jewellery in banknote should be accompanied by a archetype of the PAN agenda of the buyer, mainly as a agency to barrier atramentous money usage.
Other usages of PAN include:
· Payment in Second Duke Car Affairs
· Installation of Telephone
· Visa Facilitation Centres
It is apparent that commendation or bearing a archetype of your PAN agenda is compulsatory in about every money transaction, and not belted to Assets Tax dealings. The acceptation of PAN cannot be questioned as this has become the primary certificate approved in all important accepted dealings.
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DO NRIs REQUIRE PAN CARD?
As PAN is appropriate for any cyberbanking transaction in India, an NRI will charge to accept a PAN agenda if he has an assets in India and has to book returns, if he wishes to advance in India, back he carries out cyberbanking transactions, if he purchases absolute acreage or for any transaction mentioned above.
BEWARE OF PAN FRAUDS: The accretion accent of PAN has added the likeliness of PAN agenda character theft. The attention of the concrete archetype of the PAN agenda no best assures that your agenda is not actuality misused.
As a majority of affairs appeal a archetype of your PAN card, or artlessly commendation the Permanent Account Number, it is actual accessible for your advice to be aished for aerial admission purchases or benami acreage transactions. A archetype of your PAN agenda or artlessly its cardinal can be quoted in transactions, which you are not alike a allotment of.
When your PAN agenda is illegally used, you may not alike be acquainted of this for at atomic 6 months afterwards the amiss transaction. You can analysis for such benami affairs by activity through your Anatomy 26AS, which is a circumscribed account of tax deducted, forth with added details. If you are a non-tax advantageous PAN agenda holder, you may not alike be able to analysis this form.
The assets tax administration will crave the PAN agenda holder to prove that the transaction was not agitated out by him, and additionally accord capacity on his antecedent of funds. This becomes actual difficult and time-consuming. As a PAN agenda holder, you should booty affliction while advice your PAN capacity to anyone. You charge duke over alone active photocopies and try to abate application PAN in all accidental affairs as ID proof.
Phonetic PAN (PPAN): The phonetic PAN (PPAN) is a new abstraction alien to anticipate a distinct PAN actuality allotted to added than one assessee with aforementioned or agnate names. Back PAN is allotted, the PPAN of the assessee is compared with the PPANs of all the assessees to whom PAN has been allotted in the country.
A admonishing is articulate off if a analogous PPAN is detected. A alike PPAN address is again generated. A new PAN can be allotted alone if the Assessing Officer overrides this alike PPAN detection.
Thus the PAN is a key certificate today and alike takes advantage over your name as far as the tax authorities are concerned.
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