PAN or Permanent Account Number, is a unique 10-digit alphanumeric identity allotted to each taxpayer by the Income Tax Department of India under the supervision of the Central Board of Direct Taxes.
PAN is mandatory for financial transactions such as receiving taxable salary or professional fees, sale or purchase of assets above specified limits, buy mutual funds and more. It also serves as an identity proof.
The primary objective of PAN is to use a universal identification key to track financial transactions that might have a taxable component to prevent tax evasion.
All existing assessees or taxpayers or persons who are required to furnish a return of income, either on behalf of self or others, must obtain PAN. Any person, who intends to enter into economic or financial transactions where quoting PAN is mandatory, must also obtain PAN.
- Sale/Purchase of Immovable Property valued more than ₹ 10 lakh.
- Sale/Purchase of all four-wheeler vehicles.
- Time Deposit with banks aggregating more than ₹ 5 lakh per annum.
- Opening an account with a banking company.
- Foreign Travel
- Cash purchase of bank drafts/pay orders/banker’s cheques exceeding ₹ 50,000 a day.
- Payment of mutual funds exceeding ₹ 50,000.
- Payment of Life Insurance Premium exceeding ₹ 50,000 a year.
- Purchase/Sales of goods/services exceeding ₹ 2 lakh per transaction.
- For getting Subsidy on Gas Cylinders/PNG.
FORM FILLING OVER PHONE
We provide personal assistance when you apply for a visa, oci card, passport on the phone.
This service is ideal for those who are always on the move, cannot have access to a computer or who want the reassurance of knowing that the application is completed correctly.
Our experienced Visa Consultants will enable you to avoid mistakes or delays.
We will review and check your scanned documents to see the completeness of the set of documents and make sure the application packet is ready for submission. You will be informed about the deficiency in the paperwork.
ON DEMAND MOBILE SERVICE
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We will visit your preferred location at the appointed date and time to collect documents and accept the scheduled applications. We will submit your documents for further processing and return delivery.