Skip to content
B S Sridhar & Co., Chartered Accountants
B S Sridhar & Co., Chartered Accountants

Chartered Accountant firm in Chennai - Tax Filing (Income-tax & GST) ,Tax (Income-tax & GST) Consulting, Audit & Assurance, Accounting, Company Registration , NRI Taxation Services

  • Home
  • About Us
  • Whats new
  • Our Services
    • Audit & Assurance services
    • Income-tax Consulting & Tax return filing
    • GST Consulting & Return filing
    • Accounting outsourcing
    • Company Registration Services
    • Capital Gains Consulting
    • Other Services
  • Resources
    • Downloads
      • New PAN Application
      • PAN Correction/Reissue Form
      • New TAN Application
      • TAN Correction Form
      • Adv.tax/Self Assmt Tax challan
      • TDS Challan
    • Important Links
      • Income-tax Department
      • How to make Income-tax payment online (Self assessment tax payment)
      • Income-tax/Adv.Tax/TDS Payment
      • GST
      • Ministry of Corporate Affairs
      • TNVAT Department
      • ESI
      • EPF
    • Calculators
      • HRA Calculator
      • Income-tax Calculator
      • Advance Tax Calculator
      • TDS Calculator
      • Depreciation calculator
      • Residency Calculator
    • Charts & Tables
      • Cost Inflation Index
      • Tax Rates
      • TDS Rates
      • Depreciation Rates
      • Employees Tax Benefits
      • Benefits for Non Residents
    • Video Tutorials
      • GST
        • How to Download GST Regn Certificate
        • How to check GST ITC,Cash Ledger
        • Amendment of B2C invoices to B2B
        • Generating E way bill
        • Payment of GST
      • Income-tax
        • How to Check TAN
        • SFT-Statement of Financial Transactions
      • Others
        • Creating Manufacturing Journal in Tally
        • Creating Proforma Invoice in Tally
  • Contact
  • Send Enquiry
  • Careers
    • Articled Trainees
    • Audit & Taxation Executives
  • Send Enquiry
    Send Enquiry

WHY IS IT NECESSARY TO HAVE PAN?

PAN (Permanent Account Number) / By admin
It is mandatory to quote PAN on return of income, all correspondence with any income tax authority. From 1 January 2005 it will be mandatory to quote PAN on challans for any payments due to Income Tax Department.
It is also compulsory to quote PAN in all documents pertaining to the following financial transactions :-
(a)  sale or purchase of any immovable property valued at five lakh rupees or more;
(b)  sale or purchase of a motor vehicle or vehicle,  [the sale or purchase of a motor vehicle or vehicle does not include two wheeled vehicles, inclusive of any detachable side-car having an extra wheel, attached to the motor vehicle;]
(c)  a time deposit, exceeding fifty thousand rupees, with a banking company ;
(d)  a deposit, exceeding fifty thousand rupees, in any account with Post Office Savings Bank;
(e)  a contract of a value exceeding one lakh rupees for sale or purchase of securities;
(f)  opening a bank account;
(g)  making an application for installation of a telephone connection (including a cellular telephone connection);
(h)  payment to hotels and restaurants against their bills for an amount exceeding twenty-five thousand rupees at any one time ;
(i)  payment in cash for purchase of bank drafts or pay orders or banker’s cheques for an amount aggregating fifty thousand rupees or more during any one day;
(j)  deposit in cash aggregating fifty thousand rupees or more with a bank during any one day;
(k) payment in cash in connection with travel to any foreign country of an amount exceeding twenty-five thousand rupees at any one time.
Post navigation
← Previous Post
Next Post →

Send us an Enquiry now..

Contact Us
Enter your name
Enter your contact Number
Enter your contact email address
Enter your enquiry / message

B S Sridhar & Co., Chartered Accountants

  • Email
    sridharca@gmail.com
  • Phone
    +91 44 45540180 , +91-98402 28480
  • Address
    Pace Prana, Block 2
    3rd Floor, Flat No T-7
    South Park Road
    Anna Nagar West
    Chennai 600040
    Tamilnadu INDIA
  • RSS feed
  • LinkedIn
  • Twitter
  • Facebook

Whats new….

  • New Income-tax Notification for Return filing
  • Are you liable to pay Advance Tax? Check this out….
  • Changes in GST Rates w.e.f 01st Oct 2021
  • Extension of time for conduct of AGM by Companies extended

Subscribe to our alerts

Enter your email address:

Delivered by FeedBurner

Copyright © 2022 B S Sridhar & Co., Chartered Accountants |