Permanent Account Number (PAN) is a National Identification Number issued to all Taxpayers in India, whose Income is taxable. This number is Maintained by the Income Tax office.
The PAN Card is Unique, National and Permanent.
Eligibility to obtain PAN Card :
Every individual whose Income exceeds the basic Exemption limit (Please refer to the Income Tax Slab Rates for 2012-13) during an accounting year ( April to March ) is required to obtain Permanent Account Number (PAN).
An Individual carrying on any business or profession whose total sales, turnover or gross receipts are likely to exceed five lakh rupees in any previous year is required to furnish a return of Income under Sub-section (4A) of section 139 may apply for PAN Card.
PAN Card is given only once by making an application in Form 49A, before 31st May of the assessment year .
Further, the following persons are required to have PAN Card:
1. Exporters and Importers, who are required to obtain an importer-exporter code.
2. Persons registered under the Central Sales Tax Act, 1956 or the general sales tax law of the appropriate State or Union Territory.
All existing assessees who have not been allotted a Permanent Account Number under the new 10-digit alpha-numeric series, are also required to apply for a Permanent Account Number under the new series.