LLP: Excellent entry option for foreign investors

Limited Liability Partnership (LLP) is a new form of business entity been created by enactment of Limited Liability Partnership Act, 2008. LLP is a body corporate formed and incorporated under LLP Act. It is a legal entity, separate from its partners, having perpetual succession.

. read more nowLLP: Excellent entry option for foreign investors

How to get your PAN?

The Income Tax Department has ensured that applying for a PAN is a simple and convenient procedure.

All you need to do is submit the requisite Application Form No. 49A. (To down load the form Check download section). The PAN application can also be downloaded from the website of National Securities Depository Ltd (NSDL) or printed by local printers or photocopied (on A4 size 70 GSM paper) or obtained from any other source. The form is also available at IT PAN Service Centres and TIN Facilitation Centres.

. read more nowHow to get your PAN?

How to file your ITR?

Under Electronic filing, the individual will have to follow the following procedure:

  • Get the tax return in a valid XML format (through the Income Tax department site or other online tax preparation sites)
  • Visit the Income Tax site http://www.incometaxindiaefiling.gov.in
  • Log on using the user-ID and password (username is usually the 10 digit PAN No.)
  • Select the respective ITR form
  • Upload the XML file generated
  • Upon uploading, an acknowledgement will be generated.
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FAQ on PAN

What is PAN?

Permanent Account Number (PAN) is a ten-digit alphanumeric identifier, issued by Income Tax Department. Each assessee (e.g. individual, firm, company etc.) is issued a unique PAN.

Who can apply for PAN?

All existing assessees or taxpayers or persons who are required to file a return of income, even on behalf of others, must have a PAN. Any person, who intends to enter into economic or financial transactions where quoting PAN is mandatory, must also have a PAN.

Who can apply on behalf of minor, lunatic, idiot, mentally retarded, deceased and wards of court?

Section 160 of IT Act, 1961 provides that a minor, lunatic, idiot, mentally retarded, deceased, wards of court and such other persons may be represented through a Representative Assessee.

In such cases,

in the application for PAN, details of the a minor, lunatic, idiot, mentally retarded, deceased, wards of court, etc. should be provided.

Details of representative assessee have to be provided in item 14 of the application for PAN.

Is it compulsory to quote PAN on 'return of income'?

Yes, it is compulsory to quote PAN on return of income.

Do I need to apply for a new PAN when I move from one city to another?

Permanent Account Number (PAN), as the name suggests, is a permanent number and does not change.

Changing the address though, may change the Assessing Officer. Such changes must, therefore, be intimated to ITD so that the PAN database of ITD can be updated. One can intimate change in address by filling up the form for Request for New PAN Card or/and Changes or Correction in PAN data. This form can be submitted at any TIN-FC or online at NSDL-TIN website.

Can I obtain or use more than one PAN?

Obtaining/possessing more than one PAN is against the law and may attract a penalty upto Rs.10,000. Therefore it is advisable not to obtain/possess more than one PAN. If you have more than one PAN, you should surrender the unused PAN by logging into ITD website at www.incometaxindia.gov.in.

end faq

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How to get TAN?

Tax Deduction Account Number (TAN) is a unique 10 digit alphanumeric code allotted by the Income Tax Department to all those persons who are required to deduct tax at the source of income. It is mandatory to quote TAN on all TDS (Tax Deduction at Source) returns (including e-TDS return) or any TDS payment challan.

. read more nowHow to get TAN?
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