A Permanent Account Number (PAN) is a distinctive alphanumeric code comprising 10 characters that is assigned to individuals, Hindu Undivided Families (HUF), and business firms, both in India and internationally.
Any individual, Hindu Undivided Family (HUF), and all types of business entities are obligated to comply. It is a legal requirement for individuals who earn taxable, and are required to pay Income Tax.
The Pan Card remains valid for a lifetime, unless voluntarily surrendered to the tax authorities. Obtaining a PAN is a one-time process and does not require any renewals.
PAN is mandatory for the filing income tax return, an opening of bank account, availing loan, buying & selling a property, foreign exchange, bank deposit and other financial facilities.
The Tax Deduction and Collection Account Number (TAN) is a 10-digit alphanumeric number. It is mandatory for individuals or entities responsible for deducting or collecting taxes to obtain this number.
Without TAN No.TIN facilitation centers do not accept TDS or TCS returns.
Every business or corporation that are involved in the buying & selling of good and supply of services have to register for GST if the turnover exceeds the threshold limit of Rs.20 lakhs (for supply of services) and Rs. 40 lakhs ( for supply of goods) yearly.
Further, all businesses making interstate outward supplies of goods have to register for a GST too. This also applies to businesses that engage in making taxable supplies on behalf of other taxable individuals, such as agents and brokers.
Proprietorship: PAN Card, address proof of proprietor- Aadhar Card, Proof of business registration,
LLP: PAN Card of LLP, LLP Agreement, Partners’ names and address proof
Private Limited Company: Certificate of Incorporation, PAN Card of Company, Articles of Association, Memorandum of Association, Resolution signed by board members for Authorized Signatory, Identity and address proof of directors, Digital Signature
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