04:43:00
Payment of different taxes is mandatory for everyone who is within different tax brackets. However, many people evade taxes due to lack of a proper method of netting them to make them pay taxes. However, this is slowly becoming hard for people to evade paying taxes for different situations due to the various regulations that have been put in place. For instance, the tax authority has introduced such systems like the PAN card within the tax system in order to get more people to comply with the law. Having it has numerous benefits.
PAN is a 10 digit alphanumeric method of identification that is primarily meant to be used for tax purposes in India. The essence is to ensure that different transactions where the participants have to disclose their identity are done in a transparent manner. It is also designed to minimize cases of tax evasion since it keeps track of all financial transactions where taxes are involved.
If you earn any taxable income in India, you should apply to be allocated your own PAN; this applies to foreign nationals that pay taxes in India. It is also important for businesses to apply for the card from the tax department if they have a turnover of at least Rs 5 Lakh in the previous year before application. Having such a number will ensure that you are compliant with the tax laws in the country.
If you wish to start being compliant, you begin by determining whether you should use form 49A or Form 49AA to apply. You are able to confirm whichever you qualify for by going to income tax department website of India after which you can apply online in the approved website. You need your copy of national ID or passport and evidence of your address and pay the necessary application fees.
Getting the permanent account number enables individuals to undertake different financial activities including payment of taxes, filing income tax returns as well as in minimizing the taxes they pay. This is actually the number that shows the tax department whether you are compliant to tax laws or otherwise. You will not be able to file for returns or pay direct taxes if you lack the number.
You will also find the number essential in conducting various transactions in India such as when you are buying immovable property valued at least Rs. 5 Lakh. Everyone who is transacting in selling or buying a vehicle, which is not a two wheeler must also disclose his or her PAN number to the taxing authority since a tax charge is involved. Therefore, having such a card becomes mandatory in order to conduct such transactions.
It is important that anyone who wants to pay money exceeding Rs 25,000 to a restaurant, travel company or to a hotel registers this with the income tax department. Additionally, you are subject to tax is you pay over Rs 50,000 to buy bonds at the Reserve Bank of India. This makes it necessary to have the card for compliance.
A PAN card is also essential whenever purchasing Rs 50,000 or more worth of shares. Likewise, you will need the card to deposit over Rs. 50,000 in a single bank within 24 hours. If you are buying bullions or jewelry exceeding Rs 5 Lakh, you will need the number.
PAN is a 10 digit alphanumeric method of identification that is primarily meant to be used for tax purposes in India. The essence is to ensure that different transactions where the participants have to disclose their identity are done in a transparent manner. It is also designed to minimize cases of tax evasion since it keeps track of all financial transactions where taxes are involved.
If you earn any taxable income in India, you should apply to be allocated your own PAN; this applies to foreign nationals that pay taxes in India. It is also important for businesses to apply for the card from the tax department if they have a turnover of at least Rs 5 Lakh in the previous year before application. Having such a number will ensure that you are compliant with the tax laws in the country.
If you wish to start being compliant, you begin by determining whether you should use form 49A or Form 49AA to apply. You are able to confirm whichever you qualify for by going to income tax department website of India after which you can apply online in the approved website. You need your copy of national ID or passport and evidence of your address and pay the necessary application fees.
Getting the permanent account number enables individuals to undertake different financial activities including payment of taxes, filing income tax returns as well as in minimizing the taxes they pay. This is actually the number that shows the tax department whether you are compliant to tax laws or otherwise. You will not be able to file for returns or pay direct taxes if you lack the number.
You will also find the number essential in conducting various transactions in India such as when you are buying immovable property valued at least Rs. 5 Lakh. Everyone who is transacting in selling or buying a vehicle, which is not a two wheeler must also disclose his or her PAN number to the taxing authority since a tax charge is involved. Therefore, having such a card becomes mandatory in order to conduct such transactions.
It is important that anyone who wants to pay money exceeding Rs 25,000 to a restaurant, travel company or to a hotel registers this with the income tax department. Additionally, you are subject to tax is you pay over Rs 50,000 to buy bonds at the Reserve Bank of India. This makes it necessary to have the card for compliance.
A PAN card is also essential whenever purchasing Rs 50,000 or more worth of shares. Likewise, you will need the card to deposit over Rs. 50,000 in a single bank within 24 hours. If you are buying bullions or jewelry exceeding Rs 5 Lakh, you will need the number.
0 comments:
Post a Comment