Is PAN card is mandatory?
Pan Card is an optional and voluntary card like passport and DL. But pan card is mandatory for applying for DL, passport, for people who are required to file income tax returns and whoever makes any kind of financial transactions. For all such kind of dealings Pan card is mandatory which makes it important / mandatory to have a PAN card
Who must have a PAN?
i. All existing assesses or taxpayers or persons who are required to furnish a return of income, even on behalf of others, must obtain PAN.
ii. Any person carrying on any business or profession whose total sales, turnover or gross receipts are or is likely to exceed five lakh rupees in any previous year;
iii. Any person, who intends to enter into financial transaction where quoting PAN is mandatory, must also obtain PAN.
iv. The Assessing Officer may allot PAN to any person either on his own or on a specific request from such person
Can a person obtain or use more than one PAN?
Obtaining or possessing more than one PAN is against the law, for which penalty of Rs.10,000/- may be imposed.
I want to pay taxes today but I do not have a PAN?
It takes about 15 days to get a new PAN allotted. However, PAN can be obtained in around 5 days if application is made through Internet and processing fee paid through credit card. It is advisable to initiate action for obtaining PAN well in time.