PAN under Section 139A is mandatory for:
AAll assessees
BAll adults
CIncome above basic exemption / business turnover > Rs. 5 lakhs
DOnly company directors (per relevant Section) (per relevant Section)
Answer & Solution
Correct answer: C. Income above basic exemption / business turnover > Rs. 5 lakhs
1. Section 139A + Rule 114: categories required to obtain PAN.
2. Includes: income > basic exemption, business/profession turnover/receipts > Rs. 5 lakhs, trustees, charitable trusts.
3. Specified transactions (cash deposit > Rs. 50,000/day) also trigger PAN.
_Source: ICAI BoS CA Final Paper 7, Ch 15 "Assessment Procedure"_
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