The PERMANENT ACCOUNT NUMBER (PAN) under Section 139A ITA 1961 is mand…

Question

The PERMANENT ACCOUNT NUMBER (PAN) under Section 139A ITA 1961 is mandatory for:

Accepted Answer

A. every PERSON whose TOTAL INCOME exceeds basic exemption; entering into specified TRANSACTIONS exceeding prescribed limits; filing returns; etc.

1. Section 139A Income Tax Act 1961 prescribes PAN (Permanent Account Number):
2. (i) Every PERSON whose total income exceeds basic exemption limit;
3. (ii) Every PARTNERSHIP/COMPANY/HUF carrying on business or profession;
4. (iii) Every PERSON liable to pay any tax under the Act;
5. (iv) Every PERSON entering into SPECIFIED TRANSACTIONS (specified under Section 139A(7) and Rule 114E):
6. (a) Cash deposit > Rs 50,000 in a day;
7. (b) Cash purchase of bank draft > Rs 50,000;
8. (c) Cash payment for hotel/restaurant > Rs 50,000;
9. (d) Cash payment for foreign travel > Rs 50,000;
10. (e) Purchase of mutual funds > Rs 50,000;
11. (f) Purchase of bonds/debentures > Rs 5 lakh;
12. (g) Sale/purchase of motor vehicle (other than two-wheeler);
13. (h) Opening bank/demat account;
14. (i) Cash deposit > Rs 2.5 lakh during 9 Nov - 30 Dec 2016 (demonetisation rule);
15. (j) PAN-Aadhaar linkage now mandatory (Section 139AA).
16. Hence option B is correct.
_Source: CS Executive Paper 4 Tax Laws (ICSI BoS) + Income Tax Act 1961 + CGST Act 2017 — Income Tax Act 1961, Section 139A_

Answer

only large entities (cf. Income Tax Act 1961, Section 139A) (cf. Income Tax Act 1961, Section 139A) (cf. Income Tax Act 1961, Section 139A)

Answer

only foreigners (cf. Income Tax Act 1961, Section 139A) (cf. Income Tax Act 1961, Section 139A) (cf. Income Tax Act 1961, Section 139A)

Answer

only minors (cf. Income Tax Act 1961, Section 139A) (cf. Income Tax Act 1961, Section 139A) (cf. Income Tax Act 1961, Section 139A)