We all know that a Permanent Account Number (PAN) card must be present in order to open a new bank account, file income tax returns (ITR), or conduct significant financial activities. But what if I don t have PAN card? Let me tell what you can do in such a case.
What if I dont have PAN card?
According to Section 139A of the Income Tax Act of 1961, a PAN card is required for specified financial activities, such as high-value cash deposits or withdrawals from banks, and for certain groups of people, such as those with taxable income.
However, the income tax department regulations also give residents two other options if they do not yet have a PAN card or if their PAN number is not easily accessible.
Aadhaar in lieu of PAN:
You are now free to use your Aadhaar number instead of your PAN card number wherever it is required due to restrictions relating to the Income Tax Department after the new rules making PAN and Aadhaar interchangeable went into effect.
Those who do not have a PAN card but do have an Aadhaar number may use that number in place of a PAN. When this occurs, the income tax office may immediately create a new PAN that is connected to an Aadhaar card.
PAN holders can also use their Aadhaar number as long as the two are connected. PAN and Aadhaar linking is already required.
Form 60:
People who do not have a PAN card may fill out Form 60 in accordance with the 1962 Income Tax Rules. Form 60 is nothing more than a signed declaration that your income is below the tax thresholds and that you do not have a PAN card. It also asks for information about your income.
Only individuals without a PAN card may complete this form. In the event that you fail to comply, Section 272B of the Income Tax Act may impose a fine of 10,000.
You can fill out this form but only after providing the PAN card application acknowledgment number if you have applied for PAN but it has not yet been delivered.
This is what can be done if
I don t have PAN card.
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What If I Dont Have PAN Card?
Amish Jha
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1 Year
2023-08-01T16:38:02+00:00 2023-08-01T16:48:47+00:00Comment
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