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PAN CARD

SANYAM ARORA (“It's hard to beat a person who never gives up.”) (20168 Points)

19 December 2010

PERSONS LIABLE TO OPT FOR PAN CARD..........

1.WHOS INCOME IS MORE THAN EXEMPTION LIMIT

2.TRUST WHOSE INCOME IS MORE DAN EXEMPTION LIMIT

3.INTIMATED BY LAW

4.INTIMATED BY COMMISSIONER

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4 Replies

U S Sharma (glidor@gmail.com) (21056 Points)
Replied 19 December 2010

Originally posted by : sanyam arora
	PERSONS LIABLE TO OPT FOR PAN CARD.......... 1.WHOS INCOME IS MORE THAN EXEMPTION LIMIT 2.TRUST WHOSE INCOME IS MORE DAN EXEMPTION LIMIT 3.INTIMATED BY LAW 4.INTIMATED BY COMMISSIONER

opt is remarked as "optional" i guess, which means non-mandatory :) but the reasons indicate that opt should be replaced with word "apply" ..................

Rahul Gupta (Chartered Accountant) (644 Points)
Replied 20 December 2010

These are the options but in respect to that the person may be in a position which enforces him to apply for PAN Card which are as follows:

Like if the individual want to invest the money in Mutual Fund, Stock Market (Shares), etc than it's not possible to invest so without having the PAN Card. PAN Card is mandatory for all of that. Moreover the Mutual Fund investments irrespective of any amount is allowed only with KYC compliance.

Along with that now the Post Office Investments are not allowed to invest the amount of Rs. 50000/- or more without PAN. You can invest Less than Rs. 50000/- in 1 month without Month. So if a person wants to invest Rs. 450000/- in MIS must have a PAN.

With the above situation, it was stated that most of the investments are now enforcing the Individuals and HUF for applying the PAN as without this they are unable to invest. Besides this now a days the Life Insurance is also asking for the Policy Holder PAN Card. if the premium exceeds Rs. 1 Lac (Varies from Company to Company)

Regards,

Rahul