PAN or Permanent Account Number

Hello All,

First i will give you info on most important thing required for all the tax payers.

The PAN : Permanent Account Number.

It is Issued by Income Tax department of India.

PAN is mandatory while we submit our returns for a financial year ( Normally in the month of June).

Nowadays PAN is mandatory for many things such as opening a DEMAT account ( used for trading in BSE or NSE - buying/selling stocks), cash deposits more than certain amount (usually above Rs. 50,000) , investments made above Rs.50000 and much more .

We can apply for PAN in any of nearest UTI bank branch. Filling up the PAN application form is simple and no need to go to an agent and pay him some fees to get it done.

We have to provide an address proof and a identity proof documents - Some of them may be Passport, Voters Id , Ration Card, Bank pass book........

It will take around 15 days for issuing PAN card.

So, If you don't have PAN yet, try to get it as soon as possible, because it is one of the most important document required for all financial purposes.

Cheers,

Vinay

My Intro

Hello All,

About me, i am not an qualified Accountant or some tax expert.

I am a simlple middle class salaried employee as most of the Indian Community who worries about saving tax only in the month of feb or march.

Here I want to share the knowledge I have about Tax planning, better ways to save tax , basic things to consider while tax planning and much more in an understandable form to all those who don't know anything about tax . You people can also post your comments and suggessions so that i can improve the content of my blog site.

There are many sites which give more information on all these things, but most of the them cannot be understanded by common people. So I am trying keep the details as simpler as possible.

Cheers

Vinay