Who must have a PAN?
• All existing assesses or taxpayers or persons who are required to furnish a return of income, even on behalf of others, must obtain PAN. • Any person, who intends to enter into economic or financial transactions where quoting PAN is mandatory, must also obtain PAN. • The Assessing Officer may allot PAN to any person either on his own or on a specific request from such person.
i. All existing assesses or taxpayers or persons who are required to furnish a return of income, even on behalf of others, must obtain PAN. {Section 139A (1) and (1A)} ii. Any person, who intends to enter into financial transaction where quoting PAN is mandatory, must also obtain PAN. { Section 139A (5) (c) read with Rule 114B} iii. The Assessing Officer may allot PAN to any person either on his own or on a specific request from such person.
