PAN:- Nature of Financial Transactions for quoting Compulsory PAN

Financial   transactions   where   quoting   of   PAN   is mandatory

It is compulsory to quote PAN in all documents pertaining to the following financial transactions :-

(a)   sale or purchase of any immovable property valued at five lakh rupees or more;

(b)       sale or purchase of a motor vehicle or vehicle, [the sale or purchase of a motor vehicle or vehicle does not include two wheeled vehicles, inclusive of any detach¬able side-car having an extra wheel, attached to the motor vehicle;

(c)        a time deposit, exceeding fifty thousand rupees, with a banking company ;

(d)       a deposit, exceeding fifty thousand rupees, in any account with Post Office Savings Bank;

(e)       a contract of a value exceeding one lakh rupees for sale or purchase of securities;

(f)        opening a bank account;

(g)       making an application for installation of a telephone connection (including a cellular telephone connection);

(h) payment to hotels and restaurants against their bills for an amount exceeding twenty-five thousand rupees at any one time ;

(i) payment in cash for purchase of bank drafts or pay orders or banker's cheques for an amount aggregating fifty thousand rupees or more during any one day;

(j) deposit in cash aggregating fifty thousand rupees or more with a bank during any one day;

(k) payment in cash in connection with travel to any foreign country of an amount exceeding twenty-five thousand rupees at any one time.

(l) making an application to any banking company to which the Banking Regulation Act, 1949 (10 of 1949), applies (including any bank or banking institution referred to in section 51 of that Act) or to any other company or institution, for issue of a credit or debit card;

(m) payment of an amount of fifty thousand rupees or more to a Mutual Fund for purchase of its units;

(n) payment of an amount of fifty thousand rupees or more to a company for acquiring shares issued by it;

(o) payment of an amount of fifty thousand rupees or more to a company or an institution for acquiring debentures or bonds issued by it;

(p) payment of an amount of fifty thousand rupees or more to the Reserve Bank of India, constituted under section 3 of the Reserve Bank of India Act, 1934 (2 of 1934) for acquiring bonds issued by it;

(q) payment of an amount aggregating fifty thousand rupees or more in a year as life insurance premium to an insurer as defined in clause (9) of section 2 of the Insurance Act, 1938 (4 of 1938);

(r)    payment to a dealer,

           (i)    of an amount of five lakh rupees or more at any one time; or

        (ii)    against a bill for an amount of five lakh rupees or more, for purchase of bullion or jewellery:

Know Your PAN, How to Verify Name through PAN, How to Know PAN through Name

Friends,   PAN (Permanent Account Number) is useful instrument for opening Bank Account, Registry of any Property  or submit Income Tax Return etc.  It contains 10 digits alpha+numeric.  First 5 digits relates to character and next 4 digit relates to Numeric and last 1 digit relates to character. 

             In the absence of PAN higher Tax Rate is charged.  Therefore PAN is important in all ways. 

Know Your PAN

            With the help of  Name and Date of Birth, PAN number can be traced.  To trace PAN number use the following fields. 

To check Your PAN (Click Here) 

It is easy in use.  If middle name and surname is not available, Use First Name as surname as indicated above. 

How to Verify PAN Name  through PAN

                 1)  Easiest way to trace Name of the Pan is  given as under . There is no need to enter different fields like State, Pin code, Tax applicable , Captcha etc. Just enter your Pan Number and know Name as per Pan Data available with Income Tax Department.

                                                       To check Name as per  PAN (Click Here) 
              2)  With the help of e-payment of Income Tax , Name of Pan Number can be verified. Click on below picture or link and verify your name as per data of Income Tax Department.

                                                       To check Name as per  PAN (Click Here) 

How to Verify PAN Number  through Name

                  If you want to know PAN through Name it is difficult to search Pan number through Name without having Date of Birth.  But in case, TAN number is allotted for the said Pan for which we want to know Name of the Pan.   It can be searched through Know Your TAN. 

                                                   To check PAN Number through Name  (Click Here) 

                                                   (finding result is 50-50 means can be found or not)

New Notification for PAN Application (Form 49A and Form 49AA)

             New Notification for apply New PAN Card has been issued by The Income Tax Department.  New Form 49A and Form 49AA have been issued by the Income Tax Department alongwith their Instructions in Hindi and English.   Now question arise that what is new in New Form 49A or Form 49AA or in Instructions.  Some details which are in change are detailed given below :-

High Lights in Instructions or in New Forms

1. Form to be filled in Black Ink preferably earlier it was mandatory. 
2. Now Two recent colour photographs will be affixed instead of One pcs.
3. Signature/Left Hand thumb impression should be provided across the photo affixed on the left side of the form.
4. Signature /Left hand thumb impression should be within the box provided on the right side of the form.  The signature should not be on the photograph affixed on right side of the form.   
5. Abbreviation will not be used in First Name and Last Name.
6. The full name as mentioned in the application will be printed on the PAN Card.
7. Now, Trusts for Date of Creation of Trust Deed. also added in the field of Date of Birth/Incorporation/Agreement/Partnership or trust Deed/Formation of Body of Individuals/Association of Perons. 
8. ZIPCODE.   In case, a foreign address is provided then it is mandatory to provide Country Name alongwith ZIPCODE.
9. Office address is required in case of Individuals having source of Income as salary [Item No.12].
10. Name of Office and Address is mandatory in case of Firm,company, local Authority and Trusts. 
11. Now Country Code is also required alongwith STD Code.  (i.e. 91 is Country Code for India.). 
12. Telephone Number/Mobile Number is required. Earlier only Telephone Number was required.
13. Application Status updates are sent using the SMS facility on the Mobile Numbers mentioned in the Application Form. 
14. In case of 'Limited Liability Partnership', the PAN will be allotted in "Partnership Firm" status. 
15. It will be mandatory to indicate at least one of source of incomes, as mentioned in the form.  In case, the income from Business/Profession is selected by the applicant then an appropriate business profession code should be mentioned.  (i.e.  Code = 01, Business/Profession = Medical Profession and Business)
16. Name and Address of Representative :- Column No. 1 to 12 will contain details of assessee on whose behalf this application is submitted. 
17. KYC Details:- It is mandatory to provide KYC details.   Please refer the guideliness issued by SEBI and Prevention of Money Laundering Act for filling these details. 

Complete Notification                          Instructions                                New Form 49A and 49AA

(in English)                                           (in English)                                              (in English)

Form 26AS Data in Excel

If you require data of Form 26AS in M.S. Excel , this post will  be helpful for you.  Data of Form 26AS in excel is required due to bulk entries.  I mean to say in case you have collected Form 16A or 16 in bulk from different parties or there are too many entries in a single Form,  excel data of Form 26AS is helpful for e-filing of Income Tax Return.

It is already explained that registration of Form 26AS is available through three sources which are given in brief as under :-

1. Through registration at nodal center or www.tin-nsdl.com (Paid Service)
2. Through Net-banking in some banks. (Free Service)
3. Through Login for e-filing under My Returns links. (Free Service)

After successful registration or Login for e-filing, data of form 26AS or Tax Ledger of a Pan with Income Tax Department can be viewed.   If a person submit his Income Tax Return after confirmation of  Tax amount available in form 26AS, there will be less complication with Income Tax Department in future.  Therefore it is highly recommended to check Form 26AS before submit your Income Tax Return. 

How to view Data of Form 26AS in Excel :-

             Yes, lot of person knows that what is Form 26AS, but they do not know that how it can open in Microsoft Excel.  First of all view Form 26AS on your computer screen and then save it on pressing Right Key of the mouse or Alt+F (depends upon your internet explorer) and use Save As option. There will be one file and one folder on storage.   Data of form 26AS will be  stored normally in a file name "Form 26AS.htm"   and folder name "Form 26AS_files". Picture view of file and folder  are given   as under :-

  Now, to view data in Excel sheet , right click on Form 26AS.htm and open with in excel file.  Your data will be available in excel.  Copy TAN number of deductor , Amount of Payment, Amount of TDS fields  and Paste them for e-filing .   Really , it makes very easy and accurate e-filing.  Picture view for selecting file in excel is also available below :-

Second way to convert file in excel.   Just rename file "Form 26AS.htm (as shown in above picture) to "Form 26AS.xls".   It is enough data is ready to open in excel.

Recommendation:-
It will be more better when NSDL or other Programmers will provide facility to import downloaded file from 26AS directly in e-filing.   After that e-filing process will become more easy and accurate.


Enjoy

Pan Validation and Confirm Your Name

Know Your Pan, How to know Name of Your Pan, Bulk Pan Inquiry, Online Pan Verification 

It is very serious problem to know name of the Pan or Correctness of Name of the Pan, while New Registration of e-filing of Income Tax Return and letter received from Income Tax Department regarding incorrect Pan of deductee in e-tds/e-tcs return. No doubt it is human error if we type again and again Pan Number in etds return there are lot of chances to write wrong any digit of Pan out of 10 digits.   Due to electronic system, 100% accuracy is required.   There are two source to check the confirmation of  Name of Pan.  

1. Through e-payment on www.tin-nsdl.com
2. Through ST-1 form on www.aces.gov.in

                             Out of above two,  form ST-1 Procedure at www.aces.gov.in is best to check bulk Permanent Account Number inquiry.  There are approx 11 steps to check name of Pan at www.tin-nsdl.com whereas only one time registration is required at www.aces.gov.in.   Simple enter your Pan number and Check it's Name.  Complete procedure is given as under :-

• Login www.aces.gov.in
• In left hand, Click on "Service Tax" Button.
• If new user, free register  yourself on clicking at "New Users to click here to Register with ACES otherwise enter your User Name and Password to Logon.
• Click on Fill ST-1 under REG link.
• Now enter Pan Number  in field "Pan (if alloted) "
• Click on Blank space
• Name of the Pan will be appeared in the field "Name of applicant (as appearing in Pan).

Really, it is too much easy/simple  to check name of Pan in bulk quantity

Picture view of ST-1 at www.aces.gov.in is given as under