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| PAN and TAN Registration |
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- PAN or Permanent Account Number is a ten-digit alphanumeric code generated by the India's 'Income Tax Department'
- PAN is required by who conduct any kind of financial transaction in India. PAN is required if any person wish to enter the Indian Share Market. This is true for NRIs - Non Resident Indians living abroad too, who wish to make investment in India, buy property/house in India, open bank account, Demat account, rent out a property etc.
- It is mandatory to quote PAN on return of income, all correspondence with any income tax authority. From 1 January 2005 it will be mandatory to quote PAN on challans for any payments due to Income Tax Department.
- It is also compulsory to quote PAN in all documents pertaining to financial transactions notified from time-to-time by the Central Board of Direct Taxes. Some such transactions are sale and purchase of immovable property or motor vehicle or payments in cash, of amounts exceeding Rs. 25,000/-to hotels and restaurants or in connection with travel to any foreign country. It is also mandatory to mention PAN for obtaining a telephone or cellular telephone connection. Likewise, PAN has to be mentioned for making a time deposit exceeding Rs. 50,000/- with a Bank or Post Office or depositing cash of Rs. 50,000/- or more in a Bank
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