PAN Issuance Section under Income Tax Act
The Permanent Account Number (PAN) is a unique identification number issued to taxpayers for tax purposes under the Indian Income Tax Act, 1961.
Section 139A of the Income Tax Act, 1961 specifically deals with the provisions related to the requirement of furnishing PAN.
This section mandates that every person, who is eligible or required to obtain a Permanent Account Number (PAN), must apply for it.
Therefore, PAN is issued under Section 139A of the Income Tax Act, 1961.
Important Questions from Income-tax
Tax audit is compulsory in the case of a person carrying on profession and whose gross receipts exceeds which one of the following?
Which are the appropriate tax planning perspectives in case of shutdown or continued decision under the Income Tax Act, of 1961?
A. Business loss and unabsorbed depreciation can be carried forward and set off against profit and gain.
B. The loss-making company and profit-making company may merge to avail of the tax benefit
C. Tax benefit of deduction u/s 33 AB and 115 VT may be withdrawn and liable to tax for the year in which the business is discontinued.
D. The condition of section 80 IB / 80 IC of the Act, a deduction is allowed for such undertaking
E. If a person has more than one business, the loss-making business may not be discontinued.
Choose the most appropriate answer from the options given below:
Belated return u / s 139(4) can be filled at any time
Which of the following is NOT a change of the new Income Tax bill introduced in the Parliament during February 2025?
What is the basic difference in the aggregates at market price and factor cost?
