Persons who are liable to obtain Income Tax Permanent Account
The following persons are liable to obtain Income Tax Permanent Account Number (PAN) from the income tax department by applying through duly filled form and supporting documents.
Every Person whose taxable Income exceeds the basic exemption Limit
In case the total sales, turn over or gross receipts of the business or profession of the assessee, exceeds or is likely to exceed Rs.5,00,000 during an accounting year.
In case of a trust in receipt of income from property held for charitable or religious purposes and liable to file return of income under section 139(4A).
In case of an employer who is required to furnish a return of fringe benefits u/s 115WD.
Further following persons are compulsorily required to obtain PAN.
Exporters and importers, who are required to obtain an importer code;
Assesses under the Central Excise Act;
Persons issuing cenvatable invoices under rule 57AE and registered under the Central Excise Rules, 1944;
Persons registered under the Central Sales Tax Act, 1956 or the general sales tax law of the appropriate State or Union Territory.