Thursday 26 September 2013

Know Your PAN Card..!!!!

Hello Friends,
We like to share few important things about PAN..!!
Permanent Account Number (PAN) is a ten-digit alphanumeric number, issued in the form of a laminated card, by the Income Tax Department. PAN is basically a method of identifying a taxpayer on the computer system through a unique All-India number so that all information relating to that  taxpayer, (E.g. taxes  paid, refunds  issued, outstanding arrears, income disclosed, transactions entered, status etc.) can be linked to him through the computer system.

Earlier the assesses of the Income-tax Department were identified by their General Index Register(GIR) Number. This was essentially a manual system. The GIR number was unique only within an Assessing Officers Ward / Circle and not through out the country. To overcome these shortcomings, PAN (old series) was first introduced in 1972 and made statutory u/s 139A of the Act w.e.f. 1st April, 1976.



Usefulness of PAN: 

·         To facilitate linking of various documents and information, including payment of taxes, assessment, tax demand, arrears etc. relating to an assessee.
·         To facilitate matching of information relating to investment, raising of loans and other business activities of taxpayers collected through various sources, both internal as well as external, for widening of tax base and detecting and combating tax evasion through non- intrusive means.
·         To facilitate easy retrieval of information.

New series of PAN & its structure:

The PAN under new series is based on following constant permanent parameters of a taxpayer and uses Phonetic Soundex code algorithm to ensure uniqueness :-
1.                   Full name of the taxpayer
2.                   Date of birth/Date of Incorporation
3.                   Status
4.                   Gender in case of individuals and
5.                   Father's name in case of individuals (including in the cases of married ladies)
These five fields are called core fields, without which PAN can not be allotted.
The system automatically generates a 10 character PAN using the information in above five core fields.

Normally we can see the PAN as AAA S A 1234 A
The alphabets indicates as follows:
  • First Three Digit Alphabetic series running from AAA to ZZZ
  • Fourth Digit- Status
In fourth digit, we can find these alphabets which indicates as follows:
  • P-Person
  • C- Company
  • F-Firm
  • H-Hindu Undivided Family
  • J- Artificial Judicial Person
  • L- Local bodies or authorities
  • A- Association of Person
  • T- Trust
  • B- Body of Individuals
  • G - Government
·         In fifth digit first character of assessee's Last Name/Surname
·         Next Digit Sequential Number running from 0001 to 9999
·         Last Digit will be an Alphabet.

Who can apply for PAN?

Under Section 139A(1) of the Income-tax Act, 1961 following categories of persons are expected to apply and obtain PAN:
  • Persons who are already assessed or assessable to Income-tax
  • Persons who are carrying on any business or profession where total sales/turnover/gross receipts are or is likely to exceed Rs. 5,00,000 in any previous years
  • Trusts
  • Any class or classes of persons by whom tax is payable under the Income-tax Act or any tax or duty is payable under any other law for the time being in force including importers and exporters whether any tax is payable by them or not.
PAN under the new series is allotted on the basis of Form 49A filled up by the applicants. Section 139A provides that no person can hold more than one PAN. (Obtaining or possessing more than one PAN is against the law)

 Following is the format of PAN:




We felt this information will be useful, So we are sharing with you.. So hope you enjoyed by reading our first post in our first blog..!!

Thursday 19 September 2013

Welcome to ArticleOpedia..!!

Vision: Our vision is to become as a choice point,for the  people who are seeking for the information in the field of Taxation,Accounting & Finance.

Mission: Our mission is to provide accurate information on timely basis

Dear Readers,
        We are very much glad to initiate this blog because we are going to serve for, future world class
competence professionals. As we said earlier we are concerning only about future professionals, so that we are going to encrypt every information in simple wordings.
 
C.Rahul                  
Articleopedian

Hi Articles,
First of all I personally thank all who supported to create this blog, with all the due respect. Even though it is my first experience in the blogging world, I am eager to open my mind wide and get all the thoughts, ideas, information, which would get posted in this blog, and also to share my ideology with you all.
Article life should not be like a sheep, following one another, it must be like a bird flying high and making its own way, that what makes us different from others.
Even though we are pioneers now, with our sincere efforts all let’s make this blog fly in colours, and make impact globally and make a leader.
Come lets rock the world…!!!!

Thank You,
S. Chethan Shyam
Articleopedian

Hello friends,
This is a first blog from our articleOpedia team.
CA articleship or Internship training is not only meant for working, enjoying or final exam preparation.This also helps us to explore, discover and develop ourselves from the opportunities and threats available during this training.
Let us enjoy & explore the each & every moment we spend on this blog.
Divya
Articleopedian

Haiiiiiiii.............frndzzz
  I am very happy to be a member in this blog. Actually i want to take transfer from office in 3rd year to industrial training, but after our conversation on Saturday i am in confusion to be with u in vnv for 3 years or to take transfer only because of this blog. Atlast i am very thankful to both Swathi & Chetan for good idea and also adding me in this blog.
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I am so excited about our own and new blogspot and I am eagerly waiting for the time when it gets Hussain Bolt speed. Thank you Swathi for your amazing and creative idea. Through this blogspot we are presenting ourselves a new way to learn which we may not learn in articleship and this is superb to be a part a new and innovative thing.

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Hello Friends,
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Hope they will support me in the future endeavors, So finally we successfully joined in the blogging world. I hope you will encourage us by commenting on our posts.

Thanks one & all
Swathi M
Articleopedian