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The Indian tax system requires that everyone pays income taxes and any other taxes that are listed in different regulations. The implementation of this law has made it necessary to widen the tax net in order to get as many people as possible to pay taxes. The introduction of the PAN card in the tax system was the best way to net as many people as possible to pay different taxes and adhere to many other regulations. The card is so mandatory that you may not be able to do some things if you do not have it hence making it very essential.
This 10 digit alphanumeric unique identity is what is used to identify people for tax purposes. It is designed to be used in many other transactions where your identity is key to making the transactions authentic. The idea is to keep every financial transaction that comprises of a tax element in track with the main goal of preventing tax evasion.
Everyone who earns any taxable income in India is required by the tax law to apply for a PAN including foreign nationals that are required to pay taxes in India. It is also important for businesses to be tax compliant by applying for the number if they make a turnover exceeding Rs. 5 Lakh in any given year. Tax compliance is an essential element for every citizen hence having the card is very helpful.
For you to be issued with your own PAN card, it is important to understand whether you should fill form 49A or 49AA. This information can be obtained from the Income tax department of India and visiting the office to apply or applying online. The application process requires that you submit a copy of your national ID and any proof of your place of residence and paying the requisite amount through a demand draft, cheque or cash.
Having the permanent account number allows people to undertake different financial activities including payment of taxes Justin Reid Womens Jersey , filing income tax returns and in avoiding being charged more taxes than necessary. This is the number that shows the tax department that you are tax compliant or not. You cannot file income tax returns or pay direct taxes if you do not have this number.
You have to pay taxes when doing different transactions like in the purchase of immovable property worth least Rs. 5 Lakh. Everybody transacting in selling or purchasing an automobile, besides a two wheeler should also disclose their PAN number during the transaction since taxes may need to be paid. Therefore, getting this type of card becomes mandatory to be able to conduct such transactions.
The card is also mandatory if you are transacting amounts exceeding Rs. 25 Benardrick McKinney Womens Jersey ,000 in a hotel, restaurant, and travel to a foreign country. Additionally Kevin Johnson Womens Jersey , payments of over Rs 50,000 to the Indian Reserve Bank when buying bonds are also subject to tax, charged on the number. This makes the card very essential in everyday life in India.
You will also need a PAN card when buying shares exceeding Rs. 50 Nick Martin Womens Jersey ,000 in value. The number will also be needed when depositing over Rs 50,000 in a bank within 24 hrs. Payment of at least Rs 5 Lakh to buy bullions or jewelry also has to be supported by this number.
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BEIJING， July 5 (Xinhua) -- Without key player and former NBA star Yi Jianlian， Chinese national basketball team lost to Nigeria 71-79 in its opener of 2016 Stankovic Cup here on Tuesday.
China's all-star guard Guo Ailun collected a game-high 19 points and grabbed 5 rebounds， his club teammate Zhao Jiwei contributed 10 points， 3 assists and 2 steals. But the highly-expected Zhou Qi， who was picked as No.43 by Houston Rockets in this year's NBA draft didn't perform up to his level， scoring only 4 points and grabbing 6 rebounds.
China only trailed by 3 points after the first half， but the absence of key player Yi Jianlian made the team suffer a lot in defence and finally lost to the Nigeria 71-79.
""The opening of the game was not good， we didn't play as a team in offence and there are too much individual play，"" said Gong Luming， the coach of Chinese team.
In another game， France got a good start as they beat Argentina 64-57.
In the next round， Nigeria will take on Argentina while China is going to play