Time Limit for submitting application of PAN [ Section 139A(3) ] - Income Tax - Ready Reckoner - Income Tax

Time Limit for submitting application of PAN Any person, not falling under clause (1) or clause (2) above, may apply to the Assessing Officer for the allotment of a permanent account number and, thereupon, the Assessing Officer shall allot a permanent account number to such person forthwith. [ Section 139A(3) ] Time limit for submitting application for allotment of PAN SITUATION TIME LIMIT FOR A MAKING APPLICATION i) If his total income or the total income of any other person in respect of which he is assessable under this Act during any previous year exceeded the maximum amount which is not chargeable to income-tax. On or before 31st May of the assessment year in which such income is assessable ii) If he is carrying on any business or profession whose total sales, turnover or gross receipts are or is likely to exceed ₹ 5,00,000 in any previous year. On or before the end of that accounting year iii) If he is required to furnish a return of income under section 139(4A), i.e. return of trust and charitable institutions. On or before the end of the relevant accounting year iv) Every person being a resident, other than an Individual, which enters into a financial transaction of an amount aggregating to ₹2,50,000 or more in a FY On or before 31st May of the immediately following FY v) Every person who is MD, Director, Partner, Trustee, Author, Founder, Karta, Chief Executive Officer, Principal Officer or Office Bearer of any person referred in (iv) above or any person competent to act on behalf of such person referred in (iv) above On or before 31st May of the immediately following FY in which the person referred in (iv) enters into financial transaction therein. vi) Person intend to enter into following transactions a) Cash deposits aggregating ₹20 lakhs or more in a FY, in one or more a/c with a Bank or a Co-operative Bank. b) Cash withdrawals aggregating ₹20 lakhs or more in a FY, in one or more account with a Bank or a Co-operative Bank c) Opening of a current a/c or cash credit a/c with a Bank/Co-operative Bank. At least 7 days before the date on which he intends to enter into the said transaction. vii) If he is a person who is not required to apply for PAN under any of the above clauses Application can be made at any time.