Tax Professional Blogs

The facts regarding income tax forms 60 and 61 for reporting income have been briefly covered here. Its drawbacks and advantages have also been discussed. In financial transactions, Income Tax forms 60 and 61 in India have specialized functions. When someone does certain transactions that require a Permanent Account Number (PAN) but does not have one, they must use Form 60. As a confirmation of place and identity, it serves this purpose.

The Income Tax Department has made it legally mandatory to use PAN on all tax-related transactions. Such a driving license is important while driving a car similarly PAN is essential in our day-to-day commercial transitions which are undertaken along with payment of tax. Therefore, we are delivering in the post, the easy and simple concept of e-PAN on the new web 2.0 portal. Let's see what is the permanent account number (PAN), the rule related to PAN, and the concept of E-PAN.