The following persons are required to obtain a PAN –
If income Exceeds Exemption Limit or Turnover Exceeds Rs. 5,00,000 (Rs. 5 Lakh) –
Application should be submitted to obtain PAN before May 31 of the assessment year for which the income exceeds the maximum amount chargeable to tax or before the end of the accounting year for which the gross turnover or receipts exceed Rs. 5,00,000.
Charitable Trust –
A person who is required to furnish return of income under section 139(4A) (i.e., charitable trust) is required to obtain PAN.
Financial transaction in aggregate of Rs. 2,50,000 or more –
Any resident person (not being an individual) who enters into a financial transaction of an amount aggregating to Rs. 2,50,000 or more during a financial year (as well as managing director, director, partner, trustee, author, founder, karta, chief executive officer, principal officer or office bearer of such person or any person competent to act on behalf of such person) is required to obtain PAN with effect from April 1, 2018.
Person specified by the Central Government –
The Central Government has power to notify (for collection of any information) any person to apply for PAN. For this purpose, the following persons have been notified by the Central Government and these persons shall apply to the Assessing Officer for PAN – exporters/importers, assessees under central excise/service tax/sales tax.
Allotment by Assessing Officer of his own –
Besides above cases, the Assessing Officer may also allot a PAN to any other person by whom tax is payable. Any other person may also apply for a PAN.