Section 139A of ITA, 1961 : Section 139A: Permanent Account Number

Explanation using Example

Imagine a scenario where Mrs. Sharma is a freelance graphic designer. In the previous financial year, she earned a total income of INR 7,50,000 from various clients. According to Section 139A of the Income-tax Act, 1961:

• Since her income exceeds the maximum amount not chargeable to income tax, she is required to apply for a Permanent Account Number (PAN) if she has not done so already.
• She must quote her PAN on all her tax returns, correspondence with the tax authorities, and in any financial transactions specified by the Board that are relevan...

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