What is Pan no,as I am from north east India and exempted from Income tax do I still need Pan no to invest?

in Mutual Funds and what exactly are the function of a Pan no.

I agree with "srirama c".

Please appreciate that having PAN do not create any liability on your end to either PAY Taxes or to file your return. Though for filing ITR, PAN is compulsory but not the other way round.

So even if you have PAN, you need not file any income tax return till you have taxable income.

As far as my PROFESSIONAL Knowledge goes Income tax is applicable to every PART of India and N-E states are not exempted from it. Even J&K is covered by Income Tax Act. Though SIKKIM was exempt earlier but not any more. Even Sikkim was covered by Income Tax in 1989


CA. Deepak Bholusaria

Parmanent Account Number (PAN). It is compulsory for investment in MF's from 2nd July 2007. It's an unique no. All your investments can be scanned under the same no. You can get it within a month after applying.

PAN is your Permanent Account number which is used for filing returns. For all the investments its needed as the interest you earn will be treated as your income. You can apply for PAN in UTI bank (now AXIS bank).

actually this recent ruling by sebi to give the pan no is vey irritating since even for a low amount of rs5000 you are supposed to have your pan no or provide evidence that you have applied for it.the last day for having your pan no is dec31 2007.the stated reason for having a pan number is supposed to be the prevention of money laundering but i cant think how 5000 rupees is the basis for such a drastic step.this has been in effect only from july2007.earlier the minimum amount for having a pan number was rs50000 but now everything has been changed.all the mutual fund companies are arguing for the date to be extended upto april2008. so far there has been no change in the official stance.alternatively you can give form 60 which is also accepted

PAN is your Permanent Account Number which is also good as your valid ID. But it is essential to have a PAN if you wish to invest in mutual funds as it is mandatory by SEBI.

PAN No is Permenent Account Number. It is provided by Income Tax Department. And for Mutual Fund Investment & for cash withdraw above Rs. 50000.00 PAN No is necessary.

PAN is compulsory for investment of any amount. There is not harm in applying for PAN, what you really need to check is that, if you have PAN, but do not have taxable income, do you need to file a income tax return with NIL tax liability mandatorily or it is ok if you do not file a return. If it is mandatory to file a return, you can do so through a professional or through IT department's helpers available now for nominal fees. Let us be honest citizen and follow. It is this honesty from people in western world, that has brought them the development and comfort level. We need to be patient to get this though as we have difference conditions.

Yes, you have to obtain a PAN number for travelling anywhere in the world. Secondly when you want to deal with any person outside Northeast India they would insist your PAN no and at the same time it helps you to establish your identity iwth all details. Having a Pan no is always advantageous rathen then saying I dont require. regards. Sriram.

Sorry. You are not exempted from Income tax because you are from North east.