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PAN is to be obtained by following persons:  

1. Every person if his total income or the total income of any other person in respect of which he is assessable during the previous year exceeds the maximum amount which is not chargeable to tax. 
2. A charitable trust who is required to furnish return under Section 139(4A)
3. Every person who is carrying on any business or profession whose total sale, turnover, or gross receipts are or is likely to exceed five lakh rupees in any previous year
4. Every person who intends to enter into specified financial transactions in which quoting of PAN is mandatory
5. Every non-individual resident persons and person associated with them if the financial transaction entered into by such non-individual resident persons during a financial year exceeds Rs. 2,50,000. A person not covered in any of the above can voluntarily apply for PAN.

A person not covered in any of the above can voluntarily apply for PAN

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PAN stands for Permanent Account Number and is a ten-digit unique alphanumeric number issued by the Income Tax Department.

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ITR stands for Income Tax Return. It is a prescribed form through which the particulars of income earned by a person in a financial year and taxes paid on such income are communicated to the Income-tax Department. It also allows carry -forward of loss and claim refund from income tax department.

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Different forms of returns of income are prescribed for filing of returns for different Status and Nature of income. These forms can be downloaded from www.incometaxIndia.gov.in

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From 1st July 2017, indirect taxes such as service tax, VAT would be subsumed by Goods and Service tax (GST) which is a comprehensive levy on manufacture, sale, and consumption of goods and services. Major compliances are as follows:

• GST Registration Number:  It is 15-digit identification that is allotted to taxpayer based on PAN and state of the applicant.

• Returns:  Under GST, generally, a person is required to file 3 monthly returns and an annual return.

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Major direct taxes in India are:

1. Income Tax
2. Wealth Tax
3. Corporation Tax

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Major indirect taxes in India are:

1. Central Goods & Services Tax (CGST)
2. State Goods & Services Tax (SGST) 
3. Integrated Goods & Services Tax (IGST) 
4. Customs Duty

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The following categories of persons are liable to pay GST:

1. Persons registered under GST and making taxable supplies under GST

2. Persons registered under GST required to make payment of tax under the reverse charge mechanism
     
3. E-commerce operators registered under the GST and through whom certain categories of notified supplies are made
     
4. Persons registered under GST and required to deduct tax (TDS)

5. E-commerce operators registered under GST and required to collect tax (TCS)

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The major advantages of IGST model are

• Maintenance of uninterrupted ITC chain on inter-State transactions
• No upfront payment of tax or substantial blockage of funds for the inter-state supplier or recipient
• No refund claim in exporting State, as ITC is used up while paying the tax
• Self-monitoring model
• Model takes ‘Business to Business’ as well as ‘Business to Consumer’ transactions into account

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Taxability in India:

1. Company: Tax incidence of a company depends on the residential status of the company i.e., whether the company has been incorporated in India or its place of effective management lies in India
2. Firm/LLP: Tax incidence of a Limited Liability Partnership (LLP) depends on the residential status of the LLP,i.e., whether the control and management of its affairs are situated wholly or partially in India

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