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How Getting A PAN Card Could Be Useful May 25 Farid Diaz Colombia Jersey , 2014 | Author: Ashis Jain | Posted in Business
The Indian tax system requires that everyone pays income taxes and any other taxes that are listed in different regulations. The implementation of this law has made it necessary to widen the tax net in order to get as many people as possible to pay taxes. The introduction of the PAN card in the tax system was the best way to net as many people as possible to pay different taxes and adhere to many other regulations. The card is so mandatory that you may not be able to do some things if you do not have it hence making it very essential.


This 10 digit alphanumeric unique identity is what is used to identify people for tax purposes. It is designed to be used in many other transactions where your identity is key to making the transactions authentic. The idea is to keep every financial transaction that comprises of a tax element in track with the main goal of preventing tax evasion.


Everyone who earns any taxable income in India is required by the tax law to apply for a PAN including foreign nationals that are required to pay taxes in India. It is also important for businesses to be tax compliant by applying for the number if they make a turnover exceeding Rs. 5 Lakh in any given year. Tax compliance is an essential element for every citizen hence having the card is very helpful.


For you to be issued with your own PAN card, it is important to understand whether you should fill form 49A or 49AA. This information can be obtained from the Income tax department of India and visiting the office to apply or applying online. The application process requires that you submit a copy of your national ID and any proof of your place of residence and paying the requisite amount through a demand draft, cheque or cash.


Having the permanent account number allows people to undertake different financial activities including payment of taxes, filing income tax returns and in avoiding being charged more taxes than necessary. This is the number that shows the tax department that you are tax compliant or not. You cannot file income tax returns or pay direct taxes if you do not have this number.


You have to pay taxes when doing different transactions like in the purchase of immovable property worth least Rs. 5 Lakh. Everybody transacting in selling or purchasing an automobile Edwin Cardona Colombia Jersey , besides a two wheeler should also disclose their PAN number during the transaction since taxes may need to be paid. Therefore, getting this type of card becomes mandatory to be able to conduct such transactions.


The card is also mandatory if you are transacting amounts exceeding Rs. 25,000 in a hotel, restaurant Eder Alvarez Balanta Colombia Jersey , and travel to a foreign country. Additionally, payments of over Rs 50,000 to the Indian Reserve Bank when buying bonds are also subject to tax, charged on the number. This makes the card very essential in everyday life in India.


You will also need a PAN card when buying shares exceeding Rs. 50 Duvan Zapata Colombia Jersey ,000 in value. The number will also be needed when depositing over Rs 50,000 in a bank within 24 hrs. Payment of at least Rs 5 Lakh to buy bullions or jewelry also has to be supported by this number.


Learn more about pan status stop by Ashis Jain’s site.


Ancient temple riding a wave of global interest in its style of kung fu, report Hou Liqiang and Qi Xin in Dengfeng, Henan province.


University student Maxim Kojevnikoff is visiting Shaolin Temple for the fourth time.


He had planned to join his friends in Wutaishan Mountain in Shanxi province Davinson Sanchez Colombia Jersey , but decided to return to the renowned 1,500-year-old temple in Dengfeng city of Henan province.

????Canadian Cale Klesko stretches and warms up his muscles with help from his friends before a kung fu class in the 1,500-year-old Shaolin Temple in Henan province. ZHANG LEILONG CHINA DAILY

"For me, learning kung fu in Shaolin is like lying on the beach and enjoying the sunshine Carlos Valderrama Colombia Jersey ," the 22-year-old Kojevnikoff said.


"Every time I return to Moscow from Shaolin, I feel rejuvenated."


The journalism major at Russian State Social University teaches Shaolin kung fu at a martial arts center in Moscow. He is still deciding between a career in journalism and martial arts. But he is sure he wants to continue teaching kung fu part time after he graduates.


Kojevnikoff is one of more than 2,000 foreigners who head to Shaolin Temple every year to learn kung fu. The number of visitors usually peaks during the summer vacation.


"Many come as a group. There are more than 20 groups every summer," said the temple's abbot Carlos Sanchez Moreno Colombia Jersey , Shi Yongxin.

????Cale Klesko, a Canadian citizen, helps his friend warm up before a kung fu session in Shaolin Temple on July 3.

"A lot more come in twos or threes. There are such foreigners almost every day."


The abbot said many of the visitors also learn kung fu in the training schools nearby.


The visitors cite many reasons for going to Shaolin. Kojevnikoff said he heard about the temple and fell in love with martial arts after his parents sent him for classes when he was a child. His teacher later took him to Shaolin.


Canadian Cale Klesko said he goes to Shaolin to practice kung fu and Chinese culture, as he is dealing with an increasing number of Chinese companies in his work as an engineer in management consulting.


Kung fu also helps him keep "a balance between the body and the mind" Carlos Bacca Colombia Jersey , the 30-year-old said.


Virginia Suen from Hong Kong said she learns kung fu to strengthen her body.


"I feel I am in good spirits after practicing kung fu," the 42-year-old assistant in an investment company said.


Many of the visitors also said they developed an interest in kung fu after watching movies about Shaolin as children. These include the 1982 movie, The Shaolin Temple, starring Jet Li.


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