Keturn: By whom to be signed/siening of Return (Section 340

Who can Sign

Assessee category
()Individuals individual himself.
1. By the authorized by himnin his
duly
2. By some person
India)
behalf.(If absent from Act on
other person competent to
3. Guardian or any incapacitated)
his behalf (if mentally
person, it is not possible for
4. Where,for any other return by any other
the individual to sign the
person dulyauthorized by him.
(iü) Hindu Undivided Family 1. Karta of the family. mentally
(HUF): 2. Where the Karta is absent from India or
incapacitated from attending tohis affairs, by any
adult member of such family.
(ii)Firm: 1. Managing partner
2. By any partner who is not a minor (if not possible
by managing partner).
(iv) LLP (Limited Liability 1. By the designated partner
Partnership): 2. By any partner (if not possible by designated
partners)
(v) A local authority: The principal officer thereof.
(vi) A political party under The chief executive officer of such party.
Section 139(4B):
(vii) Any other association: * Any member of the association or principal officer
thereof.
(viii) Any other person: By that person or by some person
and his behalf.
competent to Act
(ix) Company: Managing Director if not possible then any directors.
Exception:
1. Where the
company is being wound up =By the
liquidators
2. Where the management of the
taken over by the company has been
officer thereof. Government: The principal
3. Company is not resident in India =>
holds a valid power of parson who
attorney.
Permanent Account Number (PAN) [Section139Al:
PAN 0S a unique 10 characters
Alphanumeric code or identifier issued by the Income Tax
Department of India under the supervision of the CBDT to all the
under the income Tax Act, 1961. judicial entities identifiable

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 Primary purpose of the PAN:
Tobring universal identification to all
financial transactions.
2. To prevent tax evasion by keeping track of
monetary transactions.
Types of PAN:
1. PAN card for individuals: PAN card for individual is used to keep track and link all financial
transactions that may attract tax.
2. PAN card for companies: The PAN card for a company has no photograph on it and on
Date of Birth, the date of registration of the company/ organizations is mentioned.
3. PAN Card for foreign citizens in India: Allforeign citizens who wish to do business in india
are required to obtain PAN Card. But the application Form for foreigners is Form 49 AA.
Structure of PAN:
PAN is Of 10 characters and is selected on a mechanized basis by the Income Tax Department.
For example, if PAN of any person is B FZ PK7 189 H, then it has been selected on the
following basis.
BFZ P 189 H

Random Category of First letter of Sequentíal no Random

alphabetic series the assesses. the applicant from 0001 to alphabet.
running from AAA is surname. 9999.
to ZZZ.

Category
A= AOP, B= BOI, C= Company,
G= Government, H= HUF,
F= Firm,
J= Artificial Juridical Person, P= Individual,
L= Local authority,
T=Trust, E =LLP,

Transactionin which a PAN can be Quoted under Section 139 A (5):

1, Matters relating to Interest of revenue:
matter in the interest of revenue.
(0) Return/ correspondence tax challan, any other
2. All quarterly returns of TDS/TS (w.e.f., 1.6 2006)
3. Transactions in assets:
a.Sale or purchase of immovable property in excess of Rs.50,00,00: sro
than two-wheeler.
b. Sale or purchaseof more vehicle other
4. Transaction with Banks:
with Bank or post office savings Bank.
a Fixed Deposit in excessof Rs. 50000
50,000 or more on anyday.
b. Deposit of cash in any Bank A/c of Rs.
or more by depositing cash).
C. Purchase of pay order (Draft Rs. 50,000funds etc.:
5. Transaction in Securities/ Bonds/ Mutual
Rs. 50000or more
a. Purchase of Mutual funds of
fund A/c
b. Opening a DMAT A/C /Mutual
Company Debenture Rs.50,000 or more.
C. Purchase of RBI Bonds/
Debentures etc.
d. Sale or Purchase of Shares/
6. Others.
a. Sales tax registration.
b. Application of credit cards.
25,000.
C Hotel bill exceeding Rs,
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 d. Cash expenses exceeding Rs. 25,000 towards foreign travel.

Person exempt fromquoting PAN:

The provisions of Section 139 A for quoting PAN will not apply to the following class of
persons:
i. Non- residents referred to Section 2 (30).
i. Central Government/ State Government /Consular offices in transaction wherethey
are payers.
other income
ii. Persons who have agricultural income and are not in receipt of any
chargeable to tax.

Quoting of Aadhar Number (Section 139 AA): person. Who

W.e.f., A.Y 2018-2019,Section 139 AA has been inserted to provide that every
is eligible to obtain Aadhar Number on or after 1st day of July 2017.

Quote Aadhar Number

a. In the application form for allotment of PAN.
b. In the return of income:
authority in such form and
Such a person shallalso intimate his Aadhar number to such
manner as may be prescribed.