Who is required to mandatorily have a PAN Number?

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If you are a person who belongs to the categories given below and if you do not have a PAN Number, make sure that you apply to the Assessing Officer for the allotment of a PAN Number under the Income Tax Act: 

• if your total income or the total income of any other person in respect of which you are assessable during any previous year exceeded the maximum amount which is not chargeable to income-tax 
• if you are carrying on any business or profession whose total sales, turnover or gross receipts are or is likely to exceed five lakh rupees in any previous year 
• if you are required to furnish income tax returns
• if you are an employer who is required to furnish a return of fringe benefits 
• if you are a resident, other than an individual, which enters into a financial transaction of an amount aggregating to two lakh fifty thousand rupees or more in a financial year
• if you are the managing director, director, partner, trustee, author, founder, karta, chief executive officer, principal officer or office bearer of the entity mentioned above or any person competent to act on behalf of the entity