Introduction
An association of persons (AOP) or a body of individuals (BOI), whether incorporated or not, is treated as a ‘person’ under section 2(31) of the Income-tax Act, 1961. Hence, AOP or BOI is treated as a separate entity for the purpose of assessment under the Income-tax Act.
Here it is important to note that an AOP or BOI shall be deemed to be a person, whether or not, they were formed or established or incorporated with the object of deriving income, profits or gains.
- What is PAN?
- Who has to obtain PAN?
- 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
- Every person who intends to enter into specified financial transactions in which quoting of PAN is mandatory
- 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.
- A charitable trust who is required to furnish return under Section 139(4A)
- 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
- Every importer/exporter who is required to obtain Import Export code
- Every person who intends to enter into specified financial transactions in which quoting of PAN is mandatory
- A person not covered in any of the above can voluntarily apply for PAN.
- Every non-individual resident persons and persons associated with them shall apply for PAN if the financial transaction entered into by them during the financial year exceeds Rs. 2,50,000.
- How to apply for PAN?
- What are the charges for obtaining a PAN?
- Documents and information to be submitted with PAN application?
- Copy of Agreement; or
- Copy of Certificate of Registration Number issued by Charity Commissioner or Registrar of Co-operative Society or any other Competent Authority; or
- Any other document originating from any Central Government or State Government Department establishing Identity and address of such person.
- Copy of Certificate of Registration issued in the country where the applicant is located, duly attested by "Apostille" (in respect of countries which are signatories to the Hague Apostille Convention of 1961) or by Indian embassy or High Commission or Consulate in the country where the applicant is located or authorized officials of overseas branches of Scheduled Banks registered in India; or
- Copy of registration certificate issued in India or of approval granted to set up office in India by Indian Authorities.
- Who has to sign the PAN application i.e. Form 49A/49AA?
- Track Status
- Contact Assistance
- If your PAN card is lost?
What is PAN?
PAN stands for Permanent Account Number. PAN is a ten-digit unique alphanumeric number issued by the Income Tax Department. PAN is issued in the form of a laminated plastic card (commonly known as PAN card).
The fourth character of PAN represents the status of the PAN holder. An AOP is represented by the character ‘A’ (e.g. ALWAG5809L) and a BOI is represented by the character ‘B’ (e.g. ALWBG5809L)
Who has to obtain PAN?
PAN is to be obtained by following persons:
PAN is to be obtained by following persons:
How to apply for PAN?
1) Online Application - An online application can be made from the website of UTIITSL or Protean (formerly NSDL eGov)
2) Through PAN Application Center - Application for PAN can be submitted at the PAN Application center
(a) Protean (formerly NSDL eGov) (b) UTITSL
What are the charges for obtaining a PAN?
The applicant shall pay a fee of Rs. 110 (Application fee Rs. 93 + 18% GST). In case, the PAN card is to be dispatched outside India then additional charges of Rs. 1020 will have to be paid by the applicant.
Documents and information to be submitted with PAN application?
An Association of persons (other than Trusts) or Body of Individuals formed or registered in India shall submit the following documents with PAN application form:
In case Association of Persons (other than Trusts) or Body of Individuals is registered outside India, it shall submit the following documents along with PAN application form:
Who has to sign the PAN application i.e. Form 49A/49AA?
Application for PAN shall be signed by Authorised Signature of the AOP or BOI, as the case may be (left thumb impression in case person is unable to sign).
Track Status
Applicant will receive an acknowledgment containing a unique number on acceptance of the application form. This acknowledgement number can be used for tracking the status (Protean (formerly NSDL eGov)/UTITSL ) of the application by using the track status facility available at above web sites.
Contact Assistance
The Income Tax Department or Protean (formerly NSDL eGov) or UTIITSL can be contacted in any of the following means
| Mode | Income Tax Department | Protean (formerly NSDL eGov) | UTITSL |
| Website | www.incometaxindia.gov.in | https://www.protean-tinpan.com/ | www.utiitsl.com |
| Call Center | 08069708080 | ||
| Email ID | tininfo@proteantech.in | ||
| Address | Protean (formerly NSDL eGov) INCOME TAX PAN SERVICES UNIT (Managed by Protean eGov Technologies Limited, 4th floor, Sapphire Chambers, Baner Road, Baner, Pune - 411045 |
UTI Infrastructure Technology And Services Limited, Plot No.3, Sector 11, CBD Belapur Navi Mumbai PIN - 400614 |
If your PAN card is lost?
If the PAN card is lost then you can apply for duplicate PAN card by submitting the Form for "Request for New PAN Card or/ and Changes or Correction in PAN Data" and a copy of FIR may be submitted along with the form.
If the PAN card is lost and you don't remember your PAN, then in such a case, you can know you PAN by using the facility of "Know Your PAN" provided by the Income Tax Department. This facility can be availed of from the website of Income Tax Department - www.incometaxindia.gov.in
You can know your PAN online by providing the core details like Name, Father's Name and Date of Birth. After knowing the PAN you can apply for duplicate PAN card by submitting the "Request For New PAN Card Or/ And Changes Or Correction in PAN Data".
What are the benefits of obtaining a PAN Card?
A Permanent Account Number has been made compulsory for every transaction with the Income-tax Department. It is also mandatory for numerous other financial transactions such as opening of bank accounts, availing of institutional financial credits, purchase of high-end consumer items, foreign travel, transaction of immovable properties, dealing in securities, etc. A PAN card is a valuable means of photo identification accepted by all Government and non-Government institutions in the country.
Is it mandatory to provide the Assessing Officer Code in Form 49A/49AA?
Yes, it mandatory to provide the Assessing Officer (AO) Code in Form 49A/49AA. AO Code (i.e. Area Code, AO Type, Range Code and AO Number) of the Jurisdictional Assessing Officer must be filled up by the applicant. These details can be obtained from the Income Tax Office or PAN Centre or websites of PAN service providers on www.utiitsl.com or www.tin-nsdl.com.
What is the penalty for not complying with the provisions relating to PAN?
Section 272B provides for penalty in case of default by the taxpayer in complying with the provisions relating to PAN, i.e., not obtaining PAN, even though he is liable to obtain PAN or knowingly quoting incorrect PAN in any prescribed document in which PAN is to be quoted or intimating incorrect PAN to the person deducing tax or person collecting tax. Penalty under section 272B is Rs. 10,000.
Can a person hold more than one PAN?
A person cannot hold more than one PAN. If a PAN is allotted to a person, then he cannot apply for obtaining another PAN. A penalty of Rs. 10,000/- is liable to be imposed under Section 272B of the Income-tax Act, 1961 for having more than one PAN.
If a person has been allotted more than one PAN then he should immediately surrender the additional PAN card(s).
Is it mandatory to provide Aadhaar number in PAN application form?
It is mandatory to quote Aadhaar number in the PAN application form for every person who is eligible to obtain Aadhaar Number.
In case the person does not possess the Aadhaar number, the enrolment ID of Aadhaar form can be quoted.
Note: W.e.f. 01-10-2024, the benefit of quoting enrolment ID of Aadhaar form has been withdrawn. The taxpayer is required to quote his Aadhaar number in PAN application Form.
View all Frequently Asked Questions- Income from House Property
- The house property should consist of any building or land appurtenant thereto;
- The taxpayer should be the owner of the property;
- The house property should not be used for the purpose of business or profession carried on by the taxpayer.
- Profits and Gains from Business and Profession
- Profit and gains from any business or profession carried on by the assessee at any time during the previous year
- Any compensation or other payment due to or received by any specified person
- Income under the Capital Gains
- There should be a capital asset. In other words, the asset transferred should be a capital asset on the date of transfer;
- It should be transferred by the taxpayer during the previous year;
- There should be profits or gain as a result of transfer
- Income from Other Sources
Income from House Property
Conditions for Taxability
Profits and Gains from Business and Profession
The following incomes are chargeable to tax under the head Profit and Gains from Business or Profession:
Income under the Capital Gains
Conditions for Chargeability:
Income from Other Sources
Any income which is not chargeable to tax under any other heads of income and which is not to be excluded from the total income shall be chargeable to tax as residuary income under the head “Income from Other Sources”.
- Steps to fill form 26QB
- Log on to website e-filing portal ( https://www.incometax.gov.in/iec/foportal/ ).
- Under 'e-file', click on 'e-Pay tax'
- Then Click on ‘New Payment’
- Select ‘Proceed’ under ‘26 QB (TDS on Sale of Property)’ field
- Fill the complete form as applicable.
(User should be ready with the following information while filling the form 26QB :
- Residential Status of seller
- PAN of the seller & buyer
- Communication details of seller & buyer
- Property details
- Amount paid/credited & tax details
- After submitting, the next page will ask to select the mode of payment i.e.,:
- Net banking;
- Debit Card;
- Pay at Bank counter;
- RTGS/NEFT; or
- Payment Gateway.
- Select the appropriate payment mode and click on continue to make the payment.
- On successful payment a challan counterfoil will be displayed containing CIN, payment details and bank name through which e-payment has been made. This counterfoil is proof of payment being made.
- Steps to Download Form 16B
- Register & login on TRACES portal (https://contents.tdscpc.gov.in/) as taxpayer using your PAN.
- Select "Form 16B (For Buyer)" under "Downloads" menu.
- Enter the details pertaining to the property transaction for which Form 16B is to be requested. Enter the Form Type, Assessment Year, Acknowledgment Number, PAN of Seller and click on "Proceed".
- A confirmation screen will appear. Click on "Submit Request" to proceed.
- A success message on submission of download request will appear. Please note the request number to search for the download request.
- Click on "Requested Downloads" to download the requested files.
- Search for the request with request number. Select the request row and click on "HTTP download" button.
I. Steps to fill form 26QB :
II. Steps to Download Form 16B:
Click here to go 'TDS on Sale of Property' page at TRACES Website
- What is the tax rate?
- New Tax Regime
- Alternate Minimum Tax (AMT)
- Surcharge
- Health & Education Cess
- How to pay tax?
- FAQs
What is the tax rate?
The basic exemption limit and the tax rates in case of an AOP or BOI has been enumerated in below table:
| Net income range | Tax rate |
| Up to Rs. 2,50,000 | Nil |
| Rs. 2,50,001- Rs. 5,00,000 | 5% |
| Rs. 5,00,001- Rs. 10,00,000 | 20% |
| Above Rs. 10,00,000 | 30% |
New Tax Regime
The Finance Act, 2023 inserted a new sub-section (1A) in Section 115BAC which extends the scope of provisions of the new tax regime to AOP/BOI also. Under the new tax regime, the income shall be taxable at the following rate for the Assessment Year 2026-27 and onwards
| Total Income (Rs.) | Rate |
| Upto 4,00,000 | Nil |
| From 4,00,001 to 8,00,000 | 5% |
| From 8,00,001 to 12,00,000 | 10% |
| From 12,00,001 to 16,00,000 | 15% |
| From 16,00,001 to 20,00,000 | 20% |
| From 20,00,001 to 24,00,000 | 25% |
| Above 24,00,000 | 30% |
Alternate Minimum Tax (AMT)
An AOP or BOI is liable to pay Alternate Minimum Tax where tax payable by it, on total income computed as per normal provisions of the Act, is less than 18.5% of 'adjusted total income'. In such a case the 'adjusted total income' is taken as the income of AOP/BOI and it shall be liable to pay tax at the rate of 18.5% of such 'adjusted total income'.
If an assessee has opted for the new tax regime, the provisions of AMT shall not be applicable.
Surcharge
The tax calculated on the total income shall be further increased by the surcharge.
For Assessment Year 2026-27, there are four rates of surcharge – 10%, 15%, 25% and 37% where tax is calculated as follows:
| Range of Total Income | |||||||||
| Nature of Income | Up to Rs. 50 lakhs |
More than Rs. 50 lakhs but up to Rs. 1 crore |
More than Rs. 1 crore but up to Rs. 2 crores |
More than Rs. 2 crores but up to Rs. 5 crores |
More than Rs. 5 crores | ||||
| Short-term capital gain covered under Section 111A or under Section 115AD | Nil | 10% | 15% | 15% | 15% | ||||
| Long-term capital gain covered under Section 112A or under Section 115AD or under Section 112 | Nil | 10% | 15% | 15% | 15% | ||||
| Dividend income (not being dividend income chargeable to tax at special rate under sections 115A, 115AB, 115AC, 115ACA) | Nil | 10% | 15% | 15% | 15% | ||||
| Unexplained income chargeable to tax under Section 115BBE | 25% | 25% | 25% | 25% | 25% | ||||
| Any other income** | Nil | 10% | 15% | 25% | 37%*** | ||||
* The Finance Act, 2022 has put a cap on the rate of surcharge to 15% in case of an AOP consisting of only companies as its members. The rate of surcharge in case of such AOP shall be as follows:
- 10% where total income exceeds Rs. 50 lakh but does not exceed Rs. 1 crore;
- 15% where total income exceeds Rs. 1 crore.
Further, the Finance Act, 2023 provided that where the total income of a specified fund as referred to in Section 10(4D) includes income (other than capital gains) received in respect of securities taxable under Section 115AD, no surcharge shall be levied on tax on such income
** The maximum rate of surcharge on tax payable on dividend income or capital gains referred to in Section 111A, Section 112, Section 112A or Section 115AD shall be 15%. However, where other income of a person does not exceed Rs. 2 crores, but after including the dividend income or capital gain as referred to in above provisions, the total income exceeds Rs. 2 crores then irrespective of the amount of other income, surcharge shall be levied at the rate of 15% on the amount of tax payable on aggregate of other income, dividend income and capital gain as referred to in above provisions.
*** The surcharge rates on other income for AOP/BOI opting to pay tax under the new tax regime of Section 115BAC shall not exceed 25%. Thus, the income exceeding Rs. 5 crores shall be subject to the surcharge rate of 25% if the AOP/BOI opts for the new tax regime of Section 115BAC.
Further, the rate of surcharge is capped to 15% in case of an AOP consisting of only companies as its members
Health & Education Cess
The amount of income-tax and the applicable surcharge, shall be further increased by health and education cess calculated at the rate of 4% of such income-tax and surcharge.
Where the total income of a specified fund as referred to in Section 10(4D) includes income (other than capital gains) received in respect of securities taxable under Section 115AD, no health and education cess shall be levied on tax on such income.
How to pay tax?
Taxes can be paid in any of following mode:
1) Physical Mode - Payment by furnishing the hard copy of the challan at the designated bank
2) e-payment mode i.e. making payment by using the electronic mode
Who is supposed to pay Advance Tax?
Every person whose estimated tax liability for the year is Rs. 10,000 or more is liable to pay advance tax. However, a resident senior citizen (i.e., an individual of the age of 60 years or above during the relevant financial year) not having any income from business or profession is not liable to pay advance tax.
How is advance tax calculated and paid?
Advance tax is to be calculated on the basis of expected tax liability of the year. Advance tax is to be paid in instalments as given below:
| Status | By 15th June | By 15th September | By 15th December | By 15th March |
| Taxpayers (other than those who opted for presumptive taxation scheme of section 44AD ) | Upto 15% of advance tax | Upto 45% of advance tax | Upto 75% of advance tax | Upto 100% of advance tax |
| Taxpayers who opted for presumptive taxation scheme of section 44AD | Nil | Nil | Nil | Upto 100% of advance tax |
Any tax paid till 31st March is treated as advance tax.
The deposit of advance tax is made through challan ITNS 280 by ticking the relevant column, i.e., advance tax.
Note:
E-payment is mandatory for an AOP/BOI who is liable to get its accounts audited under section 44AB of the Income-tax Act, 1961.
- Is it mandatory to file return of income?
- Holds, as a beneficial owner or otherwise, any asset (including any financial interest in any entity) located outside India
- Has signing authority in any account located outside India
- Is a beneficiary of any asset (including any financial interest in any entity) located outside India.
- Is e-Filing of return is mandatory?
- Due dates for filing of return?
Return Filing
Is it mandatory to file return of income?
Every AOP/BOI whether incorporated or not has to file the return of income if his total income (including income of any other person in respect of which he is assessable) without giving effect to the provisions of section 10(38), 10A, 10B or 10BA or 54 or 54B or 54D or 54EC or 54F or 54G or 54GA or 54GB Chapter VIA (i.e., deduction under section 80C to section 80U), exceeds the maximum amount which is not chargeable to tax i.e. exceeds the exemption limit.
Filing of return is mandatory in the following cases:
1) If an individual has assets outside India:
An Individual, being a resident and ordinary resident in India, shall file his return of Income, even if his income does not exceed the maximum exemption limit, if he:
2) If he deposits more than Rs. 1 crore in bank account
An Individual or HUF shall file his return of Income, even if income does not exceed the maximum exemption limit, if he has deposited an amount (or aggregate of amount) exceeding Rs. 1 crore in one or more current accounts maintained with a banking company or a co-operative bank. .
3) If foreign travel expense is more than Rs. 2 lakh .
An Individual or HUF shall file his return of Income, even if income does not exceed the maximum exemption limit, if he has incurred more than Rs. 2 lakh on travel to a foreign country, either for himself or for any other person. .
4) If electricity consumption is more than Rs. 1 lakhAn Individual or HUF shall file his return of Income, even if income does not exceed the maximum exemption limit, if he has incurred an expenditure exceeding Rs. 1 lakh on electricity consumption..
5) If total sales, turnover or gross receipt of the business exceeds Rs. 60 lakh during the previous year
6) If total gross receipt of profession exceeds Rs. 10 lakh during the previous year.
7) If the total of tax deducted and collected in case of a person during the previous year is Rs. 25,000 or more (Rs. 50,000 in case of resident senior citizen).
8) If the aggregate deposit in one or more savings bank accounts of the person is Rs. 50 lakhs or more during the previous year.
Is e-Filing of return is mandatory?
It is mandatory for an AOP/BOI to file return of income electronically with or without digital signature. An AOP/BOI may also file return of income under Electronic Verification Code. However, an AOP/BOI liable to get its accounts audited under section 44AB shall furnish the return electronically under digital signature.
Due dates for filing of return?
The due dates for filing of return by an AOP/BOI are as follows:
| Particulars | Due Dates |
| An AOP/BOI who is required to get its accounts audited under the Income-tax Act or under any other law | October 31 of the assessment year |
| An AOP/BOI who is required to furnish a report in Form No. 3CEB under section 92E | November 30 of the assessment year |
| In any other case | July 31 of the assessment year |
- View Refund/Demand Status
- Login to e-Filing website with User ID, Password.
- Go to Pending Actions and click on ".
- Response to Outstanding Demand
- How to Request for Refund Re-issue (in case of refund failure)
- Login to e-Filing website with User ID, Password.
- Go to Services and click on "Refund Reissue ".
- Create Refund Reissue request
View Refund/Demand Status
To view Refund/Demand Status, please follow the below steps:
How to Request for Refund Re-issue (in case of refund failure)
To request for Refund Re-issue, please follow the below steps:
Appeals
Income tax liability is determined by the Assessing Officer first. A tax payer aggrieved by various actions of Assessing Officer can appeal before Commissioner of Income Tax (Appeals). Further appeal can be preferred before the Income Tax Appellate Tribunal. On substantial question of law, further appeal can be filed before the High Court and even to the Supreme Court. Various appellate procedures at different levels of appellate authority are defined hereunder: