PayPal Ask Us to Give PAN NUMBER

I am not have pancard ( What to do.

please help me..

 

Paypal asking for PAN instead of IEC code is a good step after all and is as expected. Had they asked for IEC, there would be more hassles.
I talked to my CA and he told me that unless you get a Rs. 10lac+ as single payment, you shouldnt be worried for any small amounts.

 

Did anyone apply from this link
https://tin.tin.nsdl.com/pan/index.html
Its really confusing.
Also if we dont enter pan again and again what will happen?

 

It took 30 days for me to get PAN as they sent me by postal mail from mumbai. Initially i think you have to send the PAN form and supporting documents to mumbai by courier and then they will process it and send the original PAN by post. My CA did it this way. i handed him Rs 200.

Please note that without PAN, you will not be able to file tax returns or able get a credit card or loan or buy a property or car or open bank account or do stock trading, fixed deposit etc. Most importantly, if you receive above Rs50k in cash to your account as deposit, the bank will ask for PAN.

It is also compulsory to quote PAN in all documents pertaining to financial transactions notified from time-to-time by the Central Board of Direct Taxes. Some such transactions are sale and purchase of immovable property or motor vehicle or payments in cash, of amounts exceeding Rs. 25,000/-to hotels and restaurants or in connection with travel to any foreign country. It is also mandatory to mention PAN for obtaining a telephone or cellular telephone connection. Likewise, PAN has to be mentioned for making a time deposit exceeding Rs. 50,000/- with a Bank or Post Office or depositing cash of Rs. 50,000/- or more in a Bank.

Another advantage of PAN is it will serve as ID card for date of birth. Many people think that, once you apply for PAN card, you have to file taxes every year. This is a common misconception among people. You have to file tax only when you need it. For example, you cannot renew your passport without having filed tax returns for atleast 3yrs.

It takes about 15 days to get a new PAN allotted. However, PAN can be obtained in around 5 days by tatkal if application is made through Internet and processing fee paid through credit card. It is advisable to initiate action for obtaining PAN will in time.

 

Mine is showing errors too.... lemme wait for 10 hours to see an update from them

 

It takes around 15 days. Application procedure is simple and you will get the PAN card at your home via post.

 

Nice post man. I consider myself lucky that I got my PAN two days ago and today Paypal asked for it.

 

umm when i m updating my pan card it shows error
what shall i do ?

 

Added My PAN card.. will they be updating the pan card everytime we withdraw ?? coz i withdraw funds in my moms account and my account both will offcourse have different pan card numbrs

 

BINGO .. Just got the reply(copy paste reply) from Paypal

 

Rs. 1.6L per month or per transaction? Explain this a bit bro..

 

1.6 lac per year not month

 

My PAN got verified.

 

I have tried to verify but paypal is not accepting my PAN card too and I have 7 years old pan card. Name at my paypal is Kanakkumar Rajni and on pan card it is Kanakkumar Gamanlal Rajni, is it due to this?

 

oh bad.. so what if a guy makes Rs.25L per year?

 

I have just talk to PayPal and they tell that They are asking Pan card for verify your Name and Bank details and also said that now you withdraw money to same Payee name for PayPal and bank and at last I asked should you send all payments details to RBI then thay said not sure about this you can ask this thing next week

 

Simple now all have to Pay Taxes i have few friends who make 40 lakh per year

 

ahh.. so how much are they paying every year?

 

Did you type your PAN in caps or no ??