Every person who has not been allotted any permanent account number, is obliged to obtain permanent account number, if:

CS Executive · Tax Laws and Practice · PYQS · December 2021
Every person who has not been allotted any permanent account number, is obliged to obtain permanent account number, if:
(A) Any person carrying on business or profession whose total sales turnover or gross receipts are or is likely to exceed ₹3,00,000 in any previous year
(B) Any person carrying on business or profession whose total sales turnover or gross receipts are or is likely to exceed ₹5,00,000 in any previous year
(C) Any person carrying on business or profession whose total sales turnover or gross receipts are or is likely to exceed ₹10,00,000 in any previous year
(D) Any person carrying on business or profession whose total sales turnover or gross receipts are or is likely to exceed ₹20,00,000 in any previous year

Answer & Explanation:

Correct Answer: Option (B)

Official answer key: (B).

Topics: Income Tax Act, 1961

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