As a student I have received only receipts from ICAN.
Does ICAN issue PAN-Invoices to the member firms upon renewal of their firms? If not, as per sec 21, such payments without a PAN would be disallowed right?
As per Rule 23(4) of Income Tax Regulations, 2059, a person conducting business after obtaining a PAN shall issue PAN Bills in serial-wise numbers mentioning own name and address.
Is ICAN not conducting business and hence not required to issue PAN bill under above rule or is it something else? If it is not a business then I’ve heard the ICAN is registered in VAT. If that hadn’t been a business then why is ICAN registred in VAT?
I think I have jumbled up all such things that I’ve heard, seen and known.