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PAN Card services
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Permanent Account Number (PAN) is a code that acts as identification for Indian nationals, especially those who pay Income Tax. It is a unique, 10-character alpha-numeric identifier, issued to all judicial entities identifiable under the Indian Income Tax Act, 1961. It is issued by the Indian Income Tax Department under the supervision of the Central Board for Direct Taxes (CBDT) and it also serves as an important proof of identification.
The PAN is mandatory for a majority of financial transactions such as opening a bank account, receiving taxable salary or professional fees, sale or purchase of assets above specified limits etc.; especially high-value transactions.
Structure and provisions
- Income Tax PAN Card is issued under Section 139A of the Income Tax Act.
- The PAN structure is as follows: AAAPL1234C: First five characters are letters, next four numerals, and last character letter.
- The first three letters are sequence of alphabets from AAA to ZZZ
- The fourth character informs about the type of holder of the card. Each holder is uniquely defined as below:
- A — Association of Persons (AOP)
- B — Body of Individuals (BOI)
- C — Company
- F — Firm
- G — Government
- H — HUF (Hindu Undivided Family)
- L — Local Authority
- J — Artificial Juridical Person
- P — Individual
- T — AOP (Trust)
- K — Krish (Trust Krish)
- The fifth character of the PAN is the first character
- (a) of the surname or last name of the person, in the case of a "Personal" PAN card, where the fourth character is "P" or
- (b) of the name of the Entity, Trust, society, or organisation in the case of Company/ HUF/ Firm/ AOP/ BOI/ Local Authority/ Artificial Judicial Person/ Govt, where the fourth character is "C","H","F","A","T","B","L","J","G".
- The last character is an alphabetic check digit.
In recent times, the DOI (date of issue) of the PAN card is mentioned at the right (vertical) hand side of the photo on the PAN card if issued by NSDL and will not be mentioned if issued by UTI-TSL. The central government has introduced a new online service called "Know Your PAN" to verify or validate new and existing PAN numbers.
Use of PAN
- The primary purpose of the PAN is to bring a universal identification to all financial transactions and to prevent tax evasion by keeping track of monetary transactions, especially those of high-net-worth individuals who can impact the economy.
- The PAN is unique to each individual and is valid for the life time of the holder, throughout India. An important point to note would be that once issued, the PAN is not affected by a change of address.
- Quoting the PAN is mandatory when filing Income Tax returns, tax deduction at source, or any other communication with Income Tax Department.
- PAN is also steadily becoming a mandatory document for opening a new bank account, a new landline telephone connection / a mobile phone connection, purchase of foreign currency, bank deposits above Rs. 50,000/=, purchase and sale of immovable properties, vehicles etc
Obtaining PAN
- Obtaining PAN is optional and voluntary like passport, driving license, Aadhaar etc. However, its use is mandatory at required places, like PAN for high-value financial transactions, Driving License for motor driving, passport for foreign travel etc..
- One can apply for PAN by submitting the prescribed PAN application to the authorized PAN agency of the district or through online submission to NSDL, UTI along with 2 recent passport size color photographs, proof of ID, Address and Date of Birth and fee. In case of Re-print (re-issue), a photocopy of the old PAN is also required. It takes about 10–15 days to receive the card.
- There are two types of PAN applications:
- 1. Application for allotment of PAN: - This application form should be used when the applicant has never applied for a PAN or does not have PAN allotted to him. Applicant may visit ITD’s website www.incometaxindia.gov.in to find whether a PAN has been allotted to him or not.
Following forms have been notified by ITD for submitting applications for allotment of new PAN:
FORM 49A: - To be filled by Indian citizens including those who are located outside India. FORM 49AA: - To be filled by foreign citizens - 2. Application for new PAN Card or/and Changes or Corrections in PAN Data: - Those who have already obtained the PAN and wish to obtain the new PAN card or want to make some changes / corrections in their PAN data, are required to submit their applications in the following form prescribed by ITD:
'REQUEST FOR NEW PAN CARD OR/AND CHANGES OR CORRECTION IN PAN DATA’:- The same form can be used by Indian as well as foreign citizens. A new PAN card bearing the same PAN but updated information is issued to applicant in such case.
- 1. Application for allotment of PAN: - This application form should be used when the applicant has never applied for a PAN or does not have PAN allotted to him. Applicant may visit ITD’s website www.incometaxindia.gov.in to find whether a PAN has been allotted to him or not.
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