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Things to know
PAN Application
Permanent Account Number also known as PAN, is the number through which we can Identify various taxpayers of India. It is a system of providing unique identification to every legal person which facilitates the maintenance of database. All the detailed tax-related information of an entity or a person is recorded and maintained under a single PAN.
Before the notification of the Central Board of Direct Taxes (CBDT) in 2019, the Assessee was bound to quote PAN number on various forms under Income-tax Act and rules. But now Permanent Account Number (PAN) and Aadhaar can be used interchangeably. ie., Individuals can quote his Aadhaar number instead of PAN.
PAN is usually used while opening a bank account (other than a savings bank account), applying for credit or a debit card, opening a Demat account and also in various transaction of sales and purchases as per the rules of Income-tax.
A Permanent Account Number is a unique identification number assigned to an Assessee who is liable to pay tax. PAN consist of 10 alphanumerical digits.
The first three characters of PAN are alphabetic series starting from AAA till ZZZ.
The fourth character is an alphabet which represents the status of the PAN holder.
Fourth Alphabet |
Assessee |
---|---|
P |
Individual |
F |
Firm |
C |
Company |
H |
Hindu Undivided Family |
A |
Association of Person |
B |
Body of Individuals |
G |
Government Agency |
L |
Local Authority |
J |
Artificial Juridical Person |
T |
Trust |
The Fifth character of the PAN represents the first character of the PAN holder's last name/surname.
The next four characters of PAN are sequential numbers starting from 0001 to 9999.
The last character PAN is an alphabetic check digit.
PAN Card is important for taxpayers as it is necessary for all financial transactions and is used to track the inflow and outflow of your money. It is important when paying income tax, receiving tax refunds, and receiving communication from the Income Tax Department. PAN Card comprises of the following details:
How to apply for PAN Online?
PAN Card is issued by the Income Tax Department with help from PAN agencies, UTI ITSL (UTI Infrastructure Technology and Services Limited), and NSDL (National Securities Depository Limited).
There are several TIN-Facilitation Centres and PAN centres across the country, run by NSDL that help citizens get their PAN Card. Form 49A can be filed by Indian citizens, companies, NGOs, partnership firms, local bodies, and trusts. For Foreigners and foreign entities, the prescribed form is Form- 49AA.
For the online application, we can go to the NSDL website or the UTI ITSL website.
Online PAN application Through NSDL website:
For an individual, an Aadhaar card can be used as a single proof document.
To apply for a PAN card online through UTIITSL, we need to perform the following steps carefully-
How to apply for PAN Card Offline
Here are the steps we have to follow if we need to apply for PAN Card offline.
Income Tax PAN Services Unit,
NSDL e-Governance Infrastructure Limited,
5th floor, Mantri Sterling,
Plot No. 341, Survey No. 997/8, Model Colony, Near Deep Bungalow Chowk, Pune – 411016.
Documents Required to apply for a PAN Card
To apply for PAN Card, we need to provide the documents as per the chosen forms which are Form 49A or 49AA.
For an individual applicant.
For a Hindu Undivided Family (HUF)
For companies registered in India
Firms and Limited Liability Partnerships registered or formed in India.
For Trusts formed or registered in India.
For Association of Persons.
Applicants who are not citizens of India.
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