Permanent Account Number (PAN)

A permanent account number (PAN) is a ten-character alphanumeric identifier, issued in the form of a laminated “PAN card”, by the Indian Income Tax Department, to any “person” who applies for it or to whom the department allots the number without an application. It can also be obtained in the form of a PDF file. PAN stands for Permanent Account Number. A PAN number is a ten-digit number in alphabets and numerical, or in ‘alphanumeric’ terms, that is allocated by the income tax department to all the taxpayers, and is unique with each individual.

A PAN is a unique identifier issued to all judicial entities identifiable under the Indian Income Tax Act, 1961. The income tax PAN and its linked card are issued under Section 139A of the Income Tax Act. 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.

PAN, or Permanent Account Number, is a unique 10 digit alphanumeric identity assigned to each taxpayer by the Income Tax Department under the authority of the Central Direct Tax Council. It also serves as proof of identity. PAN is mandatory for financial transactions such as receiving salary or taxable fees, selling or buying assets above a certain limit, buying mutual funds, and others.

The main purpose of PAN is to use universal identification keys to track financial transactions that may have a taxable component, to prevent tax evasion. PAN numbers remain unaffected by address changes across India.
Permanent Account Number (PAN) was introduced by Income Tax Authority of India for easy retrieval of appropriate information and information related to appraiser investments, tax payments, loans, valuations, tax refund claims, tax due and others. Permanent Account Number (PAN) is unique, national and permanent. He is not affected by the change of address even between states in India. As a universal identification key, PAN helps to monitor all financial transactions of wealthy individuals and thus indirectly prevents tax evasion. The Pan Card is issued by the Indian Department of Income Tax under the supervision of the Central Council for Direct Taxes (CBDT) and is almost equivalent to a national identification number. It also serves as an important proof of identity. Effective January 1, 2005, all payments to the Income Tax Office must include a Fixed Account Number Chalan (PAN). It is also mandatory to cite the PAN in all documents related to most financial transactions.

Types of PAN Card

Types of PAN cards vary based on the taxpayer for whom it is made. Various types of PAN card are listed as follows:

  • PAN card for Individual taxpayers
  • PAN Card for a Company or organization
  • PAN cards for partnership firms or business units
  • PAN cards for Trusts and cooperative societies

Documents Required For PAN Card

  • PAN Card can be obtained by both Indian residents as well as NRIs.
  • All kinds of assessees can get a PAN card whether it is an individual, HUF, Trust, Company, Firm or a Co-operative Society.
  • For HUFs and individuals who are Indian citizens and residents, they need to submit Identity proof, Address proof and Date of Birth.
  • For assessees like company, Trust, LLP, etc., their registration document is required at the time of applying for a PAN Card.
  • For all other assessees who are NRIs or foreign nationals, Identity and Address proof is required for getting a PAN.

Additional documents:

  • PAN application for companies requires Registration Certificate by the Registrar of the companies along with Identity and address proofs.
  • PAN application of Partnership firms: a partnership deed is required along with identity and address proofs.
  • PAN application for cooperative societies requires a certificate of registration along with identity and address proofs.

Lost PAN Card

At times, a PAN card is lost or is misplaced. However, it is not something to worry about. In case of a PAN card lost, one can get a duplicate PAN card online. To apply for a duplicate PAN card, you just need to visit the official website and fill the PAN card form 49-A. After the successful completion and payment of fee, a duplicate PAN card is delivered within 45 days.

How long does it take to get PAN card now?

New PAN card takes approx. 15 to 20 working days. Correction or Replacement card takes anything from 30 to 40 working days; however this may vary depending on the authorities discretion and load.

FAQs

Qus:-What is PAN Card?

Permanent Account Number (PAN) is a ten-digit alphanumeric number, issued in the form of a laminated tamper proof card, by the Income Tax Department of India.

The Permanent Account Number (PAN) is unique to an individual or entity and it is valid across India. Permanent Account Number once allotted to an individual or entity is unaffected by a change of name, address within or across states in India or other factors.

Qus:-How long is the PAN card valid?

A PAN number, once allotted, is a unique identifier for a taxpayer that remains valid until a lifetime.

Qus:-Can PAN Cards be made online?

Yes, PAN cards can be made online, through the official NDSL website or UTIITSL website by filling in the online PAN card application form and paying the processing fee.

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