Obtain PAN Number for permanent identity
What is a Permanent Account Number?
PAN or Permanent Account Number is a 10 digit alpha-numeric identity issued by the Income Tax Department of India. It is a unique account number allocated by the Income Tax Department, which is used to track and manage all the Income Tax assessee in India.
Although the PAN card application is voluntary, it must be obtained before engaging in certain transactions. For entering into a financial transaction exceeding a specified amount, quoting PAN is compulsory. Also, every business entity must apply for PAN card application within the 30 days of its formation or incorporation.
Requirements of Permanent Account Number
Mandatory for filing ITR
For filing individual’s or businesses ITR, quoting Permanent Account Number is a must. All the information filed is associated with PAN for faster assessment and processing.
Compulsory for opening Bank Accounts
Every individual or business entrepreneur requires to open a savings/current bank account, needs to submit some specified KYC documents among which PAN is the most essential document.
Mention PAN in specified cases
Government has specified certain transactions where quotation of PAN is mandatory. Amount is specified for property transfer, bank deposit, payment of bills and more.
Nationalized Identity Card
Pan Card is accepted as identity proof for every individual and all the way to the businesses. From opening a bank account to Government registration, PAN card of individual or business is a primary requirement.
For TDS and TCS transactions
Every person, deducting or collecting tax at source must mention own PAN and also of the deductee. By quoting a PAN, the tax credit will be associated with concerned person’s account.
Documents Requirement for PAN Application
Address Proof
Copy of Aadhar Card or other address proof, in case of individual
Proof from Parents
ID proof and Address proof of any of the parent
Photograph
Two passport size photograph, in case of individual
Certificate of Incorporation
CoI in case of company and LLP
Birth Certificate
Copy of Birth Certificate, in case of Minor
Agreement
Agreement in case of LLP and Partnership Firm
Structure of PAN
Alphabetical series from AAA to ZZZ
Sequential numbers from 0001 to 9999
Informs about status of assessee
Numeric check digit generated automatically
Fifth character of assessee’s last name
Apply for PAN in 3 Easy Steps
1. Answer Quick Questions
- Spare less than 5 minutes to fill in our Questionnaires
- Provide basic details & documents required for online PAN registration
- Make payment through secured payment gateways
2. Experts are Here to Help
- Preparation and verification of application
- Submission of online PAN Card Application
- Acknowledgment receipt of an application filed
3. Your PAN is assigned
- All it takes is 3 working days*
PAN Card Application Process
Day 1 Collection
- Collection of required documents
Day 2 Submission
- Preparation and verification of Application
- Handing the Application to Income Tax Authority
- Sharing acknowledgment receipt
Day 3 - 10 Government Processing
- Application processing by IT department
Explore PAN registration process
Any Indian citizen, including a minor, can apply for allotment of Permanent Account Number by furnishing valid proof and documents. Foreign individual or entity can also apply for PAN allotment.
Yes, every business established in India must apply for PAN card online or offline within the 30 days of establishment. However, sole proprietorship firm does not need so as it does not have a separate identity from its owner.
Once the application for PAN Card is forwarded, generally it takes 5 – 7 working days for allotment of PAN. However, receipt of physical PAN card may take time.
The Permanent Account Number, once allotted, comes with lifetime validity for individuals and business entities. If the businesses entities are dissolved or closed, it must surrender the allotted PAN.
A Person cannot hold more than one PAN card. If a person holds more than one PAN, a penalty of Rs. 10,000/- may be imposed under section 272B. Therefore, the person holding more than one PAN must surrender it immediately.
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