Let’s see the importance of pan card, PAN stands for Permanent Account Number which is issued by the Income Tax Department. A PAN number is a unique ten-digit alphanumeric number utilized for various financial-related aspects. This laminated plastic card connects all the transactions made by an individual or an entity, thus preventing evasion.
WHO CAN APPLY FOR A PAN CARD?
Individual
Partnership firm
Company
Hindu Undivided Family (HUF)
Trust
Society
Note: proprietorship firms cannot obtain a Pan card. The proprietor’s pan can be used for business.
USES OF PAN CARD
A PAN card helps to identify the transactions of an individual or an entity.
These transactions take account of income tax, Tax Deducted at Source (TDS) credits or Tax Collected at Source (TCS) credits, personal transactions, etc.
It enables easy obtaining of PAN holder’s details and various investments, loans, and other business activities.
Documents required for Pan card
S.No
Types
Details
01.
Individual
Address Proof and ID Proof of the Individual
02.
HUF
Address Proof and ID Proof of the Karta
03.
Partnership Firm
Copy of Certificate of Registration issued by the Registrar of Firms or Copy of partnership deed.
04.
LLP
Copy of the Certificate of Registration issued by the Registrar of Firms
05.
Company
Copy of Certificate of Registration issued by the Registrar of Companies.
06.
Trust
Copy of the Registered Trust Deed
07.
Society
Society Registration Certificate
08.
Foreign National
Passport (or) Overseas Citizen of India (OCI) Card/Person of Indian Origin (PIO) Card, Bank Statement of the residential Country
HOW TO APPLY FOR A PAN CARD?
First login to the Government portal of TIN-NSDL and navigate to the PAN section under ‘Services’ to apply online.
Fill up basic details such as name, mobile number, and email id
You will now be moving on to the next page where you need to select the way to submit the documents for your PAN card application. The three options are either submitting the documents digitally using e-KYC and e-sign, submitting scanned images via e-sign, or forwarding documents physically.
At the next step you will have to fill in the details related to your source of income and your residential address.
Finally, enter information about the documents you have submitted as proof of your identity, address, and date of birth. You will also be asked to upload your photograph and signature
pan card number example:
Pan card number is a ten-digit number with alphanumeric characters.
First three digits are random letters from AAA to ZZZ.
the Fourth digit defines your status, whether you are an individual or a partnership firm or a company
“P” denotes Individual
“C” denotes Company
“H” denotesHindu Undivided Family (HUF)
“A” denotes Association of Persons (AOP)
“B” denotes Body of Individuals (BOI)
“G” denotes Government Agency
“J” denotes Artificial Juridical Person
“L” denotes Local Authority
“F” denotes Firm/ Limited Liability Partnership
“T” denotes for Trust
Fifth digit says your name’s first letter of the last name or surname
Sixth to ninth digits are again random numbers from 0001 to 9999
And the last digit is alphabetical check number
VALIDITY OF PAN CARD:
The validity of a pan card is lifetime validity.
WHY DO YOU NEED A PAN CARD:
Buy or sell something which is valued at more than 5 lakhs
Open a current or savings account in a bank
To get a debit or a credit card
To get loans
Opening deposits (such as fixed deposit or time deposit) of more than 50 thousand in a bank or post office
Invest in the stock market or mutual funds
For telephone connection
Often used as a proof
LOSS OF PAN CARD:
File the complaint in the police station and get an FIR copy (it prevents you from fraud)
Go to the nearby PAN office
Fill out the Form 49A with correct details
Attach the ID proof, address proof and paste the passport size photo
