Legal Safe

PAN

Permanent Account Number (PAN)
is a ten-digit alphanumeric number, issued in the form of a laminated card, by the Income Tax Department, to any "person" who applies for it or to whom the department allots the number without an application.

PAN enables the department to link all transactions of the "person" with the department. These transactions include tax payments, TDS/TCS credits, returns of income, specified transactions, correspondence, and so on. PAN, thus, acts as an identifier for the "person" with the tax department.

PAN was introduced to facilitates linking of various documents, including payment of taxes, assessment, tax demand, tax arrears etc. relating to an assessee, to facilitate easy retrieval of information and to facilitate matching of information relating to investment, raising of loans and other business activities of taxpayers collected through various sources, both internal as well as external, for detecting and combating tax evasion and widening of tax base.

A typical PAN is AFZPK7190K.

First three characters i.e. “AFZ” in the above PAN are alphabetic series running from AAA to ZZZ

Fourth character of PAN i.e. "P" in the above PAN represents the status of the PAN holder.
"P" stands for Individual,
"F" stands for Firm,
"C" stands for Company,
"H" stands for HUF,
"A" stands for AOP,
"T" stands for TRUST etc.

Fifth character i.e. "K" in the above PAN represents first character of the PAN holders last name/surname.

Next four characters i.e. "7190" in the above PAN are sequential number running from 0001 to 9999.

Last character i.e. "K" in the above PAN is an alphabetic check digit.

With effect from April 08, 2012, PAN applications are required to be furnished in the new forms prescribed by ITD. Indian citizens will have to submit their Application for allotment of new PAN in revised Form 49A only. Foreign citizens will have to submit their Application for allotment of new PAN in newly notified Form 49AA only.

Types of PAN Applications

There are two types of PAN applications:

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 ITDs website www.incometaxindia.gov.in to find whether a PAN has been allotted to him or not.

Following forms have been notified by ITD (w. e. f. November 1, 2011) 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.

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.

As per provisions of Section 272B of the Income Tax Act., 1961, a penalty of ? 10,000 can be levied on possession of more than one PAN.

Documents Required

Applicant should ensure that the necessary supporting documents (as specified under Rule 114 of Income Tax Department) are submitted along with the application. The details of the documents required are also provided in the application form. Name mentioned in Application form and Name in the Proof of Identity /Proof of Address should match exactly.

>> Apply on-line

>> Track applied PAN

>> Download E-PAN

>> Reprint PAN Card (Duplicate)

Click for Start Business Apply for DSC File your Income Tax Return

--- LEGAL SAFE ---

OUR SPECIALIZATION IN COURT CASES
Arbitration ! Civil ! Company ! Contract ! Criminal ! Educational ! Matrimonial ! PIL ! Recovery ! Service

OUR PRESENCE