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PAN (Permanent Account Number)

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What is PAN Card?

  • 1.) 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.
  • 2.) The Permanent Account Number (PAN) is unique to an individual or entity and it is valid across India.
  • 3.) 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.

Why do you need PAN?

PAN is a unique identification number that enables each tax paying entity of India with the following:

  • Proof of Identity
  • Proof of Address
  • Mandatory for Filing
  • Registration of Business
  • Financial transactions
  • Eligibility to open and operate Bank Accounts
  • Phone Connection
  • Gas Connection

How to Update/Edit PAN Details?

You can change/update the PAN details by filling PAN change application by attaching desired documents for change.

Advantages of PAN card

  • 1.) Tax deduction.
  • 2.) Starting a business.
  • 3.) Claiming refund from income tax.
  • 4.) Buying a car.
  • 5.) Opening a Bank/Demat account.

Disadvantages of PAN card

  • 1.) Once you are alloted a PAN, you cannot escape from Income Tax department.
  • 2.) You have to produced PAN card for some specific transactopns

Documents Required For PAN

Individual Applicant

  • POI/ POA- Aadhaar, Passport, Voter ID, Driving Licence

Hindu Undivided Family

  • An affidavit of the HUF issued by the head of HUF along with POI/POA details

Company registered in India

  • Certificate of Registration issued by Registrar of Companies

Firms/ Partnership (LLP)

  • Certificate of Registration issued by the Registrar of Firms/ Limited Liability Partnerships and Partnership Deed.

Trust

  • Copy of Trust Deed or a copy of the Certificate of Registration Number issued by a Charity Commissioner.

Society

  • Certificate of Registration Number from Registrar of Co-operative Society or Charity Commissioner

Foreigners

  • Passport
  • PIO/ OCI card issued by the Indian Government
  • Bank statement of the residential country
  • Copy of NRE bank statement in India

Process Involved

  • STEP-1

Documentation

  • STEP-2

Preparation of documents

  • STEP-3

Filing of PAN application

  • STEP-4

Submission to Income Tax Department

  • STEP-5

Payment of Pan Fees

  • STEP-6

Pan Acknowledgement

Pan
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FAQs

Permanent Account Number (PAN) is a digit unique alphanumeric number issued by the Income Tax Department.

PAN information is available on the Income Tax Department's website i.e. https://www.incometax.gov.in/iec/foportal/ On the e-Filing website. You can also check your address by looking up your PAN number.

As per section 160 of the Income Tax Act, there is no minimum age requirement to avail a PAN card. All Indian and foreign citizens (including minors) and entities are eligible to apply for a PAN card.

It is one of the identity proofs. PAN is mandatory for financial transactions such as receiving taxable salary or professional fees, sale or purchase of assets above specified limits, buy property and mutual funds etc.

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