Permanent Account Number (PAN)
What is 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 PAN holder with the department. These transactions include tax payments, TDS/TCS credits, returns of income/wealth/gift/FBT, specified transactions, correspondence, and so on. PAN, thus, acts as an identifier for the person with the tax department. It also serves as an important ID proof.
Why is it necessary to have PAN?
It is mandatory to quote PAN on return of income, all correspondence with any income tax authority. It is also compulsory to quote PAN in all documents pertaining to the following financial transactions:
The primary purpose of PAN is to bring a universal identification key factor for all financial transactions and indirectly prevent tax evasion by keeping a track of monetary transactions of high net worth individuals.
Who must obtain PAN?
The following persons need to obtain PAN:
How to Obtain PAN?
The application for PAN must be made on Form 49A, which can be obtained from IT PAN Service Centers or TIN Facilitation Centers, or can be downloaded from the website of the Income Tax Department, UTI Investor Services or NSDL. The completed form is then submitted to any TIN Facilitation Center or PAN Service Center.
The following documents should be attached with the application form:
Non Residents, have the option of applying through a resident representative, or they can apply directly in case they are residents of one of the 90+ countries listed on their web site as mailing locations.
How we may help you?
Our team has the hands on experience of obtaining PAN for our clients. We can assist you in:
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