PARMANENT ACCOUNT NUMBER: Hello friends, How are you all? I hope you are doing well. Today I am welcome you on a necessary document related topic. Yes, guys the topic is information about Parmanent Account Number. If you want to learn more about PAN then continue reading this article till end.
What Is PAN?
If we talk about the expanded form of PAN then it is a permanent account number. It is a ten-character alphanumeric identifier which is issued in the form of a laminated “PAN card”. Permanent account number is issued by the Indian Income Tax Department to any “person” who entitled for it. Generally it is issued in card form but it can also be obtained in the form of a PDF file. A PAN is used as an important proof of identification.
Design Or Structure Of Parmanent Account Number
The structure of PAN is as follows-
1) Fourth character i.e. P —Means Individual or Person. For Example: AAAPZ1234C
2) The first five characters are letters and these characters are by default in uppercase followed by four numerals, and the last or we can say tenth character is a letter.
3) The first three characters are three letters forming a sequence of alphabetical letters from AAA to ZZZ.
4) The fourth character in PAN identify the type of the card holder. Each holder is uniquely defined by a letter from the list below:
A — AOP (Association of persons)
B — BOI (Body of individuals)
C — Company
F — Firm
G — Government
H — HUF (Hindu Undivided Family)
L — Local authority
J — Artificial juridical person
P — Person (Individual)
T — Trust (AOP)
5) The fifth character of the Parmanent account number is the first character of either: of the first name, surname or last name of the person, in the case of a “personal” PAN card or of the name of the entity, trust, society, or organization in the case of a company/HUF/firm/AOP/trust/BOI/local authority/artificial judicial person/government, where the fourth character is “C”, “H”, “F”, “A”, “T”, “B”, “L”, “J”, “G”.
6) The last (tenth) character is an alphabetic digit.
Purpose Of Holding PAN Card
The primary purpose of the Parmanent account number is universal identification of all financial transactions and to prevent evasion of tax by keeping track of monetary transactions, especially those of high-net-worth individuals who can impact the economy. Holding a Parmanent account number is optional or voluntary like any other documents passport, driving license, Aadhaar etc. but its use is mandatory for conducting for financial transactions.
Uses Of PAN Card
Parmanent Account Number is a very useful as well as necessary document. Its uses are as follows-
1) PAN is mandatory document while filing income tax returns, tax deduction at source, or any other communication with the Income Tax Department.
2) Now a days Parmanent account number is also becomes a necessary document for opening a new bank account, a demat account, a new landline telephone connection / a mobile phone connection, purchase of foreign currency, bank deposits above ₹50,000, purchase and sale of immovable properties, vehicles etc.
How To Apply For PAN Card?
Anyone can apply for Parmanent Account Number by submitting the specified PAN application to the authorized PAN agency of the district. It also can be done through online submission to NSDL Website, UTI along with 2 recent passport size color photo, ID proof, Address proof and Date of Birth proof and lastly the prescribed fee. In case of re-print (re-issue) of PAN, a photocopy of the old PAN is required in addition to these documents. It takes about 10–15 days to receive the PAN card.
Steps To Apply For PAN Online-
1) Go to the NSDL website (https://www.onlineservices.nsdl.com/paam/endUserRegisterContact.html) to apply for a new PAN.
2) Select the Application type for which you want to apply like New PAN for Indian citizens, foreign citizens or for change/correction in existing PAN card.
3)Now click on select category like individual, associations of persons, a body of individuals, etc.
4) Here fill all the required details like name, date of birth, email address and your mobile number in the form.
5) Click on submit. Here we will get a message regarding the next step.
6)At this step click on the “Continue with the PAN Application Form” button.
7)Here we are redirected to the new page and at this page we have to submit our digital e-KYC.
8) Select whether you required physical PAN card or not and fill the last four digits of your Aadhaar number.
9) Enter your personal details like contact and other details in the next part of the PAN form.
10) Enter your area code.
11) Finally the last part is document submission and declaration.
12) Now the payment section come where we have to make payment by using any mode like demand draft or through net banking/debit/credit card.
13) A payment receipt will be generated on successful payment. Save each for future reference.
I hope guys this article will help you to get your Parmanent Account Number easily. Still if you have any kind of query or suggestion regarding PAN then feel free to drop a message in the comment box. I will definitely resolve all your queries and will work on your suggestions.