What is PAN |
Who should apply |
Why PAN is needed |
Correction in PAN |
Lost PAN card |
Documents required |
Documents for Corporates |
Who should apply
One should apply for new PAN Card when the applicant has never applied for a Permanent Account Number (PAN) or does not have a PAN allotted to him.
All existing taxpayers or persons who are required to furnish a return of income, either on behalf of self or others, must obtain PAN.
Any person, who intends to enter into economic or financial transactions where quoting PAN is mandatory, must also obtain PAN.
Section 160 of IT Act, 1961 provides that a non-resident, minor, lunatic, idiot, and court of wards and such other persons may be represented through a Representative Assessee. In such cases, application for PAN will be made by the Representative Assessee.
What is PAN
PAN stands for Permanent Account Number (PAN).
It is a ten-digit alphanumeric number, issued by the Income Tax Department of India. The PAN is issued to an individual or entity and it is valid across India. PAN once allotted is unaffected by a change of name, address within or across states in India or other factors.
Example of a PAN : ABCPD1432K
1st three characters are randomly assigned among AAA to ZZZ 4th character may be one of the following "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 5th character is the 1st letter of PAN holder's surname
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