PAN Application in India

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PERMANENT ACCOUNT NUMBER

PAN stands for Permanent Account Number which is a 10 digit alpha-numeric identity which is used to track and manage all the Income Tax assess in India.
PAN is a unique account number issued by the Income Tax Department.
PAN card application is not compulsory, but must be obtained before engaging into any certain transactions. Also For financial transaction exceeding a specified amount, quoting PAN is mandatory.

DOCUMENTS REQUIRED FOR PAN REGISTRATION

Individual & HUF

Identity proof & Address proof

Voter ID/ Driving License /Passport/ Ration card of individual and karta in case of HUF.
An affidavit made by the Karta of Hindu Undivided Family stating name, father’s name and address of all the coparceners on the date of application (In case of HUF).

Date of Birth proof

Any document of identity and address proof displaying date of birth.
In case date of birth is not mentioned above documents:
Marksheet of recognized board/ Birth certificate issued by the municipal authority.

Firm, BOI, AOP, AOP (Trust), Local Authority, Company, Limited Liability Partnership, Artificial Juridical Person

Company/ LLP

Certificate of Incorporation.

Partnership Firm/ Trust

Registration certificate/ Partnership Deed in case of partnership/ Trust deed in case of trust.

AOP/ BOI/ Local Authority/ Artificial Juridical Person

Certificate of registration/ any other document from government department establishing identity and address of the person.

BENEFITS OF PAN REGISTRATION

Easy accessibility of bank account and credit

All banks and financial institutions mandatorily requires a PAN card for easily opening of bank account, provided loan or credit facility.

IT Refund Claim

In case of any claim of IT Refunds and Rebates linking of PAN is mandatory.

TDS deduction of PAN holders

In case of TDS Rebate on saving deposits, the TDS deduction to a PAN card Holder will only be 10% otherwise it would be 20%.

Opening of Demat Account

For the purpose of opening a demat account PAN is mandatorily required.

Frequently Asked Questions

What is meant by PAN?

PAN refers to a Permanent Account Number which is the unique 10-character alphanumeric code which acts as an identification number.

Who is eligible to apply for PAN?

Any person like Individual, HUF and all types of business entities are elegible to apply for PAN. It is compulsory for the person who are earning taxable income, and are liable to pay Income Tax.

Who is eligible to issues PAN card?

The Income Tax Department has delegated the power of issuing PAN card to NSDL and UTI.
NSDL and UTI on the behalf of Income Tax department and under the supervision of CBDT issues the PAN card.

What is the Validity of PAN card?

Validity period of Pan Card is for lifetime unless the PAN holder himself surrender it to tax authorities. PAN generation is one-time process and it requires no renewal.

Where does PAN is required?

PAN is compulsory in the following –

Filing income tax return
Opening of bank account
availing loan
buying & selling a property
foreign exchange
bank deposit
Other financial facilities.

How much amount of transaction mandatorily require PAN card?

All transactions exceeding INR 50,000 mandatorily require PAN card.

What penalty is levied for not obtaining PAN card?

If in case the person is mandatorily required to obtain PAN card and had failed to obtained it, the penalty of amounts to INR 10,000 is levied under of Income Tax Act.

Can one person hold more than one PAN card?

Only one Person can hold one PAN card. In case a person holds more than one PAN, a penalty of Rs. 10,000/- shall be levied. Thus, person holding more than one PAN must immediately surrender it.

Do the applicant requires to present physically for registration?

No, You are not required to be physically present for the registration process.