The Permanent Account Number or PAN is the authentic alphanumeric code consisting of 10 characters alloted to the individuals, HUF and business-firms in India and abroad.
PAN Registration
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Overview - PAN
The Permanent Account Number, or PAN, is a system for identifying different types of taxpayers across the country. PAN is a 10-digit alphanumeric number (which includes both alphabets and numbers) assigned to Indians, mostly those who pay taxes.
The PAN system of identifying is a computer-based system that assigns each Indian taxpaying entity a unique identification number. All tax-related information for a person is recorded using this system, which uses a single PAN number as the primary key for data storage. Because this information is shared across the country, no two people who work for tax-paying entities can have the same PAN.
When an entity is assigned a PAN, the Income Tax Department also issues a PAN Card. PAN Card is a tangible card that contains your PAN, as well as your name, date of birth (DoB), and portrait. Copies of this card can be used to prove your identification or date of birth.
Because it is unaffected by changes in address, your PAN Card is valid for life.
ABOUT TAN REGISTRATION
Concept
Individuals, HUFs, and businesses in India and overseas are assigned a unique 10-character alphanumeric code known as a Permanent Account Number (PAN).
Who issues PAN card?
The Income Tax Department has delegated this authority to NSDL and UTI, which issue PAN cards on behalf of the IT department and under the supervision of the CBDT.
Who can apply?
Individuals, HUFs, and all types of businesses are eligible. It is required of all individuals who generate taxable income and must pay income tax.
Validity of PAN card
Unless you submit it to tax officials, your Pan Card is valid for life. The PAN is generated once and does not need to be renewed.
Where PAN Required?
PAN is required for submitting income tax returns, opening a bank account, taking out a loan, purchasing and selling real estate, foreign exchange, bank deposits, and other financial transactions.
How to verify the PAN?
The Government provides an online platform called “Know Your PAN” where anyone may simply verify and confirm their PAN number’s authenticity.
BENEFITS OF PAN CARD
Easily open your bank account
For the purpose of opening a current or savings bank account, all banks and financial institutions require a valid PAN card.
No hurdle to any business transaction
When completing a TDS return with TAN, the status of the booking is also recorded. This allows the deductor to check whether his return matches the TDS statement he filedThe government has made the PAN card mandatory for all businesses under the 2010 amendment to the Income Tax Act, 1961.
Claim your IT Refunds and Rebates
If the amount of TDS exceeds the amount of income tax you are required to pay, you may be entitled to a refund. Only if your TDS deduction is linked to your PAN and you file an income tax return on time may you get a refund from the IT department.
TDS Rebate on saving deposits
If your yearly savings account interest earnings surpass INR 10,000/-, TDS will be deducted at a rate of 10% if you have a PAN card; otherwise, TDS will be deducted at a rate of 20%.
An opening of the demat account
A PAN card is necessary to open a dematerialized account, also known as a demat account, in which all of your shares and securities are maintained in an electronic or dematerialized version.
Avail Loan Facility
Banks and other financial institutions will not provide you a loan or credit unless you have a valid PAN card.
Buying & selling property
You must provide your PAN card details if you want to buy or sell an immovable property valued more than INR 10 lakhs.
DOCUMENTS REQUIREMENT FOR PAN REGISTRATION
Passport-sized Photo
Aadhaar Card Copy
Steps & Procedures
Complete Roadmap of Process of PAN Registration
1
Fill the above Form and make the payment
2
Our Tax expert will reach you soon after query
3
Submit or Upload The Required Documents
4
will fill and submit PAN application form 49A
5
An Acknowledgement Receipt will be provided to you
6
PAN shall be delivered at your doorstep within a few days
Frequently Asked Question
What is PAN?
What is the penalty for not obtaining PAN card?
The penalty of not having a PAN card if its mandatory amounts to INR 10,000 under Section 272B of Income Tax Act.
Who must apply for PAN?
People who are for the persons earning taxable income, i.e. they are required to pay Income Tax and file Income Tax Returns are mandatory to bear the PAN card.
How much transaction need PAN card
All transactions exceeding INR 50,000 can be done only through a PAN card.
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