- Lawyer Mr. Shaman Jain
- Skills Government Registrations
- CATEGORY Government Registration, Tax Registrations & Filings
ABOUT THIS PRACTICE
PAN or Permanent Account Number is a 10 digit alpha-numeric identity issued by the Income Tax Department of India. Tracking and managing of all the income tax assessee in India can be conveniently done through a unique account number allocated by the Income Tax Department.
PAN must be acquired before getting into certain transactions, even though the PAN card application is entirely voluntary. There is a specified amount limit which when exceeded requires PAN details. An organization needs to apply for PAN card within the 30 days of its formation .
- Compulsory for opening Bank Accounts: PAN is the most crucial KYC document which must be submitted to bank while opening a savings /current bank account by an individual or an entrepreneur.
- Mandatory for filing ITR: Permanent Account Number is vital while filing for individual’s or business's.
- Nationalized Identity Card: One can always use Pan Card as an identity proof . PAN card has become a basic necessity in all the activities of an individual or a business be it opening a bank account or any Government registration, PAN is must.
- For TDS and TCS transactions: PAN details also play an important role in tax deduction or collection at source. One must always mentioned PAN details in such cases as this connects the tax credit with concerned person's account.
- Mention PAN in specified cases: In some cases of transactions where amount is specified for cases like property transfer, bank deposit, payment of bills etc government requires the PAN details to be mentioned.
- Address Proof: Copy of Aadhar Card or other address proof, in case of individual
- Photograph: Two passport size photograph, in case of individual
- Birth Certificate: Copy of Birth Certificate, in case of Minor
- Proof from Parents: ID proof and Address proof of any of the parent
- Certificate of Incorporation: CoI in case of company and LLP
- Agreement: Agreement in case of LLP and Partnership Firm
For unique identification, a specified structure of 10 digit code is provided
- First three characters: Alphabetical series from AAA to ZZZ
- Fourth Character: Informs about status of assessee
- Fifth Character: Fifth character of assessee’s last name
- Sixth to Ninth Characters: Sequential numbers from 0001 to 9999
- Tenth Character: Numeric check digit generated automatically