Permanent Account Number (PAN) is a ten-digit alphanumeric number, for eg. AAAAA0000A, issued in the form of a laminated card, by the Indian Income Tax Department, to any “person” who applies for it or to whom the department allows the number without an application.
PAN enables the department to link all transactions of the “person” with the department. These transactions include tax payments, TDS/TCS credits, returns of income/wealth/gift, specified transactions, correspondence, and so on. PAN, thus, acts as an identifier for the “person” with the tax department.
Important Points in relation to PAN
PAN is a nationally accepted proof of identity in India. PAN is unique to every PAN card holder in India.
Benefits to NRI
If you are an NRI and wish to claim benefits of non-deduction or lower-deduction in India, you must obtain PAN. For purchasing or selling of property in India, you need PAN.
Use of PAN
PAN is required usually for bank account opening. It is also mandatory in various transactions beforehand. It is a must that you quote PAN in your Income tax return.
Online filing of an application
Easy documentation and Faster processing
What is the use of PAN card?
Permanent Account Number (PAN Card) is considered the most prominent proof of identification. The Indian Tax Department issues the PAN card to monitor income tax returns and regulates the economy. It is, therefore, mandatory for every person Indian or foreigner have the PAN card. The PAN is the mode of identification of government and private organizations recognized in the Know Your Customer norms.
Why should I have the PAN card number even if am a foreigner?
The PAN is mandatory for NRI and investors, and one must give their PAN card details in their investment activities
Can an application for PAN be made through Internet?
Yes, application for fresh allotment of PAN can be made through the Internet.
Do you need to apply for a PAN when you move or transfer from one city to another?
No. Changing the address or city must be intimated to nearest IT PAN Service Center or TIN Facilitation Center for required correction in PAN databases of the Income Tax department. These requests will have to be made in a form for ‘Request For New PAN Card Or/ And Changes In PAN Data’
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