PAN full form : Permanent Account Number
PAN stands for Permanent Account Number. This is a card containing 10 digit alpha numeric combination issued by the Income Tax Department of India. Under the section 139A an act of 1961. It is given by the Indian Income Tax Department under the management of the Central Board for Direct Taxes (CBDT) and it likewise fills in as a significant verification of distinguishing proof.
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Format of Pan Card
The initial three letters are arrangement of letter sets, from AAA to ZZZ.
The fourth character indicates about the holder of the card. Every holder is extraordinarily characterized as beneath:
- A - Association of Persons (AOP)
- B - Body of Individuals (BOI)
- C - Company
- F - Firm
- G - Government
- H - HUF (Hindu Undivided Family)
- L - Local Authority
- J - Artificial Judicial Person
- P - Individual
- T - AOP (Trust)
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Uses of PAN card
The primary purpose of the PAN is to bring a universal identification to all financial transactions and to prevent tax evasion by keeping track of monetary transactions, especially those of high-net-worth individuals who can impact the economy.
Quoting the PAN is mandatory when filing income tax returns, tax deduction at source, or any other communication with the Income Tax Department. PAN is also steadily becoming a mandatory document for opening a new bank account, a new landline telephone connection / a mobile phone connection, purchase of foreign currency, bank deposits above ₹50,000, purchase and sale of immovable properties, vehicles etc.
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1) How can i get my permanent account number?
Container card online application: The Income Tax Department gives a ten-digit alphanumeric identifier Permanent Account Number (PAN). ...
The individuals who apply online must visit the Tax Information Network or the Income Tax Department entryway:
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