What is Permanent Account Number ?

The Income Tax Department of India issues PANs, or Permanent Account Numbers, which are alpha-numeric identifiers of 10 digits. The Income Tax Department issued this one-of-a-kind account number, which is used to track and manage all of India's income tax assesses. Although though applying for a PAN card is optional, there are some transactions that require it. PAN quotation is required if a financial transaction is made that exceeds a certain threshold. Every company entity must also apply for a PAN card within 30 days of being formed or incorporated.

Highlights of Permanent Account Number  

Concept 

The 10-character alphanumeric Permanent Account Number (PAN) is a special code assigned to each individual, HUF, and business company in India and overseas.

Who issues PAN card? 

This authority has been granted by the Income Tax Department to NSDL and UTI, who issue the PAN card on behalf of the IT Department and under the direction of CBDT. 

Who can apply ?

Any person, HUF, and other business entities. For those who must pay income tax and have taxable income, it is a requirement.

Validity of PAN card

Unless you give it up to the tax authorities, your Pan Card is good for life. The PAN is generated once, and it does not need to be renewed.

Where PAN required ?

PAN is required for the completion of an income tax return, the creation of a bank account, the application for a loan, the purchase and sale of real estate, foreign exchange, bank deposits, and other financial services.

How to verify the PAN ?

The government provides the website "Know Your PAN," through which anyone may quickly confirm and authenticate the PAN number's validity.

Documents required for Permanent Account Number 

  • Copy of Aadhar Card or other address proof, in case of individual.
  • Two passport size photograph, in case of individual.
  • Copy of Birth Certificate, in case of Minor
  • ID proof and Address proof of any of the parent
  • Self-attested ID Proof (Driving License/Passport/Voter ID/Aadhar Card).
  • Self-Attested Address Proof (Electricity Bill/Latest Bank Statement/Mobile Bill) (not older than 2 months).

Simple steps of Permanent Account Number

Answer Quick Questions

  • Spend no more than five minutes completing our questionnaires.
  • Give the fundamental information and paperwork needed for online PAN registration.
  • Use secure payment gateways to make payments

Experts are Here to Help

  • Application preparation and verification.
  • Application for a PAN card submitted online.
  • Acknowledging receipt of a submitted application.

Your PAN is assigned

  • It only takes three working days.

Features of Permanent Account Number

Identity
  • In India, PAN is a recognised form of identification. Every PAN card user in India has a different PAN. It connects every financial transaction a specific person or organisation has ever done.
Use of PAN
  • PAN is typically necessary to open a bank account. Also, it is required in advance of many transactions. With your income tax return, you must include your PAN.
Benefits to NRI
  • If you are an NRI and want to take advantage of lower or no deductions in India, you need to get a PAN. In India, PAN is required for both buying and selling real estate.

Process of Permanent Account Number

  • Please upload the necessary paperwork and information to our website.
  • Choose the suitable package and pay online using one of the available payment methods.
  • Your application will be allocated to one of our committed specialists after you place the order. 
  • Our qualified team will submit Pan card form 49A.
  • We'll provide you an acknowledgment receipt number with a special 15-digit code.
  • Very soon, the PAN card will be delivered to your home. 

Structure of Permanent Account Number

First three characters & Fourth Character

Set of letters from AAA to ZZZ. Updates on the status of assessments.

Fifth Character & Sixth to Ninth Characters

Last name of the assessee's fifth character. Numbers in order from 0001 to 9999.

Tenth Character

Numeric check digit generated automatically.