PERMANENT ACCOUNT NUMBER (PAN)

The PAN card application process ranges between 3-5 working days usually.

Process of PAN Card Application

Day 1

• • Collection of Information from the client.

Day 2

• • Preparation and verification of application.
  • Submitting of the Application with the Income Tax Authorities.
  • Generation of Acknowledgement Receipt.

Day 3 onwards

• • Review and processing of the Application by the Income Tax Officials.

1. Self attested copy of ID Proof
2. Self attested copy of Address Proof
3. Self attested copy of Date of Birth Proof
4. Scanned passport-sized photograph
5. Passport Size Photograph

The PAN (or PAN number) is a ten-character long alpha-numeric unique identifier.

The PAN structure is as follows: Example: AAAPK1234C

The first five characters are letters , followed by four numerals, and the last (tenth) character is a letter.

The first three characters of the code are three letters forming a sequence of alphabets letters from AAA to ZZZ

The fourth character identifies the type of holder of the card. Each holder type is uniquely defined by a letter from the list below:

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 juridical person

P – Individual or Person

T – Trust (AOP)

The fifth character of the PAN is the first character of :

Either of the surname or last name of the person, in the case of a “personal” PAN card, where the fourth character is “P” or

of the name of the entity, trust, society, or organisation in the case of a company/HUF/firm/AOP/trust/BOI/local authority/artificial judicial person/government, where the fourth character is “C”, “H”, “F”, “A”, “T”, “B”, “L”, “J”, “G”.

The sixth to ninth characters are sequential numbers from 0001-9999.

The last (tenth) character is an alphabetic digit used as a check-sum to verify the validity of that current code.

Types of PAN

1.   Individual

2.   HUF-Hindu undivided family

3.   Company

4.   Firms/Partnerships

5.   Trusts

6.   Society

7.   Foreigners

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Obtaining a PAN is voluntary like a passport, driving license, etc. However, its use is mandatory at required places, like PAN is required for high-valued  financial transactions, for obtaining a driving license for motor driving, for passport applications etc.

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 demat 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.