PAN Card
₹ 175/- (all inclusive)
- Collection of required documents
- Preparation and verification of Application
- Handing the Application to Income Tax Authority
- Sharing acknowledgment receipt
₹ 5,000/- (all inclusive)
- Collection of required documents
- Preparation and verification of Application
- Handing the Application to Income Tax Authority
- Sharing acknowledgment receipt
What is PAN Card ?
PAN or Permanent Account Number is a 10 digit alpha-numeric identity issued by the Income Tax Department of India. It is a unique account number allocated by the Income Tax Department, which is used to track and manage all the Income Tax assessee in India.
Although the PAN card application is voluntary, it must be obtained before engaging in certain transactions. For entering into a financial transaction exceeding a specified amount, quoting PAN is compulsory. Also, every business entity must apply for PAN card application within the 30 days of its formation or incorporation.
Advantages of PAN Card
Documents Requirements
Address Proof
Copy of Aadhar Card or other address proof, in case of individual
Photograph
Two passport size photograph, in case of individual
Certificate of Incorporation
CoI in case of company and LLP
Agreement
Agreement in case of LLP and Partnership Firm
Procedure
Frequently Asked Questions
All existing assessees or taxpayers or persons who are required to file a return of income, even on behalf of others, must have a PAN. Any person, who intends to enter into economic or financial transactions where quoting PAN is mandatory, must also have a PAN.
Section 160 of IT Act, 1961 provides that a minor, lunatic, idiot, mentally retarded, deceased, wards of court and such other persons may be represented through a Representative Assessee.
In such cases,
- In the application for PAN, details of the a minor, lunatic, idiot, mentally retarded, deceased, wards of court, etc. should be provided.
- Details of representative assessee have to be provided in item 14 of the application for PAN.
Yes, it is compulsory to quote PAN on return of income.
Permanent Account Number (PAN), as the name suggests, is a permanent number and does not change.
Changing the address though, may change the Assessing Officer. Such changes must, therefore, be intimated to ITD so that the PAN database of ITD can be updated. One can intimate change in address by filling up the form for Request for New PAN Card or/and Changes or Correction in PAN data. This form can be submitted at any TIN-FC or online at NSDL e-Gov – TIN website.
No. Obtaining/possessing more than one PAN is against the law and may attract a penalty up to 10,000. Therefore, it is advisable not to obtain/possess more than one PAN.
Section 139AA of the Income Tax Act states that every person who has PAN as on July 1, 2017 is required to link his/her PAN with his/her Aadhaar number. Section 139AA also requires mandatory quoting of Aadhaar while applying for new PAN and also while filing return.
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