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Obtain PAN Number for Permanent Identity
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.
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PAN Card Application Process
Day 1
Collection of required documents
Day 2
- Preparation and verification of Application
- Handing the Application to Income Tax Authority
- Sharing acknowledgment receipt
Day 3
- Application processing by IT department
Documents Required for PAN Application
01
Address Proof
Copy of Aadhar Card or other address proof, in case of individual
02
Birth Certificate
Copy of Birth Certificate, in case of Minor
03
Proof from Parents
ID proof and Address proof of any of the parent
04
Photographs
Two passport size photograph, in case of individual
05
Certificate of Incorporation
CoI in case of company and LLP
06
Agreement
Agreement in case of LLP and Partnership Firm
Requirements of Permanent Account Number
Compulsory for opening Bank Accounts
Every individual or business entrepreneur requires to open a savings/current bank account, needs to submit some specified KYC documents among which PAN is the most essential document.
Mandatory for filing ITR
For filing individual’s or businesses ITR, quoting Permanent Account Number is a must. All the information filed is associated with PAN for faster assessment and processing.
Nationalized Identity Card
Pan Card is accepted as identity proof for every individual and all the way to the businesses. From opening a bank account to Government registration, PAN card of individual or business is a primary requirement.
For TDS and TCS transactions
Every person, deducting or collecting tax at source must mention own PAN and also of the deductee. By quoting a PAN, the tax credit will be associated with concerned person’s account.
Mention PAN in Specified Cases
Government has specified certain transactions where quotation of PAN is mandatory. Amount is specified for property transfer, bank deposit, payment of bills and more.