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Permanent Account Number(PAN) is a unique 10-digit alphanumeric identity allotted by the Income Tax Department. PAN is mandatory for financial transactions such as receiving taxable salary or professional fees, sale or purchase of assets above specified limits, buy mutual funds and many more.
The primary objective of PAN is to use a unique identification key to track financial transactions that might have a taxable component to prevent tax evasion. The PAN number remains unaffected by change of address throughout India.
PAN requires two types of documents. Proof of address (POA) and Proof of Identity (POI). Any two of the following documents should meet the criteria
Individual Applicant | POI/ POA- Aadhaar, Passport, Voter ID, Driving Licence |
Hindu Undivided Family | An affidavit of the HUF issued by the head of HUF along with POI/POA details |
Company registered in India | Certificate of Registration issued by Registrar of Companies |
Firms/ Partnership (LLP) | Certificate of Registration issued by the Registrar of Firms/ Limited Liability Partnerships and Partnership Deed. |
Trust | Copy of Trust Deed or a copy of the Certificate of Registration Number issued by a Charity Commissioner. |
Society | Certificate of Registration Number from Registrar of Co-operative Society or Charity Commissioner |
Foreigners | Passport PIO/ OCI card issued by the Indian Government Bank statement of the residential country Copy of NRE bank statement in India |
Any person who is citizen of India is eligible for obtaining the PAN Card. For minor, minor is printed on the PAN card and PAN Card is issued without photograph and signature. After becoming major one has to apply for change in PAN Data.
Usually it takes 5-7 days subject to receipt of the complete set of documents from applicant and the approval of the concerned Income Tax Department.
As per Income Tax Department, it may result in Interest, monetary penalties and Prosecution as the case may be. Monetary Penalty may vary from Rs.10,000 approximately or as per prescribed by Tax Department from time to time.
You can get it in smaller cost and effort of collecting your/business basic proofs.
A person cannot hold more than one PAN. A person is liable to be imposed a penalty of Rs. 10,000 under section 272B of the Income-tax Act, 1961 for holding more than one PAN. If a person has wrongfully allotted more than one PAN, then person should surrender the additional PAN.
A person can know his PAN online by providing his basic details like Name, Father's Name and Date of Birth. After knowing the PAN you can apply for duplicate PAN Card by submitting the “Request For New PAN Card And/ Or Changes Or Correction in PAN Data”.
Business PAN for Income Tax Purpose. PAN of Proprietor is required to be quoted only for his Proprietorship business.
Any person can obtain PAN.There is no minimum age requirement for obtaining PAN.
A person cannot have 2 PAN cards.It is illegal to have 2 PAN Cards
Sole Proprietorship does not have separate PAN Card. PAN Card of Proprietor will also serve as PAN Card of proprietorship.