PAN Card Application
Obtain PAN Number for permanent identity
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Step 1
DIN & DSC for Directors and Name Approval
Step 2
Filing Application for Registration with the Ministry of Corporate Affairs ( MCA)
Step 3
Obtain Certificate of Incorporation for your Company
- OverviewOverview
- BenefitsBenefits
- Documents RequiredDocuments Required
- Registration ProcedureRegistration Procedure
- FAQFAQ
What is a Permanent Account Number?
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.
BENEFITS
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.
DOCUMENTS CHECKLIST
Documents Requirement for PAN Application
Address Proof
Copy of Aadhar Card or other address proof, in case of individual
Photograph
Two passport size photograph, in case of individual
Birth Certificate
Copy of Birth Certificate, in case of Minor
Proof from Parents
ID proof and Address proof of any of the parent
Certificate of Incorporation
CoI in case of company and LLP
Agreement
Agreement in case of LLP and Partnership Firm
Structure of PAN
First three characters
Alphabetical series from AAA to ZZZ
Fourth Character
Informs about status of assessee
Fifth Character
Fifth character of assessee’s last name
Sixth to Ninth Characters
Sequential numbers from 0001 to 9999
Tenth Character
Numeric check digit generated automatically
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Explore PAN registration process
Any Indian citizen, including a minor, can apply for allotment of Permanent Account Number by furnishing valid proof and documents. Foreign individual or entity can also apply for PAN allotment.
Yes, every business established in India must apply for PAN card online or offline within the 30 days of establishment. However, sole proprietorship firm does not need so as it does not have a separate identity from its owner.
Once the application for PAN Card is forwarded, generally it takes 5 – 7 working days for allotment of PAN. However, receipt of physical PAN card may take time.
The Permanent Account Number, once allotted, comes with lifetime validity for individuals and business entities. If the businesses entities are dissolved or closed, it must surrender the allotted PAN.
A Person cannot hold more than one PAN card. If a person holds more than one PAN, a penalty of Rs. 10,000/- may be imposed under section 272B. Therefore, the person holding more than one PAN must surrender it immediately.
