Permanent Account Number (PAN) Registration
Permanent Account Number (PAN) is a Unique Identification Number allotted by Income Tax Department to each applicant. As per the guidelines issued by the Government of India, any Person, Resident, Non-Resident or Foreign Citizen, should have a PAN for carrying out Financial Transactions like
- Investment in Mutual Fund
- Opening of a Bank A/c in India
- Purchase or Sale of Property etc.
Following Entities can apply for a PAN Card
- Hindu Undivided Family (HUF)
- Private Limited Company & Public Limited Company
- Partnership Firm
- Artificial Juridical Person
- Foreign Company
- Local Authority
- Association of Person
- Liaisoning office etc.
The Process for Application for PAN
- Fill up Form 49A
- Attach a Proof of Identity (School Leaving Certificate / Degree of Recognized Educational Institution / Credit Card / Water Bill / Property Tax Assessment Order / Voter's Identity card / Matriculation Certificate / Depository Account / Bank Account / Aadhar Card / Ration card / Passport / Driving License) (* Copy of any One)
- Attach a Proof of Residence (Utility Bill / Depository Account / Credit Card / Bank Account / Ration card / Employer Certificate / Aadhar Card / Passport / Voter's Identity Card / Property Tax Assessment Order / Driving License / Rent Receipt) (* Copy of any One)
- Submit the set to NSDL / UTI
- After Submission, Acknowledged copy will be received which is used for further follow-up with Department
Frequently Asked Questions
What are the benefits of obtaining a Permanent Account Number [PAN] and PAN Card?
A PAN number has been made compulsory for every transaction with the Income Tax department. It is also mandatory for numerous other financial transactions such as the opening of bank accounts, availing institutional financial credits, purchase of high-end consumer item, foreign travel, a transaction of immovable properties, dealing in securities etc. A PAN card is a valuable means of photo identification accepted by all government and non-government institutions in the country.
I have lost my PAN card but remember my number. Do I necessarily need to get a fresh card?
With your PAN you can continue to transact with the Income Tax department. However, in respect of other agencies, you may encounter constraints without a PAN card since it doubles as a photo identity card.
I have been allotted two PANs. Which number should I use?
You may retain any one of the numbers and surrender the other through a letter addressed to your jurisdictional Assessing Officer.
Minimum capital of Rs. One lakh (it can be used for business whenever required and does not necessarily have to be kept in bank / company deposit all the time).
If I do not surrender the additional PAN number, will there be any problem?
Yes. It is illegal to have two PANs and the penalty for such offense is Rs.10,000/-
By mistake, I have been using different PANs for different purposes like one for my Demat account and another for filing my Income Tax return and Payment of taxes. How do I set this right?
It is advisable to retain only one PAN, preferably the one used for Income Tax purpose and surrender the other number immediately. The institutions where the latter number has been quoted should be informed of the correct PAN.
Is it mandatory to file return of income after getting PAN?
No. Return is to be filed only if you have Taxable Income.