Permanent Account Number (PAN)

1. Purpose: PAN is primarily used for taxation purposes, serving as a universal identification key for tracking financial transactions and ensuring tax compliance.

2. Format: PAN is a 10-character alphanumeric code, typically in the format of ABCDE1234F, where the first five characters are letters, the next four are numbers, and the last character is a letter again.

3. Issuance: PAN is issued by the Income Tax Department of India under the authority of the Central Board of Direct Taxes (CBDT).

4. Individual PAN: Individuals, including residents, non-residents, and minors, are eligible for individual PAN. It's mandatory for all individuals who earn taxable income or engage in specified financial transactions.

5. Company PAN: Companies, partnerships, LLPs (Limited Liability Partnerships), trusts, and other entities are also eligible for PAN.

6. Application: PAN can be applied for online or through authorized PAN service centers. The application requires submission of specified documents, such as proof of identity, proof of address, and photographs.

7. Usage:

   • PAN is mandatory for several financial transactions, including opening bank accounts, conducting high-value transactions, investing in securities, and buying or selling immovable property.
   • PAN is essential for filing income tax returns in India. It's quoted in all tax-related correspondence and financial transactions.
   • PAN is required for deducting and remitting Tax Deducted at Source (TDS) or Tax Collected at Source (TCS) on various transactions.
   • PAN is used for GST registration for businesses and for foreign exchange transactions exceeding specified limits.
   • PAN helps in financial reporting, regulatory compliance, and combating tax evasion, money laundering, and other financial crimes.

8. Validity: Once issued, PAN remains valid for the lifetime of the entity or individual. However, any changes in personal details or circumstances may require updating the PAN database.

9. Regulatory Framework: PAN is governed by the provisions of the Income Tax Act, 1961, and the rules and regulations prescribed by the CBDT.

10. Privacy and Security: PAN data is considered sensitive and is protected under various privacy and data security laws in India.

• Taxation: PAN is primarily used for taxation purposes. It serves as a universal identification key for tracking financial transactions and ensuring tax compliance.
• Identification: PAN serves as a proof of identity and is widely accepted as a valid identification document for various financial and non-financial transactions.
• Financial Transactions: PAN is mandatory for several financial transactions, including opening bank accounts, conducting high-value transactions, investing in securities, buying or selling immovable property, and more.
• Income Tax Filing: PAN is essential for filing income tax returns in India. Every taxpayer, whether an individual, company, or entity, must quote their PAN while filing taxes.
• TDS/TCS Deduction: PAN is required for deducting and remitting Tax Deducted at Source (TDS) or Tax Collected at Source (TCS) on various transactions.

1. Identity Proof: Any one of the following documents can be submitted as proof of identity:

   • Aadhaar Card issued by the Unique Identification Authority of India (UIDAI)
   • Voter ID card
   • Driving License
   • Passport
   • Ration card having a photograph of the applicant
   • Arm's license
   • Photo identity card issued by the Central Government or State Government or Public Sector Undertaking
   • Pensioner card having a photograph of the applicant

2. Address Proof: Any one of the following documents can be submitted as proof of address:

   • Aadhaar Card issued by the UIDAI
   • Voter ID card
   • Driving License
   • Passport
   • Bank account statement
   • Post office account statement
   • Passport of the spouse
   • Electricity bill
   • Landline telephone bill
   • Water bill
   • Consumer gas connection card or book or piped gas bill
   • Property tax assessment order
   • Domicile certificate issued by the Government

3. Date of Birth Proof (for individual applicants): Any one of the following documents can be submitted as proof of date of birth:

   • Birth certificate issued by the Municipal Authority or any office authorized to issue Birth and Death Certificate by the Registrar of Births & Deaths
   • Aadhaar card issued by the UIDAI
   • PAN card
   • Voter ID card
   • Driving License
   • Passport
   • Matriculation certificate or mark sheet of recognized board
   • Marriage certificate issued by the Registrar of Marriages
   • Domicile certificate issued by the Government

4. Photographs: Two recent passport-sized photographs.

DETAIL REQUIRED