New Permanent Account Number (PAN) Application
Require a PAN for various essential activities such as Income Tax Return filing, opening a bank account, obtaining a visa, or applying for a loan? Tax2Fin is here to assist you with the PAN application process smoothly and efficiently.
Permanent Account Number (PAN)
Permanent Account Number (PAN) is a unique identifier provided to all legal entities recognized by the Indian Income Tax Act, 1961. This number is crucial for various financial activities, including receiving taxable income or professional payments, buying or selling assets, engaging in securities trading, and more. It also functions as a vital form of identification.
Permanent Account Number Details
The Permanent Account Number (PAN) adheres to a specific format, like the example ABCTY1234D. Within this structure, the first three characters, such as ‘ABC’, form an alphabetical series that can range from AAA to ZZZ. The fourth character in the PAN, for instance, ‘T’ in our example, specifies the status of the PAN holder. Different letters signify distinct entities: ‘T’ denotes a Trust, ‘F’ is for a Firm, ‘H’ indicates a Hindu Undivided Family (HUF), ‘P’ signifies an Individual, ‘C’ represents a Company, and so forth.
Documents Required for Permanent Account Number
| Type of Business | Required documents for PAN Registration |
|---|---|
| Individual | Aadhar card, 2 Passport Size Photo |
| Partnership | Partnership deed |
| Company | Company incorporation certificate, Memorandum and Articles of Association, GST Number (if any) |
| Non-resident | Passport, Aadhar card or any other proof of address, bank account statement or cancelled cheque, passport-size photograph |
Procedure to file PAN Application Online Application
Choose Application Type
Access the official NSDL or UTIITSL websites, as they are authorized PAN card issuers. Select the relevant form: Form 49A for Indian citizens or Form 49AA for foreign nationals.
Fill in the Application Form
Complete the online application, entering all personal details, contact information, and other necessary data accurately.
Upload Documents
Upload scanned copies of required supporting documents, including proof of identity, address, and date of birth. Foreign citizens might need to upload extra documents like a VISA or PIO card.
Pay Application Fee
Remit the application fee through available options such as credit/debit card, net banking, or by demand draft.
Submit the Application
After payment, carefully review and submit your application. You will then receive a 15-digit acknowledgment number.
Send Supporting Documents
If you used an e-signature during the process, no further action is needed. Otherwise, print the acknowledgment, attach your photograph and signature, and dispatch it along with the supporting documents to the NSDL/UTIITSL office within 15 days.
Offline Application
Obtain Form 49A/49AA
Acquire the necessary form from a local Permanent Account Number services center, or download it directly from the NSDL or UTIITSL website.
Complete the Form
Manually fill in all required sections of the form, taking care to ensure accuracy and avoid any errors.
Attach Documents
Securely attach photocopies of your essential identity, address, and date of birth proof documents.
Submit the Form and Pay Fee
Submit the completed form and all supporting documents at an authorized PAN services center, and concurrently pay the applicable application fee.
Acknowledgment Receipt
Upon successful submission, you will be issued an acknowledgment slip as proof of your application.
FAQs
What is PAN?
PAN, or Permanent Account Number, is a unique ten-character alphanumeric identifier issued by the Indian Income Tax Department as a laminated card. It serves as a crucial financial identification document.
Why is PAN important?
PAN is vital for most financial transactions in India, including receiving salaries, buying or selling assets, and trading securities. It acts as essential proof of identity for tax and financial purposes.
Who should apply for PAN?
Any individual or entity earning income in India, including foreign nationals, is required to obtain a PAN. This applies to anyone involved in income-generating activities subject to Indian taxes.
How can I apply for PAN?
You can apply for a PAN card online through the official NSDL or UTIITSL websites. Alternatively, applications can be processed through a designated PAN agency.
What documents are required for PAN application?
To apply for a PAN, you’ll need basic identity, address, and age proof. Acceptable documents include a passport, Aadhaar card, voter ID card, or driving license.
Is it mandatory to link PAN with Aadhaar?
Yes, current laws mandate linking your PAN with your Aadhaar card. Failing to do so can result in your PAN becoming inoperative, impacting financial transactions.
Can a minor apply for PAN?
Minors are permitted to apply for a PAN, but their application must be submitted and managed by a parent or legal guardian on their behalf.
Is there a penalty for not having or not quoting PAN?
Not possessing a PAN or failing to quote it where mandatory can lead to penalties. This is especially true for financial transactions that legally require PAN submission.