What is Permanent Account Number(PAN)?

Updated on April 13, 2024 01:58:14 PM

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

In this article, you will learn everything about IEC code registration, the documents required and the entire process of obtaining an IEC code in Raigarh.

It is mandatory w.e.f.1 January 2005 to quote PAN on challans for any payments due to Income Tax Department. Moreover, now it is mandatory to quote PAN on return of income, all correspondence with any income tax authority.

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Documents Required for Pan Card Application

  • Copy of Aadhaar Card/ Voter identity card
  • Proof of Date of Birth
  • Passport size photograph
  • Copy of Address Proof (Telephone Bill/Electricity Bill)
  • Certificate of incorporation (In case of Company)
  • Partnership Deed (In case of Partnership)
  • Copy of Property papers (If owned property)
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Features of Pan Card

PAN is a 10 digit alpha numeric code issued by the Income Tax Department.

PAN Card is valid for the lifetime and requires no renewal.

PAN can be obtained by both Indian and Foreign Nationals.

PAN is required for payment of Direct Taxes and to file ITR.

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Frequently Asked Questions

Is there any minimum age requirement for PAN Card Registration?

Any person can obtain PAN. There is no minimum age requirement for obtaining PAN.

Can a person have 2 PAN Cards?

A person cannot have 2 PAN cards. It is illegal to have 2 PAN Cards

Does a Sole Proprietorship have a separate PAN Card?

Sole Proprietorship does not have separate PAN Card. PAN Card of Proprietor will also serve as PAN Card of proprietorship.

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