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Know Your Pan | Company Vakil

What is PAN?

Permanent Account Number (PAN) is an identification number assigned to all taxpayers in India.Tax related information for a person/company is recorded against a single PAN number.

Primary Key for Storage of information

Shared across the country

Income Tax Department, Government of India is the PAN issuing authority

PAN Card was incepted in 1972

Validity of PAN Card is lifetime

Eligibility for PAN

PAN Card is issued to

Individuals,

Companies,

Non-resident Indians or anyone who pays taxes in India.

Types of PAN

Following are the types of PAN:

  • Individual
  • HUF – Hindu undivided family
  • Company
  • Firms/Partnerships
  • Trusts
  • Society
  • Foreigners

What are the documents for PAN?

PAN requires two types of documents: Proof of address (POA) and Proof of Identity (POI). Any two of the following documents should meet the criteria.

For more such articles, visit Company Vakil

For Identity Proof: (Any 1)

Ration Card of the applicant with his photo

A copy of the Voter’s ID Card

A Copy of the Passport

A Copy of the Driving License of the applicant.

A copy of the Aadhar Card of the applicant

A copy of the Bank Statement of any account of the applicant.

A copy of the Pensioner Card; only if it has the photo of the applicant.

2 Photographs of the applicant (recent)

For Address Proof: (Any 1)

A copy of any Utility Bill of the applicant like the electricity bill, water bill etc.

A marriage certificate issued the by the Registrar

A copy of the passport of the applicant

A copy of the driving license of the applicant.

A domicile certificate issued by the government.

A copy of the passbook from the Post office

If the Individual is not a citizen of India:

A Copy of the Passport

A Copy of overseas citizenship of India card which is issued by the Indian Government (OCI Card i.e for a person who is a citizen of another country but was a citizen of India before the Independence of the country or is a child or a grandchild of a citizen of India)

A Copy of Person of Indian Origin card issued by the Indian Government or

A copy of the applicable Visa

A copy of the CIN Number (Citizenship Identification Number) which is duly attested by the Indian Embassy or Attested by the Apostille.

A copy of the statement of the Bank Account of the applicant in the country of his own residence.

Individual Applicant POI/ POA- Aadhaar, Passport, Voter ID, Driving Licence
Hindu Undivided Family An affidavit of the HUF issued by the head of HUF along with POI/POA details
Company registered in India Certificate of Registration issued by Registrar of Companies
Firms/ Partnership (LLP) Certificate of Registration issued by the Registrar of Firms/ Limited Liability Partnerships and Partnership Deed.
Trust Copy of Trust Deed or a copy of the Certificate of Registration Number issued by a Charity Commissioner.
Society Certificate of Registration Number from Registrar of Co-operative Society or Charity Commissioner
Foreigners Passport

PIO/ OCI card issued by the Indian Government

Bank statement of the residential country

Copy of NRE bank statement in India

How to Enrol for PAN?

Online Process:

Visit NSDL or UTIITSL website

Fill form, submit the documents and pay the processing fee

PAN will be sent to the given address within 15 days

Offline Process:

Get Application from authorised PAN centre

Fill form, attach required documents & submit along with the processing fee.

PAN will be sent to the given address

How to Update/Edit PAN?

To update PAN, following are the steps:

Visit NSDL website and select update PAN section

Select CORRECTION in existing PAN data.

Do’s and Don’ts for filling up PAN update Form

The form need to be filled in Capital letters

Fill in all the fields

Mobile number is compulsory

Fill the form in English & local language

Fill the form in current and relevant details

Names need not require salutations

Full and complete address is filled for PAN to receive the PAN

Enter name clearly with signature or thumbprints when self-attesting supporting documents

Attach relevant documents only

Incorrect information and lack of support documents will cause application to be rejected.

Lost PAN Card?

If you by any reasons lost your card, apply for the duplicate PAN Card online or offline.

Following are the steps to apply for duplicate PAN Card:

Login to NSDL or UTIITSL website

Fill the form 49-A for Indian citizen or Form 49-AA for foreigner

Make the payment online.

PAN will be dispatched within 45 days.

Company Vakil provides services related to MSME Registration

Structure of PAN

PAN card contains details as follows:

Name of the cardholder – Individual / Company

Name of the father of the cardholder – Applicable for individual cardholders

Date of Birth – cardholder’s date of birth in case of an individual or date of registration is mentioned in case of company or firm.

PAN number – It is 10 digit Alpha-numeric number & each character represents distinct information of the cardholder.

First three letters – Alphabetical in nature

The Fourth letter – represents category of the taxpayer.

A – Association of Persons

B Body of Individuals

C Company

F Firms

G Government

H Hindu Undivided Family

L Local Authority

J Artificial Judicial Person

P Individual

T Association of Persons for a Trust

The fifth letter – First letter of the individual’s surname

Remaining letters – Random. The first 4 characters are numbers while last one is an alphabet.

Signature of the individual – PAN Card acts as proof of individual signature

Photograph of the individual – PAN Card acts as identity proof of the individual.

Need for PAN?

It is an unique identification number that enables each tax paying entity of India with the following:

Proof of Identity

Proof of Address

Compulsory for filing taxes

Registration of business

Financial transactions

Eligibility to open and operate Bank Accounts

Phone Connection

Gas Connection

Mutual Fund

Assists in checking on tax evasion

Steps to apply for PAN online

Step 1: Visit the NSDL Website. https://www.onlineservices.nsdl.com/paam/endUserRegisterContact.html

Step 2: Submit the PAN Card application Form 49A.

Step 3: Fill all the required documents in the form.

Step 4: Mode of Payment: Payment can be made via credit/debit card, demand draft or net banking. On successful payment, acknowledgment will be displayed. Save the number.

Step 5 : After application and payment is done. Applicant is required to send the the documents through courier or post to NSDL. PAN will be processed thereafter.

How to make Changes/corrections in PAN?

Step 1: Visit the official website of NSDL https://www.onlineservices.nsdl.com/paam/endUserRegisterContact.html

Step 2: Payment of application fee can be made via credit/debit card, demand draft or net banking. On successful payment, acknowledgement is displayed. Save this acknowledgement number.

Step 3: After application and payment are accepted, applicant need to send documents through courier/post to NSDL. PAN will be processed thereafter. Documents need to be proof of the changes applied in PAN. The documents that shall be accepted as proof in this case are:

Change of name after marriage – marriage certificate, marriage invitation card, publication of ‘name-change’ in the gazette, a certificate from a gazetted officer stating name change, copy of passport showing husband’s name.

For individual applicants other than married ladies : Publication of ‘name-change’ in the gazette, a certificate from a gazetted officer stating name change.

For companies : ROC’s certificate for name change is required. ROC stands for Registrar of Companies, and they handle administration and regulation of Companies Act, 1956.

d. For partnership firms: A copy of revised Partnership Deed

For other categories which are registered organizations (AOP/Trust/BOI/AJP etc.) The revised registration/deed/agreement.

Steps to Know your PAN

Step 1: Visit https://portal.incometaxindiaefiling.gov.in/e-Filing/Services/KnowYourPanGSVerification.html

Step 2: Fill up the required information like name, surname, Status, gender, DOB & mobile number.

Step 3: By providing your mobile number, OTP will be sent to the mobile number and then Click on ‘Submit’

Step 4: Enter OTP and click on ‘Validate’

Step 5: PAN, Jurisdiction and status of PAN would display.

Know your PAN Card

It is intended to serve the taxpayer by providing following information:

General details of individual

PAN number using Name and DOB

Status of PAN Card

Using Know Your PAN

Registering process of your basic details is as follows:

Step 1: Visit official website of income tax department

Step 2: Select ‘Register yourself’

Step 3: Choose user types and Click on ‘Continue’

Step 4: Fill your details

Step 5: Click on ‘Submit’

Step 6: Activate the link given in email id.

Process of fetching details using your account:

Step 1: Login your account

Step 2: Click on ‘profile setting’

Step 3: Select ‘My Account’

Details like PAN number, Name, DOB, Gender, Status, Address of Assessee will be displayed.

PAN Card Number

As memorising and writing it down and re-checking your PAN Card number is difficult, you can now identify your PAN number by following the given steps:

Step 1: Visit https://incometaxindiaefiling.gov.in/

Step 2: Select option “Know your PAN”

Step 3: Fill details like DOB or name etc

Step 4: Fill Captcha code

Step 5: Click on ‘Submit’

After the completion following details will be displayed:

PAN Card number

First Name

Middle Name

Surname

Jurisdiction

Status of activity or inactivity of Card

In what circumstances PAN Card is Mandatory?

In following circumstances PAN Card is mandatory:

Opening of Bank Account

Application for Debit or Credit Card

Opening of a Demat Account

For purchase of 2 wheeler or a 4 wheeler

Payment for buying or selling of foreign currency exceeds Rs. 50,000

Payment to an insurer if it exceeds limit of Rs 50,000

Sale or purchase of any immovable property

Completing any transaction above the limit Rs. 2,00,000

Visit our website for MSME Registration Mumbai

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