All you wanted to know about PAN

What is PAN?

All India UNIQUE 10 Alphanumeric Character allotted by the Income Tax Department.

What is PAN

PERMANENT ACCOUNT NUMBER (PAN) does not change with, change of address or station or change of Assessing Officer, etc

PAN is needed by

> an Income Tax assessee, or

> any person carrying on business or profession whose total sales or turnover or gross receipt are or is likely to exceeds Rs. 5 lakhs, or a trust

> Non-Individual resident entities entering into a financial transaction of an amount aggregating to Rs. 2.5 lakh or more

> Person specified in clause (vi) of section 139A

> Any other person who needs a PAN can apply.

How to Apply ?

Apply online/ manual in Form 49/49AA:

  Forms for applicant of PAN
49A 49AA
Individual who is a citizen of India Individuals not being a citizen of India
Hindu Undivided Families LLP registered outside India
Companies registered in India -SPICe forms(at the time of registration. Company registered outside India
Firm including LLP formed or registered in India Firm formed or registered outside India
Association of Persons Body of Individuals formed or
registered in India
Association of Persons (Trusts) formed outside India
Local Authority or artificial juridical person AOP (other than Trusts) or body of individuals or local authority or person formed or any other entity registered outside India

> “Facility of online PAN applicatioin through Digital Signature Certificate (DSC), Aadhaar based e-signature and Aadhaar based e-KYC is presently available for individual applicants”.

> Pay the processing fee by Net-banking/Credit/Debit Card/ cheque /D D / by Cash (except for online application).

> You can also track status of PAN application online.

MANDATORY FIELDS IN PAN APPLICATION FORM

(i) FULL NAME (Initials must be expanded);

(ii) DATE OF BIRTH (in case of individuals);

(iii) DATE OF INCORPORATION or FORMATION, (in case of companies or firms etc.);

(iv) FATHER’S FULL NAME (in case of individuals);

(v) GENDER – Male/Female/Transgender (in case of individual);

(vi) AADHAR No. (in case of individual);

(vii) STATUS – Individual/HUF/Firm/A0P/AJP/B01/Company.

Note :-

1. Married lady should give her father’s full name with expanded initials.

2. Please attach copies of requisite documents (Proof of Identity, Address and Date of Birth etc.)

Where to apply ?

“On-line at website of M/s NSDL eGov (www.tin-nsdl.com) or M/s UTIITSL (www.utiitsl.com). On-line paperless PAN applications through Digital Signature, Aadhaar based e-Signature and Aadhaar based e-KYC are available.

OR

Physical PAN application at PAN Service Centres of NSDL eGov or UTIITSL”

Events to be reported to the Assessing Officer

> DEATH of a PAN holder,

> DISCONTINUATION of Business,

>DISSOLUTION of a Firm,

>PARTITION of Hindu Undivided Family (HUF),

>LIQUIDATION or WINDING UP of a company,

>MERGER or AMALGAMATION or ACQUISITION etc. of companies.

Why PAN?

>For payment of Direct Taxes

>To file Income Tax Returns or to correspond with Department.

>To avoid deduction of tax at higher rate by the Deductors

>To enter into specific transactions as per Rule 114B, which includes the following :

(a) Sale or purchase of any immovable property value at Rs.10 lakh or more;

(b) Sale or purchase of a motor vehicle or vehicle other than two wheeler;

(c) Payment to hotels and restaurants against their bills for an amount exceeding Rs. 50,000i- at any one time;

(d) Payment in cash in connection with travel to any foreign country of an amount exceeding 50,000/- at any one time;

(e) Payment of an amount of Rs. 50,000/- or more to RBI for acquiring Bonds;

(f) Payment of an amount of Rs. 50,000/- or more to Company or Institution for acquiring Bonds or Debentures;

(g) entering into a transaction exceeding Rs.1 lakh per transaction for share of a company not listed in a recognized stock exchange and securities (other than shares);

(h) Payment of an amount of Rs. 50,000/- or more to Mutual Fund for purchase of its units;

(i) a time deposit, exceeding Rs. 50,000/- with a banking company or co-operative bank or post office or Nidhi or non banking financial companies.;

(j) Payment exceeding Rs. 2 lakh for purchase / sale of any goods or services

(k) Aggregate payment of an amount more than 50,000/- in a year as life insurance premium.

(I) opening of an account (except a basic saving Bank deposit account) with a banking institution, demat account and issuance of Credit & Debit card.

(m) Other transactions as per rule 114B

Apply for a fresh PAN in case of :

> PARTITION of a bigger Hindu Undivided Family (HUF) into one or more new Hindu Undivided Families (HUF’s)

> CHANGE IN CONSTITUTION of a firm (entailing change of partners)

> SPLITTING UP or DEMERGER of an existing company into two or more companies

Reprint of PAN card or Changes?

Correction in PAN details

> In case PAN card is wornout or misplaced, apply for a new one with existing PAN by filing Form titled “Request for New Car or/and changes or correction in PAN data” quote existing PAN, alongwith documentary proof and required fee.

> Above Form can be used to update PAN data available with the Income Tax Department (e.g. Name of applicant/father’s name/date of birth/address etc.)

How will PAN be communicated?

> A digitally signed “ePAN card” will be sent to registered email address of PAN applicant.

> A letter intimating PAN alongwith card will be sent by the Service Provider.

If application is incomplete or deficient, a DEFICIENCY LETTER stating the shortcomings or defects in the application will be sent. PLEASE RESPOND IMMEDIATELY to enable the department to allot a PAN or process the change request.

Can a person hold more than one PAN?

No. A person can have only one PAN. If a PAN is allotted, it is illegal to apply /possess another PAN. Incase of more than one PAN, it is required to intimate the jurisdictional Assessing Officer at the earliest

Documents required in respect of Form 49A for Proof of Identity, Address & Date of Birth

Documents required in respect of Form 49AA for Proof of Identity, Address & Date of Birth

Facilities available at

PAN Status Tracking

How to resolve a Grievance

In case of grievance/difficulty related to PAN, grievance may be lodged at :

> www.tin-nsdl.com (In case application made through M/s NSDL e-Gov)

> www.utiitsl.com(In case application made through M/s UTIITSL)

> www.incometaxindiaefiling.gov.in (through e-Nivaran for registered users)

> through e-mail at ito.systems1.1 @incometax.gov.in or through paper application addressed to the Income Tax Officer (Systems), 0/o the ADG(Systems)-1, Aayakar Bhawan, Sector-3, Vaishali, Ghaziabad (U.P.)-201010

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