Permanent Account Number is commonly called PAN. It is a unique 10-digit alphanumeric identity allotted to each taxpayer by the Income Tax Department under the supervision of the Central Board of Direct Taxes. PAN has versatile use such as receiving taxable salary or professional fees, sale or purchase of assets above specified limits, opening bank account, making investments, foreign exchange, getting registered with various tax/legal authority, to get Loan, insurance Payments.
The primary objective of PAN is to use a universal identification key to track financial transactions that might have a taxable component to prevent tax evasion. The PAN number remains unaffected by change of address throughout India. It also serves as an identity proof.
Once a PAN is issued, it is valid for lifetime.
All existing assessees or taxpayers or persons who are required to file a return of income, even on behalf of others, must have a PAN. Any person, who intends to enter into economic or financial transactions where quoting PAN is mandatory, must also have a PAN.
No. Obtaining/possessing more than one PAN is against the law and may attract a penalty up to 10,000. If you have more than one PAN, you should surrender the additional PAN(s)
PAN application can be made either online through NSDL web-site www.tin-nsdl.com or through any of the NSDL TIN-Facilitation Centres/ PAN Centres
You can apply for PAN by filling up Application for Allotment of Permanent Account Number (PAN application form) Form 49A (for Indian Citizens) and Form 49AA (for Foreign Citizens).
Yes, Female applicants, irrespective of their marital status, should write only father's name in the PAN application form. There is no provision to mention husband's name in the application.
YES, A parent/guardian can apply for a PAN on behalf of a minor by providing a valid address proof and ID of the parent/guardian.
PAN is a unique identification number issued to keep a linking of the transactions carried by a person like payment of tax, TDS/TCS credit, return of income, correspondence with the Income Tax Department or correspondence by the Income Tax Department, investments made by a person, loan taken by a person, etc.
TAN is a unique identification number which is allotted to persons who are required to deduct tax at source or collect tax at source.