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PAN

Page history last edited by Furqan Investments 14 years ago

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PAN Card


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What is a PAN Card?

  • Permanent Account Number (PAN) is a ten-digit alphanumeric number, issued in the form of a laminated card, by the Income Tax Department. A typical PAN looks like "AABPS1205E". {Section 139A(7) Expln (b) and (c)}

 

Who should have a PAN and why ?

Every Resident Individual, NRI, Firm, Company, Trust and Society etc must obtain a PAN because:

 

  • Income Tax Returns & Challans are not accepted by IT Dept without PAN.

 

  • Credit of TDS is not given without PAN.

 

  • PAN is compulsory in respect of the following transactions:
  1. Opening of Shares Trading and Demat A/c for Sale & Purchase of Shares.
  2. Investment of Rs 50,000 or more in a Mutual Fund, Shares, IPOs, RBI Bonds, Bank FD etc.
  3. Sale/Purchase of Immovable Property, Motor Vehicle etc.
  4. For obtaining a Telephone or Mobile connection.
  5. Cash payments of Rs 25,000 or more to hotels/restaurants or in connection with travel to any foreign country.
  6. For any other economic or financial transaction as notified by the CBDT.

 

  • It is statutory responsibility of a person receiving any documents that require PAN, to ensure that PAN has been duly quoted in the document. A facility for verifying PAN is available on the website of the IT department for the purpose.

 

Requirements for obtaining a PAN Card

Conditions

  • Application for a new PAN should be made only on Form 49A.
  • Individual applicants should affix a recent, colour photograph (Stamp Size: 3.5 cms x 2.5 cms) on Form 49A.
  • Female applicants, irrespective of marital status, should write only father's name in the PAN application
  • Any one document listed in Rule 114 should be attached as Proof of Identity and Address.
  • Designation and code of the concerned Assessing Officer of Income Tax department must be mentioned in Form 49A.
  • Obtaining or possessing more than one PAN is against the law. {Section 139A (7)}

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Documents Required

ID Proof for Individuals

  1. Passport, Driving Licence, Ration Card, Voter ID Card, Bank Statement/Passbook, Credit Card Statement, Demat A/c Statement, Property Tax Assessment, Certificate signed by an MP/MLA/Councilor or a Gazetted Officer.
  2. In case the PAN applicant is a minor, any of above documents of any of the parents or guardian of such minor shall serve as proof of Identity;
  3. In case PAN application is made on behalf of a HUF, any of above documents in respect of Karta of the HUF will serve as proof of Identity.

Address Proof for Individuals

  1. Any one of the ID documents mentioned above OR Telephone Bill, Electricity Bill, Rent Receipt, Employer Certificate.
  2. In case the PAN applicant is a minor, any of above documents of any of the parents or guardian of such minor shall serve as proof of Address;
  3. In case PAN application is made on behalf of a HUF, any of above documents in respect of Karta of the HUF will serve as proof of Address.

ID & Address Proof for other Applicants

  1. Companies: Registration Certificate issued by the Registrar of Companies
  2. Firms: Registration Certificate issued by the Registrar of Firms /Partnership Deed
  3. Trusts: Trust Deed / Registration Certificate issued by Charity Commissioner
  4. Co-operative Societies: Registration Certificate issued by the Registrar of Co-operative Societies
  5. Others: Certificate issued by a Competent Authority

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What is the procedure for Applicants who cannot sign ?

  • In such cases, Left Hand Thumb impression of the applicant should be affixed on Form 49A, at the place meant for signatures and get it attested by a Magistrate or a Notary Public or a Gazetted Officer, under official seal and stamp.

 

Should an NRI also obtain the PAN ?

  • Yes. Any NRI entering into any economic or financial transaction that requires PAN must obtain one.

 

Can a Minor or incapable person apply for PAN?

  • Yes. Section 160 of IT Act, 1961 provides that a minor, incapable and such other persons may be represented through a Representative Assessee. In such cases, application for PAN will be made by the Representative Assessee.

 

How to obtain a PAN Card ?

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