PAN Card Application
In India, obtaining a PAN (Permanent Account Number) card is a easy manner this is overseen by means of the Income Tax Department thru its legal companies. Here’s the way to follow for a PAN card step-by means of-step:
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INTRODUCTION
What is a Permanent Account Number?
Even though applying for a PAN card is optional, there are several transactions that require it before proceeding. Quoting PAN is required when engaging in a financial transaction that exceeds a certain threshold. In addition, all business entities need to apply for PAN cards within 30 days of incorporation or creation.
Requirements of Permanent Account Number
Compulsory for opening Bank Accounts
When opening a savings or current bank account, each individual or business owner must provide certain KYC documents, the most important of which is their PAN.
Mandatory for filing ITR
It is mandatory to quote the Permanent Account Number while filing an Individual Tax Return or Business Tax Return. PAN is linked to every piece of filed data to facilitate quicker processing and evaluation.
Nationalized Identity Card
Pan Cards are recognized as identification documentation for all individuals, including corporations. PAN cards are essential for creating bank accounts and for government registration, whether they are for individuals or businesses.
For TDS and TCS transactions
Everyone who deducts or collects tax at source is required to provide both their own PAN and the deductee's PAN. The tax credit will be linked to the account of the individual who provided the PAN.
Mention PAN in specified cases
The government has designated specific transactions for which a PAN quote is required. Amounts are designated for bill payment, bank deposits, property transfers, and other uses.
A LIST OF DOCUMENTS
Documents Requirement for PAN Application
Address Proof
Aadhar card copy or other evidence of address, if applicable,
Birth Certificate
Copy of Original Birth Certificate, if Minor
Photograph
Two passport-sized pictures, if the individual
Proof from Parents
ID documentation and proof of address for any parent
Certificate of Incorporation
CoI for both businesses and LLPs
Agreement
Agreement between a partnership firm and an LLP
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Structure of PAN
Even though applyi
First three characters
Alphabetic series of the first three characters, from AAA to ZZZ
Sixth to Ninth Characters
Sequential numbers from 0001 to 9999
Fourth Character
Provides Information regarding Assessee's Status
Tenth Character
Automatic Numerical Check Digit produced
Fifth Character
Character five in the assessee's last name
Automatic Numerical Check Digit produced
1. Respond to Quick Questions
- Our questionnaires take less than 5 minutes to complete.
- Give the essential information and paperwork needed to convert a proprietorship to a partnership.
- Pay using a safe and secure payment gateway.
2. Experts are Here to Help
- Application preparation and verification
- submitting a PAN card application online
- acknowledging receipt of a submitted application
3. Your PAN is assigned
- All it takes is 3 working days*
PAN Card Application Process
Day 1
- Obtaining the necessary paperwork
Day 2 Submission
- Application preparation and verification
- Giving the Income Tax Authority the Application
- distributing the acknowledgment receipt
Day 3 - 10 Government Processing
- IT department processing of applications
Explore PAN registration process
Have inquiries? Look Here for Solutions
- By providing appropriate documentation and verification, any Indian citizen—including minors—can petition to have a permanent account number assigned to them. A foreign person or organization may also apply for PAN allocation.
- Yes, within 30 days of opening for company, all Indian businesses are required to apply for PAN cards, either in person or online. But since a sole proprietorship has no distinct identity from its owner, it is not required.
- After the PAN Card application is sent, the PAN is typically assigned within 5 to 7 business days. It can take some time to receive a physical PAN card, though.
- For both people and corporate entities, the Permanent Account Number has a lifetime validity after it is assigned. The business must turn over the assigned PAN if it dissolves or closes.
- A person is only allowed to have one PAN card. Section 272B may impose a penalty of Rs. 10,000/-if an individual possesses several PANs. As a result, the owner of several PANs must give them up right away.
