PAN - PERMANENT ACCOUNT NUMBER
As per the common perception PAN is only a pre-requisite to file Income Tax Return. However, now a days, as per the guidelines of Reserve Bank of India and Income Tax Department, a number of financial transactions requires one to quote PAN.
Application for PAN
PAN can be applied at any of the authorised centers of UTITSL and NSDL, by filling up Form 49A. The form is available at all the centers of UTITSL and NSDL or can be downloaded from www.incometaxindia.gov.in.
Alternatively, PAN can be applied by filling up an online form by visiting the website of UTITSL (www.utitsl.co.in).
An identity proof and address proof of the applicant is also required to be submitted along with the duly signed form.
Know your PAN
PAN is generally a 10 digit alphanumeric number.
For example;
ABSPC1234X
where, first five digits are alphabets, next four are numeric digits and the last one is also an alphabet.
The fourth alphabet shows the Status of the assessees i.e.
P-Individual
F-Firm
C-Company
H-HUF
T-Trust
The fifth digit shows the First alphabet of Surname in case of an individual and of Name in case of other assessees.
For ex:
ABCPA1234X
An individual Sh. Raman Aggarwal
ABCFC1234A
A firm M/s Creative Ideas.
For more info, visit www.incometaxindia.gov.in.
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