Permanent Account Number often referred to as PAN is a 10-digit alphanumeric identification number issued to all individuals, companies, non-resident Indians or anyone who pays taxes in India.
Other important facts about PAN Number are listed below:
[ Read: What is e-PAN card? ]
[ Read: How to apply PAN card online? ]
Before the introduction of PAN, there was a General Index Register (GIR) number which was allotted to a certain category of individual taxpayers. The number was unique only for the taxpayers falling under a particular Assessing Officer’s (AO) ward and not throughout India. This led to errors or incorrect tax calculations at the time of tax assessment.
To deal with these errors and to adopt more effective methods of tax calculation the concept of PAN was introduced by the Indian government in 1972 as per section 139A of the Income Tax Act, 1961. PAN card was made mandatory for the taxpayers in 1976.
Here are the details that are available on PAN card of the cardholder:
SIDENOTE: An individual is expected to make a declaration through Form No. 60 in case he carries out any financial transaction requiring PAN but doesn’t own one.
[ Read: How to Link Aadhaar to PAN Card? ]
Two types of PAN card application forms are available to all the taxpayers in India depending on the category they fall in as explained below:
|Form No||Description||Form Download|
|49A||All applicants who are either Individuals/ HUFs/ Companies/ Firms can use this form. It’s applicable when they don’t have a PAN card and have never applied for one in the past.||Download Form 49A|
|49AA||This form is used by those foreign individuals and companies which are not incorporated in India and wish to invest and do business in India.||Download Form 49AA|
Saving taxes and filing income tax return accurately becomes very easy when you have professional help. This is where we come into the picture. You can either use our intuitive income tax e-filing platform to easily e-file your tax return or let our tax experts file it for you. We have a team of in-house tax experts who can accurately file your tax returns online while giving you maximum tax benefits.