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PAN stands for Permanent Account Number which is a 10 digit alphanumeric string. It is issued by the Income Tax Department in the form of a laminated card known as PAN card to any individual who applies for it.
PAN is a convenient method to link a person’s financial transactions such as payment of tax, TDS/TCS credits, wealth/income/gift returns etc with the Income Tax Department. An individual’s tax assessments, payments, loans, investments, etc can be easily tracked by the Tax Department and thus it puts a hold on every financial operation within our country. This means that tax evasions and fraudulent property transactions can be brought under scrutiny.
A PAN will look like this AMTGK5940L.
Following are the kind of individuals who should possess a PAN card –
The Income Tax Department has authorised UTI Investor Services Ltd. (UTIISL) to set up and provide IT PAN Service Centers in the cities and towns where there is Income Tax office and National Securities Depository Limited (NSDL). There are TIN facilitation centers for this.
PAN application is made on Form 49A. This application can be downloaded from the Income Tax Department website. It has to be photocopied on A4 size 70 GSM paper. It can also be obtained from any other sources like IT PAN Service centers and TIN Facilitation centers.
Applications can also be made online through the portal of NSDL or UTITSL. Charges are the same for doing the same online. It is INR.106 for Indian address and Rs.985 for foreign addresses. All supporting documents are to be sent through courier or post to NSDL or UTITSL. Payment can be made online using credit or debit card.
Documents for proof of Identity: Copy of School leaving certificate or degree certificate of a recognised educational institution, Depository account or credit card or bank account, Water bill, Ration card, property tax assessment order, passport, voter id, driving licence, Certificate of identity signed by an MP or MLA or Municipal Councilor, or Gazetted Officer.
Documents for proof of address: Electricity bill, telephone bill, bank account, credit card, voter id, employer certificate, passport, tax assessment order, driving licence, rent receipt, certificate signed from an MP/MLA/Municipal Councillor/Gazetted officer
You need to fix a passport size photo on the form. Along with this the Designation and code of the assessing officer has to be entered in Form 49A.
If you lose your PAN card or your PAN card gets damaged, you have to again apply for a new one just like applying for a fresh PAN card. You can do this online by submitting the online application for PAN card. Submit the FIR if you lost the PAN card and filed the police complaint.Just click on the link above.
There are various reasons to change the details in your PAN card. It could be a change in name, date of birth or any other.You need to fill the application form and make changes to the fields  in which you want the changes to occur. If you are changing your name and made a newspaper publication of Gazette publication then you have to submit those as proof of name change done.
Along with the application you have to again produce documents in proof of address and identity as mentioned above. Click on this NSDL link to view the complete details.
A non-resident Indian and institutions can apply for PAN card if they receive any income and have to file income tax returns. Any Indian citizen residing outside India while making the application, or a foreign citizen residing in India or a company, trust or firm with no office in India all come under the category of NRI.
While making the application for PAN card, an NRI should follow these rules:
No, it is illegal to have more than one PAN.
No. PAN, as the name suggests, is a Permanent Account Number and is the same for an individual throughout India, irrespective of city or State that the individual lives in.
You can get your PAN card details updated anytime. You need to fill in the form online and tick mark to the left of the column or box where changes need to be done.
HUF refers to‘Hindu Undivided Family’. Only a Hindu can create a HUF. Any Hindu who gets married can form a HUF with his name as the Karta or the chief of the HUF. A PAN card in the name of the HUF will be issued by the IT Department. Tax benefits can be claimed for the income from HUF property. If an ancestral property or gifted assets etc, are merged into one’s personal income, then the tax to be paid by the person would be high. But if a separate account is created in the name of HUF, then one can save a lot of unnecessary tax payments.
