PAN
Permanent Account Number Correction
What is Permanent Account Number (PAN)?
The Income Tax Department assigns a 10-digit alphanumeric identifier known as the Permanent Account Number (PAN). For financial transactions including receiving a taxable salary or professional fees, buying or selling assets beyond certain thresholds, purchasing mutual funds, and many more, a PAN is required.
As of January 1, 2005, all payments owed to the Income Tax Department must include the PAN on the challan. Furthermore, PAN has to be mentioned in all correspondence with income tax authorities and on income returns.
Required Documents for Applying for a Pan Card
- Copy of Aadhaar Card/ Voter identity card
- Proof of Date of Birth
- Passport size photograph
- Copy of Address Proof (Telephone Bill/Electricity Bill)
- Certificate of incorporation (In case of Company)
- Partnership Deed (In case of Partnership)
- Copy of Property papers (If owned property)
Pan Card's Features
PAN is mandatory to file ITR and for the Payment of direct taxes
PAN Card is valid for lifetime
Indians and Foreign nationals both are eligible to apply for PANs.
PAN is a 10-digit alpha-numeric code that is provided by the Department of Income Tax.
Frequently Asked Questions(FAQs)
There is no minimum age required for PAN. Any person can apply for the PAN.
One can’t have more than one PAN cards. It is not permitted to own more than one PAN card.
A separate PAN card is not required for individual proprietorship. The proprietor’s PAN card will also function as the proprietorship’s PAN card.