PAN is the abbreviation that stands for Permanent Account Number. This is an identification code issued to the Income Tax Department of India for firms, individuals, limited liability partnerships, and corporations, as well as an association of individual trusts, bodies of people, artificial juridical people, and even non-residents. PAN cards are a form of identification. PAN number is evidence of identity the Government of India has approved authorities.
Know About The Structure Of A Pan Number
The PAN number is a number with ten digits. It is an alphanumeric code. The typical PAN number is AAAPS1234H.
- The first three digits are randomly assigned letters.
- The fourth digit symbolizes the structure of the PAN holder.
- P is for Privates or Proprietors
- F is for Partnership Firms and Limited Liability Partnerships.
- C refers to both public and private limited corporations. C stands for both public and private limited.
- H is a Hindu Undivided Family
- A is the acronym for the Association of Persons
- T is the acronym for Trusts.
- The fifth digit represents the first letter of your name, as well as the title of your company.
- The final five numbers are also randomly allocated.
Authorized Institutions For Processing PAN Card Applications
The Income Tax Department has authorized National Securities Depository Limited’s Protean and UTI Infrastructure Technologies Private Limited (UTITSL) to handle PAN applications for credit cards.
Protean and UTITSL have facilities nationwide to take physical PAN applications.
Form To Be Submitted
- For Form 49A, an Application for a new PAN card for Indian citizens
- Formula 49AA-Application to apply for PAAN cards for citizens of foreign countries
Application Process
Online
- Visit Protean’s official website Protean and UTITSL to complete your online applications.
- Click on “Apply for a new PAN card.”
- Complete all the necessary information in the form 49A.
- Pay the processing fee online or with an order draft in the authority’s name.
- After the payment has been successful,
- Print the application form
- Paste in your latest two color photos in the stamp size (applicable only to individuals)
- In the signature box, sign using the black pen (individual for sole proprietors authorized signatory for all different types in business) and then sign over the photo (only to sign for)
- Send the application form, all supporting documents, and the demand draft (if appropriate), to the authority issuing the form.
- The Application could be signed digitally by an authorized signatory for your company.
- The Aadhar-enabled KYC is available to those whose Aadhar information is verified through UIDAI. If the verification succeeds, there is no requirement to mail any documents in person. The documents supporting it can easily be uploaded on the internet.
Offline
You can apply to the authorized facilitation centers in Protean or UTITSL.
Application Turnaround
PAN will be published 14 days after the Application, provided all information and supporting documents are in order.
Your PAN Card for Business
You will get a blue plastic credit card from the Income Tax Department of India and a letter of introduction.
The card will include the
- 10-digit PAN number
- Name of your company Name of the owner (in the case of a proprietorship)
- Date of incorporation, date of Birth (in the case of a sole proprietorship)
- Name of the father (only for proprietorships)
- Your photo (only for individuals/proprietorship)
- Your signature (only for a proprietorship)
Benefits Of Having A PAN Card
- Essential to file your income tax returns
- Identity proof for various applications
- Serves as a reference or identification to all transactions in the financial sector.
- You must create an account with a Demat account.
- GST number and IEC code are only issued by your PAN number.
