Permanent Account Number (PAN) is a ten-digit alphanumeric identifier, issued by the Income Tax Department. Each assessee (e.g. individual, firm, company, etc.) is issued a unique PAN.<\/p>\n\n\n\n
A PAN is a unique identifier issued to all judicial entities identifiable under the\u00a0INCOME TAX ACT 1961. The income tax PAN and its linked card are issued under Section 139A of the Income Tax Act. It is issued by the Indian Income Tax Department under the supervision of the\u00a0CBDT and it also serves as an important proof of identification.<\/p>\n\n\n\n
Existing assessees or taxpayers or persons who are required to file a return of income, even on behalf of others, must have a PAN. Any person, who intends to enter into economic or financial transactions where quoting PAN is mandatory, must also have a PAN.<\/p>\n\n\n\n
Section 160 of the IT Act, 1961 provides that a minor, lunatic, idiot, mentally retarded, deceased, wards of the court, and such other persons may be represented through a Representative Assessee.<\/p>\n\n\n\n
In such cases,<\/p>\n\n\n\n
The PAN (or PAN number) is a ten-character long alpha-numeric unique identifier.<\/p>\n\n\n\n
The PAN structure is as follows: AAAPL1234C<\/strong>:<\/p>\n\n\n\n A<\/strong> \u2014 Association of persons (AOP)<\/p>\n\n\n\n B<\/strong> \u2014 Body of Individuals (BOI)<\/p>\n\n\n\n C<\/strong> \u2014 Company<\/p>\n\n\n\n F<\/strong> \u2014 Firm<\/p>\n\n\n\n G<\/strong> \u2014 Government<\/p>\n\n\n\n H<\/strong> \u2014 HUF<\/p>\n\n\n\n L<\/strong> \u2014 Local authority<\/p>\n\n\n\n J<\/strong> \u2014 Artificial juridical person<\/p>\n\n\n\n P<\/strong> \u2014 Individual (proprietor)<\/p>\n\n\n\n T<\/strong> \u2014 Trust (AOP)<\/p>\n\n\n\n E<\/strong> \u2013 LLP (limited liability partnership)<\/p>\n\n\n\n PAN may be optional or voluntary like a passport, driving license,\u00a0Aadhaar, etc. However, its use is mandatory at required places, like PAN for high-value financial transactions, driving license for motor driving, passport for foreign travel, etc.<\/p>\n\n\n\n PAN FOR FOREIGN CITIZEN<\/p>\n\n\n\n PAN is an important document for foreign citizens also, who wish to undertake business in India or wish to invest in India. The procedure to obtain PAN is the same as applicable for Indian citizens. However, the application is required to be filed using Form 49AA meant for foreign citizens and submitted at any of the authorized PAN Service Centre through the authorized representative in India. List of documents applicable to foreign citizens.<\/p>\n\n\n\n No. Obtaining\/possessing more than one PAN is against the law and may attract a penalty up to 10,000. Therefore, it is advisable not to obtain\/possess more than one PAN.<\/p>\n\n\n\n If you have lost your PAN card, do not worry. Apply for a\u00a0duplicate PAN Card\u00a0online or offline. Login on to NSDL or UTIITSL website,\u00a0Fill the form 49-A for Indian citizens or Form 49-AA in case of a foreigner and make the payment online for a duplicate copy of your PAN card. The PAN will be dispatched within 45 days.<\/p>\n\n\n\n Section 139AA of the Income Tax Act states that every person who has PAN as on July 1, 2017, is required to link his\/her PAN with his\/her Aadhaar number. Section 139AA also requires mandatory quoting of Aadhaar while applying for a new PAN and also while filing the return.<\/p>\n","protected":false},"excerpt":{"rendered":" Permanent Account Number (PAN) is a ten-digit alphanumeric identifier, issued by the Income Tax Department. Each assessee (e.g. individual, firm, company, etc.) is issued a unique PAN. A PAN is a unique identifier issued to all judicial entities identifiable under the\u00a0INCOME TAX ACT 1961. The income tax PAN and its linked card are issued under<\/p>\nObtain PAN<\/strong><\/h3>\n\n\n\n
More than one PAN:<\/strong><\/h3>\n\n\n\n
Lost PAN card?<\/strong><\/h3>\n\n\n\n
Compulsory to link Aadhaar with PAN<\/strong><\/h3>\n\n\n\n