PERMANENT ACCOUNT NUMBER
Permanent Account Number card has become one of the most Essential documents to have. PAN is meant to Identify the Income Tax Returns, Challans Etc. PAN is mandatory in following Cases :
(i) To File Income Tax Returns.
(ii) A Person is required to Quote his Permanent Account Number in respect of Transactions specified by Central Government like Sale , Purchase of Immovable Property, Depositing Cash in Bank, Post offices, For Making Payment Rs. 50000 or more. etc.
APPLICATION FOR PAN
Application for PAN should be made by assessee with following Documents :
(i) Form No. 49A
(ii) Address Proof
(iii) Identity Proof
(iv) Two Passport Size Photo
Application can be made either by Manual or Online Mode.
FIVE IMPORTANT THINGS ABOUT PERMANENT ACCOUNT NUMBER :
(1) There is no minimum or maximum age requirement to apply for PAN Card Allotment.
(2) A Permanent Account Number is issued to a Minor, an NRI, a foreigner, or a foreign company too for making financial transaction in India.
(3) PAN Consists of 10 Character alphanumeric number, First five character has alphabets, followed by four numerical digits and an alphabet.
(4) Fourth Character of PAN reveals the cardholder's status : P stand for a Person, C for Companies, A for Association, T for Trusts, F for firms and so on.
(5) Furnishing Father's name in PAN application not mandatory, as per new Rule applicants can now choose whether they want the name of their father or mother on the card.
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