Tuesday, 28 August 2012

Income Tax | Know Your 'PAN'


Permanent Account Number or simply PAN  is a ten-digit alphanumeric number, issued in the form of a laminated card, by the Income Tax Department [Government of India], to any “person” who applies for it or to whom the department allots the number without an application.

An example of how a PAN card looks like.
PAN enables the department to link all transactions of the “person” with the department. These transactions include tax payments, TDS / TCS credits, returns of income / wealth / gift / FBT, specified transactions, correspondence, and so on. PAN, thus, acts as an identifier for the “person” with the tax department.

PAN was introduced to facilitates linking of various documents, including payment of taxes, assessment, tax demand, tax arrears etc. relating to an assessee, to facilitate easy retrieval of information and to facilitate matching of information relating to investment, raising of loans and other business activities of taxpayers collected through various sources, both internal as well as external, for detecting and combating tax evasion and widening of tax base.

A typical PAN, for example looks like this. AFZPK7190K.
  • First three characters i.e. 'AFZ' in the above PAN are alphabetic series running from AAA to ZZZ
  • Fourth character of PAN i.e. 'P' in the above PAN represents the status of the PAN holder. 'P' stands for Individual, 'F' stands for Firm, 'C' stands for Company, 'H' stands for HUF, 'A' stands for AOP, 'T' stands for TRUST etc. [refer the table below for better understanding]
  • Fifth character i.e. 'K' in the above PAN represents first character of the PAN holder’s last name/surname.
  • Next four characters i.e. '7190' in the above PAN are sequential number running from 0001 to 9999.
  • Last character i.e. 'K' in the above PAN is an alphabetic check digit.

    Status of Assessee
    Fourth Character of PAN
    Hindu Undivided Family
    Association of Person
    Body Of Individuals

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    2. Details of your PAN card can be viewed on the Income Tax website. Check your PAN card details online, and you can use the "Your PAN Service" service provided by the Income Tax Department.
      Clicking the "Know Your Banner" link under "Services" opens a new window to provide some basic information such as name, gender, top, state, mobile number. After entering these fields, you will need to click on the "Submit" button and send an OTP to your mobile number.
      Use this OTP for “Mobile PIN” and click on “Validate” button; it will display your PAN details as well as it also tells if your PAN is active or not.You can create an entry on the Income Tax Website - e-Filing Home Page, Income Tax Department, Government of India and check your details there.
      Otherwise you will see the following link. Give your PAN number here and you will get the details. Use this link to track your PAN card application. Note: You can track your PAN app only when you complete the application and you have received an Acknowledgment number that will monitor your PAN card usage.
      If you do not submit your application, you must be logged in again under registered users, and use your temporary token number when you apply for the first time. You can visit the Income Tax Department website, enter your PAN, password, birth and captcha code, and you can sign in to your profile. Now you can go to profile settings and see your details.
      The PAN Card holder's address is not available on the PAN card. However, it can be obtained from the income tax department. Income tax returns can help. But if the new PAN cards are issued from January, the account holder can be mentioned.

      SEE MORE : panseva.com

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