PAN or Permanent Account Number is a 10 digit alpha-numeric identity issued by the Income Tax Department of India. It is a unique account number allocated by the Income Tax Department, which is used to track and manage all the Income Tax asses in India.
Although the PAN card application is voluntary, it must be obtained before engaging in certain transactions. For entering into a financial transaction exceeding a specified amount, quoting PAN is compulsory. Also, every business entity must apply for PAN card application within the 30 days of its formation or incorporation.
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Documents Requirement for PAN Application
Photograph
Two passport size photograph, in case of individual
Proof from Parents
ID proof and Address proof of any of the parent
Certificate of Incorporation
CoI in case of company and LLP
Birth Certificate
Copy of Birth Certificate, in case of Minor
Address Proof
Copy of Aadhar Card or other address proof, in case of individual
Pan Card is accepted as identity proof for every individual and all the way to the businesses. From opening a bank account to Government registration, PAN card of individual or business is a primary requirement.
Preparation and verification of Application
Handing the Application to Income Tax Authority
Sharing acknowledgment receipt
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Day 3 - 10 Government Processing
Application processing by IT department
FAQ's
Who can apply for PAN card?
Any Indian citizen, including a minor, can apply for allotment of Permanent Account Number by furnishing valid proof and documents. Foreign individual or entity can also apply for PAN allotment.
Whether new business requires PAN card?
Yes, every business established in India must apply for PAN card online or offline within the 30 days of establishment. However, sole proprietorship firm does not need so as it does not have a separate identity from its owner.
In how much time is the Permanent Account Number (PAN) allotted?
Once the application for PAN Card is forwarded, generally it takes 5 – 7 working days for allotment of PAN. However, receipt of physical PAN card may take time.
What is the validity of PAN card?
The Permanent Account Number, once allotted, comes with lifetime validity for individuals and business entities. If the businesses entities are dissolved or closed, it must surrender the allotted PAN.
Can I hold more than one PAN card?
A Person cannot hold more than one PAN card. If a person holds more than one PAN, a penalty of Rs. 10,000/- may be imposed under section 272B. Therefore, the person holding more than one PAN must surrender it immediately.
