PAN is a 10 digit alpha-numeric unique number allotted to each individual who apply for it.
Let PAN of Mr. Ravi Lamba be: A A A P L 1 2 3 4 C
A – AOP
B – BOI
C – COMPANY
F – FIRM
G – GOVERNMENT
H – HUF
L – LOCAL AUTHORITY
J – ARTIFICIAL JURIDICAL PERSON
P – INDIVIDUAL
T – TRUST (AOP)
K – KRISHI (TRUST KRISH)
It is a unique 10 digit number which serves as an identity proof for lifetime.
Also, quoting PAN is mandatory in certain situations like:-
The application for PAN may be applied either online through NSDL (https://www.onlineservices.nsdl.com/paam/endUserRegisterContact.html) or UTITSL (https://www.utiitsl.com/UTIITSL_SITE/pan/) government affiliated websites, or offline by visiting your nearest Income Tax PAN centres, where the PAN shall be alloted within 15 days of submission of application.
The applicable form is Form 49A and the fees for residents is Rs. 110/- (w.e.f. 01/07/2017- earlier it was Rs. 107/-). The supporting documents require details regarding- identity proof, date of birth/ incorporation and proof of address. For list of documents- refer: https://www.incometaxindia.gov.in/Documents/documents-required-for-pan.pdf.
Only Indian citizens should use this form for submitting application for allotment of PAN. Indian citizens located outside India should also use this form.
Applicant will fill Form 49A online and submit the form.
If the data submitted fails in any format level validation, a response indicating the error(s) will be displayed on the screen.
The applicant shall rectify the error(s) and re-submit the form.
If there are no format level error(s), a confirmation screen with data filled by the applicant will be displayed.
The applicant may either edit or confirm the same.
The fee for processing PAN application is ? 110 (? 93 + 18% Goods And Service Tax).
Recently, the government has made it mandatory for the assesses filing their ROI only after successful linking of their Aadhar with PAN to curb tax evasion through the use of multiple PAN cards. Though, after 31st July 2017 when the date was extended to the 31st August, 2017 government provided certain relaxation whereby returns could be filed by just quoting Aadhar no. in their returns even if it was not linked to their PAN.
But from now on, strict provisions are laid down to mandate such linking. The last date of linking PAN with Aadhar shall be announced shortly. The process is as follows:
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