Pan Cards

(PAN) Permanent Account Number is a laminated card with ten-digit alphanumeric number, issued by the Income Tax Department, to any individual or a business firm who applies for it or to whom the department allots.

PAN help the department or individual to link all transactions. These transactions include tax payments, TDS/TCS credits, returns of income/wealth/gift, specified transactions, correspondence, and so on. PAN, thus, acts as an identifier for the individual or a business 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.

WHY IS IT NECESSARY TO HAVE PAN?

It is mandatory to quote PAN on return of income, all correspondence with any income tax authority. From 1 January 2005 it will be mandatory to quote PAN on any payments due to Income Tax Department.

It is also compulsory to quote PAN in all documents pertaining to the following financial transactions:-

  • Sale or purchase of any immovable property valued at five lakh rupees or more;
  • Sale or purchase of a motor vehicle or vehicle;
  • A time deposit, exceeding fifty thousand rupees, with A Banking Company;
  • A deposit, exceeding fifty thousand rupees, in any account with Post Office Savings Bank;
  • A contract of a value exceeding one lakh rupees for sale or purchase of securities;
  • To apply for installation of a telephone connection (including a cellular telephone connection);
  • Payment in cash for purchase of bank drafts or pay orders or banker’s cheques for an amount aggregating fifty thousand rupees or more during any one day;
  • Payment in cash in connection with travel to any foreign country of an amount exceeding twenty-five thousand rupees at any one time.

Any one of the Documents to be submitted as Proof of Identity and Address, along with Recent two passport size photos to apply for PAN Card

Proof of Identity :

  • School leaving certificate
  • Matriculation certificate
  • Degree of a recognised educational institution
  • Depository account statement
  • Credit card statement
  • Bank account statement/ bank pass book
  • Water bill
  • Ration card
  • Property tax assessment order
  • Passport
  • Voters Identity Card
  • Driving License

Proof of Address:

  • Electricity bill
  • Telephone bill
  • Depository account statement
  • Credit card statement
  • Rent receipt
  • Employer certificate
  • Passport
  • Voters Identity card
  • Property tax assessment order
  • Driving License
  • Ration card

If the applicant is a minor (i.e. below 18 years of age at the time of application), any of the documents as per the lists specified below of any of the parents/ guardian of such minor shall be deemed to be the proof of identity and address of the applicant.

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