Pan Card Full Form – PAN Card is a unique alphanumeric number that is issued by the Income Tax Department. Which carries a total of 10 marks. In today’s article, we are going to tell you about the PAN’s full formand some exciting things related to it, which you may not know about yet. Do you know that just by looking at the PAN card number, you can find out whether it belongs to an individual, company, or firm or not? So let’s start and know why every Indian must make a pan? And what is the full form of a PAN card?
PAN Full Form (Pan Card full form)
The “ PAN full form ” is “ Permanent Account Number ”. This alphanumeric number is issued by the Income Tax Department. Which is issued according to the individual, company, organization, firm, etc. A PAN consists of the first five-letter words, followed by 4 digit numbers and the last word is the alphabet.
The structure of PAN number is as follows:-
The first three characters in the Permanent Account Number can range from AAA to ZZZ.
The fourth character of PAN represents the status of the PAN holder. like
“P” stands for Person
“C” stands for Company
“H” stands for Hindu Undivided Family (HUF)
“A” stands for Association of Persons (AOP)
“B” stands for Body of Persons (BOI)
“G” stands for Government Agency
“J” stands for Artificial Judicial Person
“L” stands for Local Authority
“F” means Firm / Limited Liability Partnership
“T” stands for Trust
The fifth character denotes the person’s last name/surname. If a person does not have a surname, his or her first name is assumed to be the last name.
case of one person. In the case of non-individual PAN holders, the fifth character represents the first character of the name of the PAN holder.
AAAPS 0001 D
The next four characters are ordinal numbers running from 0001 to 9999.
The last character, i.e. the tenth character, is an alphabetical check digit.
Who should get PAN and when? (PAN Full Form)
- Every individual must have a Permanent Account Number if his/her total income is eligible for filing Income Tax Return.
- A charitable trust is required to submit return u/s 139(4A)
- Every person carrying on any business or profession whose total sales, turnover or gross receipts in any year exceed or are likely to exceed five lakh rupees.
- Every non-individual resident individual and their connected persons shall apply for
- PAN if the financial transactions carried out by him during the financial year exceed Rs. 2,50,000.
Transactions in which voting of PAN is mandatory
Following are the transactions in which quoting of PAN is mandatory except in Central Government, State Governments, and Consular Offices:
- PAN is mandatory for the sale and purchase of motor vehicles other than two-wheelers.
- It is necessary to have a permanent account number to open a savings and current account in any bank.
- Applying for issuance of credit or debit card.
- Opening of Demat Account with Depository, Participant, Custodian of Securities, or any other person with SEBI
- 50,000 on payment of a single bill in a hotel or restaurant.
- 50,000 for the purchase of any foreign currency in a foreign country or at any one time.
- 50,000 deposited during any one day with a banking company or co-operative bank.
- Fixed deposit of an amount exceeding Rs. 50,000 or in aggregate Rs. 5 lakh during a financial year –
- (i) A banking company or a cooperative bank
- (ii) a post office;
- (iii) the fund referred to in section 406 of the Companies Act, 2013 or
- (iv) a non-banking financial company
How to Apply for PAN? (How to get PAN Card?)
The Income Tax Department has authorized UTI Infrastructure Technology And Services Limited (UTIITSL) and National Securities Depository Limited (NSDL) to set up and manage PAN service centers. UTIITSL and NSDL have established PAN Service Centers and TIN Facilitation Centers at various locations in major cities of India.
Thus, a person desirous of obtaining PAN can apply for PAN by submitting the PAN Application Form (Form 49A/49AA) along with relevant documents and the prescribed fee at the PAN Application Center of UTIITSL or NSDL. The online application can also be made from the website of UTIITSL or NSDL.
As per section 139AA, every person who is eligible to obtain Aadhaar is required to quote his/her Aadhaar number in the PAN application form with effect from July 1, 2017. If a person does not have an Aadhar number but had applied for it. Aadhar card then he can quote the enrollment id of the Aadhaar application form.
What are the documents required for a PAN application?
- For applying for a PAN card, you need to have form 49A
- Form 49AA is required to be filled for PAN application by an NRI person.
- Two passport size color photographs
- Identity and Address Proof Photo Copy, Aadhaar Card, Passport, Etc.
How to Apply for Instant Pan? (Pan Card Full Form)
This facility has been given by Income Tax Department for Individuals, to get instant PAN you can visit the official website of the Income Tax Department https://www.incometax.gov.in but to get instant PAN You have to fulfill some requirement which is as follows:-
- He has never been allotted PAN;
- Their mobile number is linked to their Aadhaar number;
- His complete date of birth is available on the Aadhar card; And
- He should not be a minor on the date of applying for PAN
In this article, you learned about the PAN card full form and some interesting things related to it, if you liked this article of ours, then you must tell us by commenting. Thank you very much for reading this article and giving your valuable time.