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Permanent Account Number
PAN is a ten-digit alphanumeric number allotted by Income Tax department to an individual or organisation in order to uniquely identify them.
PAN is issued in format of ABCPE1234F.
First three characters i.e. “ABC” in the above PAN are alphabetic series running fromAAA 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.
Fifth character i.e. “E” in the above PAN represents first character of the PANholder’s last name/surname.
Next four characters i.e. “1234” in the above PAN are sequential number running from 0001 to 9999.
Last character i.e. “F” in the above PAN is an alphabetic check digit.
Advantages & Benefits of PAN
Legal Identity
Transaction Facilitator
Avoid Penalty
Deposit Tax
File ITR
Enable doing business
Transactions in relation to which PAN to be quoted mandatorily [Rule 114B] :
Every person shall quote his permanent account number in all documents pertaining to the transactions specified in the Table below, namely :-
| Nature of transaction | Value of transaction | |
|---|---|---|
| 1 | Sale or purchase of a motor vehicle or vehicle, as defined in Section 2(28) of the Motor Vehicle Act, 1988 which requires registration by a registering authority under Chapter IV of that two wheeled vehicles. | All such transactions. |
| 2 | Opening an account [ other than a time-deposit referred to SL. No. 12 and a basic Saving Bank Deposit Account ] with banking company or a cooperative bank to which the Banking Regulation Act, 1949, applies ( including any bank or banking institution referred to in Section 51 of that Act). | All such transactions. |
| 3 | Making an application to any banking company or a co-operative bank to which the Banking Regulation Act, 1949, applies (including any bank or banking institution to in Section 51 of that Act) or to any other company or institution, for issue of a credit or debit card.** | All such transactions. |
| 4 | Opening of ademataccount with a depository, participant, custodian of securities or any other person registered under Section 12(9A) of the Securities and Exchange Board of India Act, 1992. | All such transactions. |
| 5 | Payment to a hotel or restaurant against a bill or bill at any one time. ** | Payment in cash of an amount exceeding ₹ 50,000. |
| 6 | Payment in connection with travel to any foreign country or payment for purchase of any foreign currency at any one time. ** | Payment in cash of an amount exceeding ₹ 50,000. |
| 7 | Payment to Mutual Fund for purchase of its units. | Amount exceeding ₹ 50,000. |
| 8 | Payment to a company or an institution for acquiring debentures or bonds issued by it. | Amount exceeding ₹ 50,000. |
| 9 | Payment to the Reserve Bank of India, constituted under section 3 of the Reserve Bank of India Act, 1934, acquiring bonds issued by it. ** | Amount exceeding ₹ 50,000. |
| 10 | Deposit with a banking company or a co-operative bank to which the Banking Regulation Act, 1949, applies (including any bank or banking institution referred to in Section 51 of that Act). | Deposit in cash exceeding ₹ 50,000 during any one day, or aggregating to more than ₹ 2,50,000 duringthe period 9th Nov., 2016 to 30th Dec., 2016. |
| 11 | Purchase of bank draft or pay orders or banker’s cheques from a banking company or a co-operative bank to which the Banking Regulation Act, 1949, applies ( including any bank or banking institution referred to in Section 51 of that Act ). ** | Payment in cash for an amount exceeding ₹ 50,000 during any one day. |
| 12 | A time deposit with- (i) a banking company or a co-operative bank to which the Banking Regulation Act, 1949, applies (including any bank or banking institution referred to in Section 51 of that Act); (ii) a Post Officer; (iii) a Nidhi referred to in Section 406 of the companies Act, 2013; 2013; or (iv) a non-banking financial company which holds a certificate of registration under section 45-IA of the Reserve Bank of India Act, 1934, to hold or accept deposit from public. | Amount exceeding ₹ 50,000 or aggregating to more then₹ 5,00,000 during a financial year. |
| 13 | Payment for one or more pre-paid payment instruments, as defined in the policy guidelines for issuance and operation of pre-paid payment instruments issued by Reserve Bank of India under section 18 of the Payment and Settlement Systems Act, 2007, to a banking company or a co-operative bank to which the Banking Regulation Act, 1949, applies (including any bank or banking institution referred to in section 51 of that Act) or to any other company or institution.** | Payment in cash or by way of a bank draft or pay order or banker’s cheque of an amount aggregating to more than ₹ 50,000 in a financial year. |
| 14 | Payment as life insurance premium to an insurer as defined in section 2(9) of the Insurance Act, 1938. | Amount aggregating to more than ₹ 50,000 in a financial year. |
| 15 | A contract for sale or purchase of securities ( other than shares ) as defined in section 2(h) of the Securities Contracts (Regulation ) Act, 1956. | Amount exceeding ₹ 1 lakh per transaction. |
| 16 | Sale or purchase by any person, of shares of a company not listed in a recognized stock exchange. | Amount exceeding ₹ 1 lakh per transaction. |
| 17 | Sale or purchase of any immovable property. | Amount exceeding ₹ 10 lakh or valued by stamp valuation authority referred to in section 50C of the Act at an amount exceeding ₹ 10 lakh. |
| 18 | Sale or purchase by any person, of goods or services of any nature other than those specified at Sl. No. 1 to 17 of this Table, if any. ** | Amount exceeding ₹ 2 lakh per transaction. |
Compare Options
| Basis | Private Limited Company | Limited Liability Partnership | One Person Company | Partnership Firm | Sole Proprietorship |
|---|---|---|---|---|---|
| Suitable For | Start-ups | Professional firms | Individual promoters | Family businesses | Small Businesses |
| Investors | Attractive | Less Attractive | Not preferable | Unlikely | No way |
| Limited Liability | Yes | Yes | Yes | No | No |
| Taxation Benefits | Certain benefits | Efficient | benefits | Lowest | Lowest |
| Constant Existence | Yes | Yes | Yes | No | No |
| Compliance Applicability | High | Low | High | Minimal | Minimal |
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Package & Pricing
Private Limited Company
₹6000
- COI
- MOA & AOA
- PAN & TAN
- DSC – 2
- DIN – 2
- SHARE CERTIFICATES
- FIRST BOARD RESOLUTION
- GSTIN
GST , MSME & TM
₹10,000
- GSTIN
- GST Invoice Format
- GST e-way bill Registration
- Free GST Consultancy
- MSME Registration
- Trademark
- IEC
- DSC
Startup Annual Compliance
₹25,000
- Financial Statement
- Audit Report
- ITR
- GST Return
- ROC Annual Return
- Consultancy
- ITR for 2 Promoters
- *Package subject to Turnover
ITR for small business
₹6000
- Financial Statement
- ITR
- Consultancy
- Refund Tracking Status
- House Property Income Covered
- Capita Gain Income Covered
- Interest Income Covered
- *Package subject to Turnover
