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Permanent Account Number

Permanent account number (PAN) is ten- digit alphanumeric number issued by the Income Tax Department. PAN issued to those who applied for it or the department assigned the number without application. The motive of PAN is to link all the transaction of person with the department. It works as an identifier with the department for the person. The transactions are included tax payments, TDS/TCS credits, returns of income, wealth, gift, FBT, specified transactions, correspondence and so on. PAN is issued to the applicant, and is not allowed to hold more than one PAN. If applicant holds more than one PAN, he is liable for penalty Rs. 10,000/-

Description of PAN number 

  • 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 PAN holder’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

l

Legal Identity

Transaction Facilitator

Avoid Penalty

Deposit Tax

File ITR

Z

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 transactionValue of transaction
1Sale 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.
2Opening 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.
3Making 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.
4Opening 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.
5Payment to a hotel or restaurant against a bill or bill at any one time. **Payment in cash of an amount exceeding ₹ 50,000.
6Payment 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.
7Payment to Mutual Fund for purchase of its units.Amount exceeding ₹ 50,000.
8Payment to a company or an institution for acquiring debentures or bonds issued by it.Amount exceeding ₹ 50,000.
9Payment 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.
10Deposit 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.
11Purchase 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.
12A 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.
13Payment 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.
14Payment 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.
15A 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.
16Sale or purchase by any person, of shares of a company not listed in a recognized stock exchange.Amount exceeding ₹ 1 lakh per transaction.
17Sale 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.
18Sale 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.

Tax Deduction Account Number (TAN)

Tax deduction account number or tax collection account number is issued by income tax department which is 10-digit alphanumeric number. TAN is collect by those individuals who are liable for deducting tax at source (TDS) or to collect tax at source (TCS). All bodies that are collecting or deducting tax should have TAN. No documents are requirement for the application for allotment of TAN. However, the application is made online which is required to forward the online form to NSDL. ​​​​​​​It is mandatory for all entities to apply for TAN if they are dealing with the deduction or collection of tax and mandatory to specify TAN in TDS/TCS return, payment challan, certificate, or any other documents where it needs to be specified. If failure to do so, then the applicant is liable for penalty of Rs. 10,000.

Documents Required for PAN

i

Aadhar

i

Mobile

i

Email

i

Partnership Deed (For Firm)

FAQ

What is e-PAN card?

E-pan card is a new facility to get your PAN card in electronic format.

How much time it takes to get PAN?

Individual PAN card if applied through Aadhar is allotted in a day only. PAN card for company and LLP are applied at the time of registration of entity and is allotted at the time of incorporation. In normal case, it takes 10-12 days to get a pan card.

Is it mandatory to link PAN with Aadhar?

Yes, it is mandatory to link PAN with Aadhar. Extended due date to link PAN with Aadhar is 30th September 2019.

How to surrender PAN?

PAN can be surrendered online through income tax department website. In offline mode, PAN can be surrendered by writing to jurisdictional AO.