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Permanent Account Number (PAN) was introduced by the Indian Income Tax Department in order to facilitate easy retrieval of information and matching information relating to an assessee’s investment, payment of taxes, raising of loans, assessment, tax demand, tax arrears etc.
The Permanent Account Number (PAN) is unique, national, and permanent. It is unaffected by a change of address, even between states in India.
As a universal identification key the PAN helps to monitor all financial transactions of high net worth individuals and thereby indirectly prevent tax evasion.
From 1 January 2005 it has been made mandatory to quote the Permanent Account Number (PAN) on challans for any payments due to Income Tax Department. It is also compulsory to quote PAN in all documents pertaining to most financial transactions.
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Documents for the PAN Card
- Aadhaar Card issued by UIDAI
- Passport Size Photo
- Arm’s License
- Affidavit sworn before a Magistrate stating the date of birth
- Allotment letter of Accommodation issued by the Central or state Government
- Bank Account Statement
- Birth Certificate
- Bank Certificate in original on letter head from the branch
- Central Government Health Scheme Card
- Certificate of identity in original signed by a Gazetted Officer
- Certificate of identity in original signed by a Member of Legislative Assembley
- Certificate of identity in original signed by a Member of Parliament
- Certificate of identity in original signed by a Municipal Councillor
- Consumer Gas Connection card or book or piped gas bill
- Credit Card Statement
- Depository Account Statement
- Domicile Certificate issued by the Government
- Driving License
- Elector’s Photo Identity Card
- Ex-servicemen Contributory Health Scheme photo card
- Electricity Bill
- Employer Certificate in original
- Marriage Certificate issued by Registrar of Marriages
- Matriculation Certificate
- Landline Telephone or Broadband connection bill
- Latest Property Tax Assessment Officer
- Pension Payment Order
- Pensioner Card having photograph of the applicant
- Photo Identity Card issued bt the Central Government or a State Government or a Public sector undertaking
- Ration Card having photograph of the applicant
- Passport of the Spouse
- Post Office Passbook Having address of the applicant
- Property Registration document
- Water Bill
- Certificate of Incorporation
- Certificate of Registration issued by the Registrar of LLPs
- Certificate of Registration issued by the Registrar of Firm
- Partnership Deed
- Trust Deed
- Certificate of registration number issued by Charity Commissioner
- The memorandum of Articles
- Constitution (Samvidhan) of NGO/Trust/Society/Non Profit Company
- Certificate of registration number issued by charity commissioner
- registrar of cooperative society
- any other competent authority
- Any other document originating from any Central or State Government Department establishing identity and address of such person
Procedure for the PAN Card
Benefits of having PAN Card
All individuals and entities who are eligible for Income tax are expected to file their IT returns. A PAN card is necessary for filing of IT returns, and is the primary reason individuals, as well as other entities, apply for one.
One of the best benefits of PAN card is that it is accepted in formalities involved during buying or selling immovable assets. A PAN card is mandatory for a transaction valued Rs. 10 lakhs or more.
Many times, a taxpayer needs to pay more than the actual tax amount. To get the refund, the individual needs to link his/her PAN card to the bank account.
In order to start a business or a company, it is mandatory to have a PAN card in the name of the organization.
A PAN card is very important for taxation. If an individual who is receiving Rs. 10,000 in the form of interest from either a savings account or an FD and has not linked his PAN card with the bank account, then the bank will debit 20% of TDS instead of 10%.
A PAN card is essential while requesting for a pay order, bank cheques and drafts. If an individual is transacting more than Rs. 50,000 then he/she will need the PAN card to complete the transaction.
If your hotel or restaurant bill exceeds Rs. 50,000 then for paying the bill you will need a PAN card.
An individual should possess a PAN card to open a demat account, which is used to hold shares in the dematerialized form.
A PAN card helps the Income Tax Department to assess an individual or entity’s monetary transactions. It helps in identifying persons involved in tax evasion. The PAN card has the name, photograph and other related information that even make it a valid identity proof.
The possibility of PAN card misuse is minimal. Notably, a PAN card will not change even if it is lost or stolen.
A PAN card is a tool that evaluates total tax revenue in India.
A minor can also avail a PAN card by providing his/her guardian’s PAN details.
Frequently Asked Questions (FAQs)
Most frequent questions and answers
Permanent Account Number (PAN) is a unique ten-digit alphanumeric number, issued in the form of a laminated card, by the Income Tax Department, to any “person” who applies for it or to whom the department allots the number without an application. PAN enables the department to link all transactions of the “person” with the department. These transactions include tax payments, TDS/TCS credits, returns of income/wealth/gift/FBT, specified transactions, correspondence, and so on. PAN, thus, acts as an identifier for the “person” 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 assesse 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.
A typical Permanent Account Number is would look like AKGPL7190K. The logic behind the array of numbers and alphabets is as follows:
First three characters i.e. “AKG” in the above PAN are alphabetic series running from AAA 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. “L” in the above PAN represents first character of the PAN holder’s last name/surname.
Next four characters i.e. “7190” in the above PAN are sequential number running from 0001 to 9999.
Last character i.e. “K” in the above PAN is an alphabetic check digit.
The primary objective of PAN is to use a universal identification key to track financial transactions that might have a taxable component to prevent tax evasion.
Furnishing PAN will be mandatory from 01st January 2005 for:
• Cash transactions such as hotel or foreign travel bills exceeding Rs 50,000.
• All transactions including purchase of jewellery, above Rs 2 lakhs in cash or through card.
• Purchase of immovable property of over Rs 10 lakh.
• Term deposits exceeding Rs 50,000 at one go or Rs 5 lakh in a year with banks, Post Offices and NBFCs.
• Payments of more than Rs 50,000 for cash cards or prepaid instruments.
• Acquiring shares of unlisted companies for Rs 1 lakh and above.
• Opening all bank accounts except Pradhan Mantri Jan Dhan Yojana accounts.
Benefits of PAN card
• PAN is required to be quoted in the deed made during sale or purchase of any immovable property valued at five laksh rupees or more.
• Copy of PAN is required during Sale or purchase of a motor vehicles having more than two wheels excluding detachable side-car attached to the two wheeler.
• PAN is required for opening a bank account in both private and nationalized banks.
• Banks, private or nationalized, emphasize on importance of PAN to entertain Time Deposit exceeding fifty thousand rupees.
• PAN is also required while making payment in cash for purchase of bank drafts or pay orders or banker’s cheques for an amount aggregating to fifty thousand rupees or more during any one day.
• Deposit in cash aggregating to fifty thousand rupees or more with a bank during any one day requires PAN.
Importance of PAN
• Deposit, exceeding fifty thousand rupees, in any account with Post Office Savings Bank.
• Contract of a value exceeding one laksh rupees for sale or purchase of securities.
• Making an application for installation of a telephone connection (including a cellular telephone connection) requires a PAN.
• PAN is required when payment to hotels and restaurants against their bills for an amount exceeding twenty-five thousand rupees at any one time is made.
• Payment in cash in connection with travel to any foreign country of an amount exceeding twenty-five thousand rupees at any one time also requires PAN.
• Quoting the Permanent Account Number is mandatory when filing Income Tax returns, tax deduction at source, or for any other communication with Income Tax Department.
• PAN is also increasingly becoming a mandatory document for opening a new bank account, getting a new landline telephone connection / a mobile phone SIM card, purchase of foreign currency, bank deposits, purchase and sale of immovable properties, vehicles etc.
All existing assessees or taxpayers or persons who are required to furnish a return of income, either on behalf of self or others, must obtain PAN. Any person, who intends to enter into economic or financial transactions where quoting PAN is mandatory, must also obtain PAN.
• Sale/Purchase of Immovable Property valued more than ₹ 10 lakh.
• Sale/Purchase of all four-wheeler vehicles.
• Time Deposit with banks aggregating more than ₹ 5 lakh per annum.
• Opening an account with a banking company.
• Foreign Travel.
• Cash purchase of bank drafts/pay orders/banker’s cheques exceeding ₹ 50,000 a day.
• Payment of mutual funds exceeding ₹ 50,000.
• Payment of Life Insurance Premium exceeding ₹ 50,000 a year.
• Purchase/Sales of goods/services exceeding ₹ 2 lakh per transaction.
• For getting Subsidy on Gas Cylinders/PNG.
As per new regulatory norms, both resident & non-residents Indians; including international companies with or without any presence in India, are required to provide a copy of their PAN card while carrying financial or business transactions; like: opening bank accounts, paying bills, filing taxes, raising invoices, buying or selling real estate, investing in a particular type of business or for investments made for personal interest, etc. to name a few.
It is statutory responsibility of a person receiving document relating to economic or financial transactions notified by the CBDT to ensure that PAN has been duly quoted in the document.
Yes, it is compulsory to quote PAN on return of income. A penalty of Rs.10,000 is leviable in case of any default.
Obtaining or possessing more than one PAN is against the law, for which penalty of Rs.10,000 may be imposed.
Yes, you can avail pan card within 1 hour if you having mobile number linked with an aadhaar card.
IT PAN Service Centres or TIN Facilitation Centres shall not receive any incomplete and deficient PAN application. However, these centres will assist applicants to correctly fill up form 49A or ‘Request For New PAN Card Or/ And Changes In PAN Data’, as the case may be.
Although we have made sure no details are left out by the applicant while filling the application form online, still if some important details are missed out, they can be discussed over during the appointment call from our advisor.
Yes, application for fresh allotment of PAN can be made through Internet. Further, requests for changes or correction in PAN data or request for reprint of PAN card (for an existing PAN) may also be made through Internet.
Individual applicants will have to affix two recent, coloured photograph (Size: 3.5 cms x 2.5 cms) on Form 49A; one with Signature across the photo and one with Signature beneath the photograph.
A photograph is compulsory only in case of ‘Individual’ applicants.
In such cases, Left Hand Thumb impression of the applicant should be affixed on Form 49A at the place meant for signatures and got attested by a Magistrate or a Notary Public or a Gazetted Officer, under official seal and stamp.
Telephone number is not compulsory, but if provided it may help in faster communication. Correct Mobile Number should be mentioned for communication.
Yes, Section 160 of IT Act, 1961 provides that A minor, lunatic, idiot, and court of wards and such other person can apply for PAN but they are represented through a Representative Assessee. In such cases, the signature will be of the Representative Assessee (preferably Father / Mother) at all the places instead of Applicant itself. ID and DOB Proof copy of Applicant is supposed to be sent. Also ID and Address Proof of applicant’s Representative Assessee is supposed to be sent.
Permanent Account Number (PAN), as the name suggests, is a permanent number and does not change during lifetime of PAN holder. Changing the address or city, though, may change the Assessing Officer. Such changes must, therefore, be intimated to nearest IT PAN Service Center or TIN Facilitation Center for required correction in PAN databases of the Income Tax department.
All PAN allotted and PAN card issued by the Department will remain valid. All persons who have been allotted a PAN need not apply again.
It takes about 1 hour to get a new PAN allotted. It is advisable to initiate action for obtaining PAN well in time.
It is a plastic card just like any other Credit/Debit Card which reflects details such as Applicant’s Name, Date of Birth/Date of Incorporation, Signature, Photograph, Father’s Name in case of Individuals and has a Government hologram on it.
Obtaining a PAN card from the Government of India can be a complex process for people living outside India. Our goal is to make this process simple and hassle free for our clients. Once you start your process with us; you will be redirected to the Application form, which has been designed to keep the things very simple and straight forward for the end user. Once applied, you would be able to book an appointment, during which our documents adviser would give you a call to better understand your case in detail and advise you on what documents need to be furnished to process further. You would be required to send a hard copy of the photograph affixed and signed Application form and document proofs to us, which would then be verified by our team, in case of any discrepancy our advisors would coordinate with you to rectify those discrepancies. Once done, we would submit your application to PAN Processing centre for PAN allotment. We would notify you as soon as your Coupon Number is generated, through which status of your PAN application can be tracked easily at our portal. Our team keeps a constant follow-up with the PAN Processing centre so that your PAN is delivered smoothly at your selected communication address.
Our Advisors try to better understand your case, and want that you should send your application form with correct and complete documents only once, so that you don’t have to take the pain of sending them again. In order to make sure we provide proper document support, hassle free service and to notify the status of your application we require your contact details.
Yes, you can apply without visiting India or having an address here.
Yes, You can make your Online payments in INR or via Netbanking.
All existing assessees or taxpayers or persons who are required to furnish a return of income, either on behalf of self or others, must obtain PAN.
Any person, who intends to enter into economic or financial transactions where quoting PAN is mandatory, must also obtain PAN.
The PAN card processing authorities to whom the application is submitted will ensure delivery of new PAN card at the address indicated by you in the application Form.
Form 49A is a Application for Allotment of Permanent Account Number in case of Indian Citizen/ Indian Companies/Entities incorporated in India/Unincorporated entities formed in India. To apply PAN card online, click here to fill the online application form.
PAN will not change when you move from one place to another.
Permanent Account Number is valid from the time of allotment and there is no expiry for a Permanent account number.
Yes, it is compulsory to quote PAN on return of income.
Permanent Account Number (PAN), as the name suggests, is a permanent number and does not change.
Changing the address though, may change the Assessing Officer. Such changes must, therefore, be intimated to ITD so that the PAN database of ITD can be updated. One can intimate change in address by filling up the form for Request for New PAN Card or/and Changes or Correction in PAN data. This form can be submitted at any TIN-FC or online at NSDL e-Gov – TIN website.
You may fill and submit PAN Change Request application form by mentioning the PAN which you are using currently on top of the form. All other PAN/s inadvertently allotted to you should be mentioned at item no. 11 of the form and the corresponding PAN card copy/s should be submitted for cancellation along with the form.
Yes. As per procedure prescribed by Income Tax Department, third party verification may be conducted to verify identity and address of PAN applicants along with genuineness of documents submitted by them during PAN application. If found fake, the Income Tax Department may take suitable action.
e-PAN is a digitally signed PAN card issued in electronic form and it is a valid proof of allotment of PAN.
Yes. If an applicant is having only mother as a single parent and wishes to apply for PAN by furnishing the name of mother only, then applicant has to mandatorily tick the relevant box in the application form and mention only mother’s name in the Mother’s Name field. Also, applicant should tick the box for printing mother’s name on the PAN card. Thus, in such a case, father’s name should not be filled in the application form.
If you wish to cancel/ surrender your PAN (which you are currently using), then you need to visit your local Income Tax Assessing Officer with a request letter to cancel/ surrender your PAN.
Yes, father’s name is required to be filled in the PAN application (Form 49A). Female applicants, irrespective of marital status, should write only father’s name in the PAN application.