A everlasting account quantity (PAN) is a ten-digit alphanumeric quantity issued by the Earnings Tax Division to any “particular person” who applies for it or to whom the Earnings Tax Division allots the quantity with out an software.
A PAN permits the division to hyperlink all transactions of the “particular person” with the division, retains an eye fixed on each transaction accomplished by the person, and data it. It acts as an identifier for the “particular person” with the tax division.
The transactions embrace tax funds, TDS/TCS credit, returns of earnings/wealth/reward/FBT, specified transactions, correspondence, and so forth.
It was launched to facilitate the linking of assorted paperwork, together with cost of taxes, assessments, tax calls for, tax arrears, and many others. regarding an assessee, to facilitate straightforward retrieval of knowledge and to facilitate matching of knowledge regarding funding, elevating of loans, and different enterprise actions of taxpayers collected by way of numerous sources, each inner and exterior, for detecting and combating tax evasion and widening of the tax base.
In any interactions with any earnings tax authorities and on earnings returns, you will need to embrace PAN.
It includes of 10 digits and is made up of a mix of numbers and letters, similar to ABCPK7190K:
First three characters i.e. “ABC” within the above PAN are alphabetic collection working from AAA to ZZZ
Fourth character of PAN i.e. “P” within the above PAN represents the standing of the PAN holder i.e. “P” stands for Particular person, “F” stands for Agency, “C” stands for Firm, “H” stands for HUF, “A” stands for AOP, “T” stands for TRUST and many others
Fifth character i.e. “Okay” within the above PAN represents first character of the PAN holder’s final title/surname.
Subsequent 4 characters i.e. “7190” within the above PAN are sequential quantity working from 0001 to 9999.
Final character i.e. “Okay” within the above PAN is an alphabetic verify digit.
PAN quotations on challans for any funds owed to the Earnings Tax Division are actually required as of January 1, 2005.
Beneath are the main points about how you can apply for a PAN utilizing Type 49A: Earlier than that, let’s perceive what kind 49A really is:
Additionally, earlier than making use of, one should know that an individual who is eighteen and above can solely apply for a PAN card in India.
What’s Type 49A?
Based on the Earnings Tax Division, Type 49A is a vital doc required for making use of for a PAN card in India.
It collects important particulars in regards to the applicant, similar to title, tackle, date of beginning, and phone quantity. It’s necessary for people and entities to fill out this kind precisely to acquire a PAN card.
Type 49A ought to be the one kind used for PAN functions.
Type 49A, the PAN software kind, will be downloaded from the Earnings Tax Division’s web site, UTIISL’s web site, or NSDL’s web site (www.incometaxindia.gov.in, www.utiisl.co.in, or www.nsdl.com).
It may also be printed domestically, photocopied (on A4 dimension 70 GSM paper), or obtained from every other supply. The shape may also be discovered at TIN facilitation facilities and IT PAN service facilities.
From the place to receive Type 49A?
The PAN software could also be made on Type 49A obtained from any supply apart from IT PAN Service Facilities or TIN Facilitation Facilities.
As an example, a PAN software could also be made on a kind downloaded from the web site of the Earnings Tax Division, UTIISL, or NSDL, or on a kind printed by native printers or a photocopy of the downloaded or printed kind.
Which paperwork must be submitted together with Type 49A?
Particular person candidates must affix one current, coloured {photograph} (stamp dimension: 3.5 cm x 2.5 cm) to Type 49A.
Any doc listed in Rule 114 have to be provided as proof of ‘Id’ and ‘Handle’.
The designation and code of the involved Assessing Officer of the Earnings Tax Division must be talked about in Type 49A.
What occurs for those who submit an incomplete Type 49A?
IT PAN Service Facilities or TIN Facilitation Facilities shall not obtain any incomplete or poor PAN functions.
Nevertheless, these facilities will help candidates in accurately filling out Type 49A, or ‘Request for a New PAN Card or/and Modifications in PAN Knowledge‘, because the case could also be.
With the intention to enhance PAN-related providers, the Earnings Tax Division has licensed UTI Investor Companies Ltd.
(UTIISL) to arrange and handle IT PAN Service Facilities in all cities or cities the place there’s an Earnings Tax workplace and Nationwide Securities Depository Restricted (NSDL) to dispense PAN providers from TIN Facilitation Facilities.
