PERMANENT ACCOUNT NUMBER

1. What is PAN?

Permanent Account Number (PAN) is a ten-digit alphanumeric number, issued in the form of a laminated card, by the Income Tax Department, to any “person” who applies for it Permanent Account Number (PAN). It is a code that acts as identification of Indians, especially those who pay Income Tax. It is a unique, 10-character alpha-numeric identifier, issued to all judicial entities identifiable under the Indian Income Tax Act 1961. It is issued by the  Indian Income Tax Department under the supervision of the Central Board for Direct Taxes (CBDT) and it also serves as an important proof of identification.
Like the Aadhaar Number and Driving License, it is also issued to foreign nationals (such as investors) subject to a valid visa and hence, it is not acceptable as a proof of Indian citizenship. The PAN is unique to each individual and is valid for the life time of the holder, throughout India. An important point to note would be that once issued, the PAN is not affected by a change of address.PAN is an important document for foreign citizens also, who wish to undertake business in India or wish to invest in India.

Who Must Apply For PAN- Anybody who earns a taxable income in India, including foreign nationals who pay taxes in India.
Why Get a PAN Number-It is mandatory to quote PAN on return of income, all correspondence with any income tax authority.. It is also compulsory to quote PAN in all documents pertaining to the following financial transactions:-

  1. Sale or purchase of any immovable property valued at five lac rupees or more;
  2. A time deposit, exceeding fifty thousand rupees, with a banking company;
  3. A deposit, exceeding fifty thousand rupees, in any account with Post Office Savings Bank;
  4. A contract of a value exceeding one lac rupees for sale or purchase of securities;
  5. Opening a bank account;
  6. Making an application for installation of a telephone connection (including a cellular telephone connection);
  7. Payment to hotels and restaurants against their bills for an amount exceeding twenty-five thousand rupees at any one time;
  8. payment in cash for purchase of bank drafts or pay orders or banker’s cheques for an amount aggregating fifty thousand rupees or more during any one day;
  9. Deposit in cash aggregating fifty thousand rupees or more with a bank during any one day;
  10. Payment in cash in connection with travel to any foreign country of an amount exceeding twenty-five thousand rupees at any one time.

2. Requirements for Getting a PAN?

  1. Submission of Application- An application is submitted to NSDL for issuance of PAN.
  2. Submitting Documents- Requisite Documents are submitted to NSDL.

3. Documents Required?

  1. Copy of Certificate of Incorporation, MOA & AOA (For Company)
  2. Copy of Partnership Deed (For Partnership Firm)
  3. Copy of ID, Address Proof & Date of Birth (For Individual/HUF)
  4. Copy of ID Address Proof (For Foreign Citizen located within & outside India at the time of application for PAN)

4. Time Required for Obtaining PAN?

   

Baxicorporate will get the PAN within 10 working days subject to processing time taken by NSDL.

5. Pricing ?

For Pricing and other details Click  

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