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PAN Application​

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PAN Application

permanent account number (PAN) is a ten-character alphanumeric identifier, issued in the form of a laminated “PAN card”, by the Indian Income Tax Department, to any “person” who applies for it or to whom the department allots the number without an application. It can also be obtained in the form of a pdf if the User doesn’t wish to obtain it physically.

It is also issued to foreign nationals (such as investors) subject to a valid visa, and hence a PAN card is not acceptable as proof of Indian citizenship. A PAN is necessary for filing income tax returns.

Who is required to apply for pan

-Every person if his total income or the total income of any other person in respect of which he is assessable during the year exceeds the maximum amount which is not chargeable to tax.

  • A charitable trust who is required to furnish return under Section 139(4A)
  • Every person who is carrying on any business or profession whose total sale, turnover, or gross receipts are or is likely to exceed five lakh rupees in any year
  • Every person who intends to enter into specified financial transactions in which quoting of PAN is mandatory.
  • Every non-individual resident persons and persons associated with them shall apply for PAN if the financial transaction entered into by them during the financial year exceeds Rs. 2,50,000.

Quoting of PAN is Mandatory

Following are the transactions in which quoting of PAN is mandatory by every person except the Central Government, the State Governments and the Consular Offices:

1) Sale or purchase of a motor vehicle or vehicle other than two wheeled vehicles.

 2) Opening an account [other than a time-deposit referred at point No. 12 and a Basic Savings Bank Deposit Account] with a banking company or a co-operative bank

3) Making an application for issue of a credit or debit card.

4) Opening of a demat account with a depository, participant, custodian of securities or any other person with SEBI

 5) Payment in cash of an amount exceeding Rs. 50,000 to a hotel or restaurant against bill at any one time.

 6) Payment in cash of an amount exceeding Rs. 50,000 in connection with travel to any foreign country or payment for purchase of any foreign currency at any one time.

7) Payment of an amount exceeding Rs. 50,000 to a Mutual Fund for purchase of its units

8) Payment of an amount exceeding Rs. 50,000 to a company or an institution for acquiring debentures or bonds issued by it.

9) Payment of an amount exceeding Rs. 50,000 to the Reserve Bank of India for acquiring bonds issued by it.

10) Deposits of cash exceeding Rs. 50,000 during any one day with a banking company or a cooperative bank.

10A) Deposits of cash aggregating to more than Rs. 2,50,000 during the period of 09th November 2016 to 30th December 2016 with a banking company, cooperative bank or post office.

11) Payment in cash for an amount exceeding Rs. 50,000 during any one day for purchase of bank drafts or pay orders or banker’s cheques from a banking company or a co-operative bank.

12) A time deposit of amount exceeding Rs. 50,000 or aggregating to more than Rs. 5 lakh during a financial year with – (i) a banking company or a co-operative bank (ii) a Post Office; (iii) a Nidhi referred to in section 406 of the Companies Act, 2013 or (iv) a non-banking financial company

13) Payment in cash or by way of a bank draft or pay order or banker’s cheque of an amount aggregating to more than Rs. 50,000 in a financial year 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 or to any other company or institution.

14) Payment of an amount aggregating to more than Rs. 50,000 in a financial year as life insurance premium to an insurer

15) A contract for sale or purchase of securities (other than shares) for amount exceeding Rs. 1 lakh per transaction

 16) Sale or purchase, by any person, of shares of a company not listed in a recognised stock exchange for amount exceeding Rs. 1 lakh per transaction.

17) Sale or purchase of any immovable property for an amount exceeding Rs. 10 lakh or valued by stamp valuation authority referred to in section 50C of the Act at an amount exceeding ten lakh rupees.

18) Sale or purchase of goods or services of any nature other than those specified above for an amount exceeding Rs. 2 lakh per transaction.

Instant PAN

Income-tax Dept. has launched a new functionality on the e-filing portal which allots a PAN to the assessee on basis of his Aadhaar Number. This facility can be used by an assessee only if the following conditions are fulfilled:

  1. a) He has never been allotted a PAN;
  2. b) His mobile number is linked with his Aadhaar number;
  3. c) His complete date of birth is available on the Aadhaar card; and
  4. d) He should not be a minor on the date of application for PAN

Structure of PAN

The PAN (or PAN number) is a ten-character long alpha-numeric unique identifier.

The PAN’ structure is as follows: Fourth character [P — Individual or Person ] Example: AAAPZ1234C

  • The first five characters are letters (in uppercase by default), followed by four numerals, and the last (tenth) character is a letter.
  • The first three characters of the code are three letters forming a sequence of alphabets letters from AAA to ZZZ
  • The fourth characteridentifies the type of holder of the card. Each holder type is uniquely defined by a letter from the list below:

A — Association of persons (AOP)

B — Body of individuals (BOI)

C — Company

E – LLP (limited liability partnership)

F — Firm

G — Government

H — HUF [Hindu joint family|Hindu undivided family]

L — Local authority

J — Artificial juridical person

P — Individual or Person

T — Trust (AOP)

  • The fifth characterof the PAN is the first character of either:
    • of the surname or last name of the person, in the case of a “personal” PAN card, where the fourth character is “P” or
    • of the name of the entity, trust, society, or organisation in the case of a company/HUF/firm/AOP/trust/BOI/local authority/artificial judicial person/government, where the fourth character is “C”, “H”, “F”, “A”, “T”, “B”, “L”, “J”, “G”.
  • The last (tenth) character is an alphabetic digit used as a check-sum to verify the validity of that current code.

Penalty for not complying with provisions relating to PAN

Section 272B provides for penalty in case of default in complying with the provisions relating to PAN, i.e., failure to obtain, quote, or authenticate PAN. The amount of penalty shall be Rs. 10000 for each default in the following cases:

  1. If assessee fails to quote or intimate his PAN or Aadhaar or quotes or intimates invalid PAN or Aadhaar.
  2. If assessee fails to quote or authenticate his PAN or Aadhaar in specified transactions.
  3. If receiver (i.e., banks, financial institution, etc.) of documents in respect of specified transactions fails to ensure that the PAN or Aadhaar are duly quoted and authenticated.

Documents Required For PAN

Following are the list of the documents which are required:

  • Passport
  • Adhaar card
  • Driving license
  • Voters identity card
  • Photo ID card
  • Ration card having photograph of the candidate
  • Arms license
  • Pension card
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