Hello Everyone, In this article we will discuss about the full form of PAN card, Importance of PAN card, How to apply for PAN card and others.
Full form of PAN– The full form of PAN is Permanent Account Number.
Full Form of PAN: Permanent Account Number
PAN is a ten digit unique alphanumeric number issued by the Income Tax Department of India, under section 139A of Indian Tax Act 1961.
PAN is a unique identification number assigned or allocated to individual by Income Tax Department of India.
Advantages of PAN Card
There are numerous advantages of having PAN card which are as follows:
- It required to pay taxes.
- It use to file ITR (Income Tax Return)
- PAN card is required to open Bank account, Demate account.
- PAN card is required at the time of purchase vehicles.
- PAN card is required for Trading.
- PAN card is mandatory for foreign exchange.
- PAN card is useful to reduce tax evasion.
Structure of PAN card
The structure of PAN card are as follows:
The First five characters are letters, next four are numbers and the last character is also letter.
The first three letters are from AAA to ZZZ.
Fourth letter is unique and assigned to each individual according to identification. Such as to an individual it assign P and to a firm it assign F.
The five letter is the first word of the surname or last name, in case of individual, Such as for Mishra it will be M, for Sharma it will be S, according to the last name of the holder.
In case of firm/company/HUF/Government/local authority/trust etc.. it will be the name of the entity, trust, society, or organisation.
- A — Association of persons (AOP)
- B — Body of individuals (BOI)
- C — Company
- F — Firm
- G — Government
- H — HUF (Hindu undivided family)
- L — Local authority
- J — Artificial juridical person
- P — Individual (proprietor)
- T — Trust (AOP)
- F – LLP (limited liability partnership)
How to Apply for PAN card
There are mainly two ways to apply for PAN card one is Online mode and another is Offline mode, one can apply according to their choice.
In offline mode you can visit nearby PAN card office with required documents, then take the PAN card form and fill all the details carefully and attached required document and submit the form and you can also download PAN card form online by visiting Income tax website incometaxindia.gov.in.
- To apply online candidate have to visit the portal of NSDL or the portal of UTITSL.
- Then candidate have to click on apply online.
- Now a page will open with details and instruction file, then click on apply.
- Finally PAN card apply online form will open to fill.
- Then, if you are applying for the first time, then you have to fill the form and registered user will click on registered user to proceed with the same form.
- Then after registration, candidate have to fill complete form by using temporary token number.
- After successful completion you PAN card will deliver at your address within 20 working days.
- The charges for applying for PAN is Rs. 93 (Excluding Goods and Services tax).
Note: Candidate can also download PAN card from his/her email id.
Track PAN Application Status
To track the status of you PAN application, you have to follow the following steps:
- Firstly visit the NSDL website.
- Then, on the left hand side of website, under the heading of PAN click on Know the Status of Your Application.
- Then a new page will open.
- Then select Application type.
- Then fill your Acknowledgement number and enter the code.
- Then click on Submit.
- Now your application status will open.
Comment for any Query.