Permanent Account Number(PAN)

 

An Introduction:

PAN Number means Permanent  Account Number. it is having 10 alphanumeric digits. First five digits are alphabetic character. Fourth character of the  first 5 digit is the status of pan holder.  For example,   if 4th character of pan number  is “P” than it mean that the pan holder  is an individual if the fourth character is  “C”  that’s mean pan holder is a company similarly “T” means trust and  “H” means HUF and “P” means partnership firm. Fifth character of the alpha numeric digit (First Five) is the first character   is the last name of that Pan holder. For example, if  a person’s name is A K Sharma then his PAN number will XXXPS1234X and afterwards there will be 4 numeric digits followed by 1 alphabetic digit

 Allotment of PAN card: PAN card is allotted to any person/assesse  who has filled up form number 49 and that filled application form has been duly submitted to the authority along with necessary  documents. Once authorities find all the documents in line they process application and Pan card is sent to holder. These days aadhar based PAN cards are issued.

Documents required:

1. Photograph

2. KYC of applicant (Address Proof and ID proof)

Penalty for having more than one PAN cards

Due to some human error a person may have more than one pan card it may be due to some bad intentions too. If any person is caught with more than one pan card he may be imposed of fine of Rs 10000/- under income tax act 272B. If you have more than one pan card you must return the same to authorities.

You may apply for PAN card with following link.

 

 

 If you face any difficulty you may call to www.paisa360.com our champs will be always happy to assist you.