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Apply for PAN

Permanent Account Number (PAN) is the primary identity of any individual or business entity in India. Any person carrying business must apply for PAN within 30 days of its establishment.

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What is a Permanent Account Number?

PAN or Permanent Account Number is a 10 digit alpha-numeric identity issued by the Income Tax Department of India. It is a unique account number allocated by the Income Tax Department, which is used to track and manage all the Income Tax assessee in India.

Although the PAN card application is voluntary, it must be obtained before engaging in certain transactions. For entering into a financial transaction exceeding a specified amount, quoting PAN is compulsory. Also, every business entity must apply for PAN card application within the 30 days of its formation or incorporation.

Requirements of Permanent Account Number

Compulsory for opening Bank Accounts

Every individual or business entrepreneur requires to open a savings/current bank account, needs to submit some specified KYC documents among which PAN is the most essential document.

Mandatory for filing ITR

For filing individual’s or businesses ITR, quoting Permanent Account Number is a must. All the information filed is associated with PAN for faster assessment and processing.

Nationalized Identity Card

Pan Card is accepted as identity proof for every individual and all the way to the businesses. From opening a bank account to Government registration, PAN card of individual or business is a primary requirement.

For TDS and TCS transactions

Every person, deducting or collecting tax at source must mention own PAN and also of the deducted. By quoting a PAN, the tax credit will be associated with concerned person’s account.

Mention PAN in specified cases

Government has specified certain transactions where quotation of PAN is mandatory. Amount is specified for property transfer, bank deposit, payment of bills and more.

Documents Requirement for PAN Application

Address Proof

Copy of Aadhar Card or other address proof, in case of individual

Birth Certificate

Copy of Birth Certificate, in case of Minor

Proof from Parents

ID proof and Address proof of any of the parent

Photograph

Latest Passport size photograph of Shareholders and Directors.

Certificate of Incorporation

CoI in case of company and LLP

Agreement

Agreement in case of LLP and Partnership Firm

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