PAN or Permanent Account Number is a 10 digit alpha-numeric character issued by the Income Tax Department of India. PAN is used by the Income Tax Department to track and manage all the Income Tax assesse in India.
It is mandatory to quote PAN all Income Tax filing with the Income Tax Department. Further, it is important to quote PAN in all documents pertaining to financial transactions that involve the sale and purchase of immovable property or motor vehicle exceeding Rs.25,000/- Also it is mandatory to mention PAN while obtaining telephone or cellular connection. Likewise, PAN is required while making a bank deposit of Rs.50,000/- or more. Therefore, it is important for most Indian Nationals or Indian Residents to have PAN.
Any person (including Indian Nationals and Foreign Nationals) or artificial entities like Companies, LLP, Trust, Society, etc., can obtain a PAN.
No, there is no minimum age or income requirement for obtaining PAN. Any person can apply and obtain a PAN.
No, it is not mandatory to pay Income Tax if you have a PAN. Income Tax will have to be paid only if there is taxable income.
To obtain a PAN for individuals, a signed Form 49A along with the identity proof and address proof of the applicant is required. For other entities, proof of incorporation or registration like Partnership Deed, Certificate of Incorporation, etc., along with the address proof is required.
PAN Card can be obtained in 10-20 working days from date of application along with the required documents.
A person cannot have two PAN. It is illegal for a person to possess more than one PAN.
Proprietorships cannot have a separate PAN Card. The PAN of the Proprietor will serve as the PAN of the Proprietorship business.
PAN can be obtained for other entities after incorporation or registration. For instance, PAN can be obtained for Company or LLP after the Certificate of Incorporation is issued.
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