It is a 10-digit alphanumeric identity number, issued under section 139A of Income-tax Act, 1961, by the income tax department.
IForm 49A is a Application for Allotment of Permanent Account Number in case of Indian Citizen/ Indian Companies/Entities incorporated in India/Unincorporated entities formed in India
Besides that, any individual who is entitled to receive any income, after deduction of tax at source or who is liable to pay excise duty and so on, needs to have a PAN. Apart from that, for various cash transactions too, one has to furnish PAN or Form No. 60 if PAN is not available. In a recent move, the Central Board of Direct Taxes (CBDT) has made it mandatory for all account holders in banks and post offices to provide PAN or Form No. 60. Once obtained, PAN is valid throughout India and for the lifetime of the assessee.
The PAN identity does not change even if the change involves address of the assessee or the assessing officer.
However, any change in the details that were provided at the time of applying for the PAN, such as address, should be intimated to the department by furnishing the details in the form for 'Request For New PAN Card Or/ And Changes or Correction in PAN Data'.
Apply Individual PAN Card
Permanent Account Number (PAN) is a ten-digit alphanumeric number, issued in the form of a laminated tamper proof card, by the Income Tax Department of India.
The Permanent Account Number (PAN) is unique to an individual or entity and it is valid across India. Permanent Account Number once allotted to an individual or entity is unaffected by a change of name, address within or across states in India or other factors.
A typical Permanent Account Number is would look like AFZPK7190K.. The logic behind the array of numbers and alphabets is as follows:
First three characters i.e. "AFZ" in the above PAN are alphabetic series running from AAA to ZZZ.
Fourth character i.e. "P" in the above PAN represents the status of the PAN holder.
"P" stands for Individual.
"F" stands for Firm.
"C" stands for Company.
"H" stands for HUF.
"A" stands for AOP.
"T" stands for TRUST etc.
The purpose of having a pan card is strengthened from the fact that from 1 January 2005 it has been made mandatory to quote Permanent Account Number (PAN) on challans for any payments due to Income Tax Department (ITD), while filing returns of income and all correspondence with any income tax authority. Thus Purpose of having Pan Card has become mandatory.
All existing assessees or taxpayers or persons who are required to furnish a return of income, either on behalf of self or others, must obtain PAN.
Section 160 of IT Act, 1961 provides that a non-resident, minor, lunatic, idiot, and court of wards and such other persons may be represented through Representative Assessee. In such cases, application for PAN will be made by the Representative Assessee.
One should apply for new PAN Card when the applicant has never applied for a Permanent Account Number (PAN) or does not have a PAN allotted to him.
One should make an application when he/she wants to make some changes or corrections in their existing PAN details such as Change in applicant name, on account of marriage or due to spelling mistake Change in father's name Change in date of birth
One should apply for a duplicate PAN card when a Permanent Account Number (PAN) has already been allotted to the applicant but he/she requires a new duplicate PAN Card due to the following reason:
Obtaining or possessing more than one (Permanent Account Number) PAN is against the law. Penalty of Rs. 10000 levied under Income tax act.
The PAN card processing authorities to whom the application is submitted will ensure delivery of new PAN card at the address indicated by you in the application Form.
CIN - U74999KA2018PTC110598
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