Permanent Account Number (PAN) is a unique 10 digit alphanumeric identity code that issued under Section-130A of Income-tax Act,1961 by Income Tax Department. It acts as an identification for individuals, families, and corporates as well as Indian and Foreign especially those who pay Income Tax. It is essential for every individual person to have pan Card because of it necessary all the transactions of tax assess like- pay tax, Tax return, and specified bank transaction where Pan has to be quoted. And it is easy to once you gain, PAN CARD it is valid throughout in India for the lifetime of assesses.
Documents Required for PAN card Registration
- 2 recent passport size color Photograph
- Identity proof (like-voter id, Adhar Card)
- Address proof(Like-Telephone bill/Electricity bill)
- Certificate of incorporation( for a company )
- Partnership deed (In case of Partnership)
- If you want Re-print (re-issue) then an old photocopy of a Pan Card is also required.
Benefits of PAN Card
- For payment of direct taxes
- For purchase or sell vehicles except for two-wheelers.
- For opening an account in a Bank, Post office and non-banking financial company.
- It is used for payment which is more than 50000 to any hotels or restaurant.
- To file income tax returns.
- To avoid deduction of tax at a higher rate than due.
Pan Card is a permanent account number, Which has unique 10-digit alphanumeric identity that is allotted to each taxpayer by the Income Tax Department under the supervision of the Central Board of Direct Taxes. It also use as an identity proof.
Rs.110 minimum cost for applying Pan card.
2 passport size colour photo Proof of Identity like copy of voter’s identity card, Ration card, passport or copy of driving license are required to apply for PAN Card.
Students also applied for a Pan Card who is over the age of 18.
Minor can’t apply for PAN card herself directly but his Parents, guardians or a representative has to apply on her behalf.