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PAN Card Application
The ten character number the Income Tax Department issues to every taxpayer. A new business has 30 days from the day it is formed to apply for one.
- Application prepared and verified against your documents
- Filed with the Income Tax authority on your behalf
- The acknowledgement receipt shared with you the same day it is filed
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What a Permanent Account Number is
What the number does, who has to have one, and when a business has to apply.
PAN, or Permanent Account Number, is a ten character alphanumeric identity issued by the Income Tax Department. It is the account number against which everything a taxpayer files, pays and is assessed on is tracked.
Holding one is voluntary in itself, but it stops being optional the moment you do anything with it: quoting a PAN is compulsory on any financial transaction above the specified amounts, on a return, and on the paperwork for a bank account.
Every business entity has to apply within 30 days of being formed or incorporated. A sole proprietorship is the exception, because it has no identity separate from its owner and trades on the proprietor’s own PAN.
- Issued by
- Income Tax Department
- One number per taxpayer
- Format
- 10 characters
- Five letters, four digits, one letter
- A business applies
- Within 30 days
- Of being formed or incorporated
- Validity
- For life
- Surrendered when a business is dissolved
- Holding two
- ₹10,000 penalty
- Under section 272B
- Application filed in
- 3 working days
- Allotment then takes 5 to 7
Why applicants choose LegalWiz.in
- An expert team of qualified CA, CS and lawyers
- The application prepared and verified before it is filed
- The entire process handled online
- Quick turnaround and economical pricing
- Thousands of happy customers across every state in India
What the service covers
Three steps, and the acknowledgement in your hands at the end of the third.
- Consultancy on which category of applicant you fall into
- Preparation and verification of the application
- Submission of the online PAN application
- The acknowledgement receipt for the application filed
A physical card takes longer to arrive than the number does. The allotment is what matters for filing and for quoting on a transaction.
How to read a PAN
First three characters
An alphabetical series running from AAA to ZZZ.
Fourth character
The status of the holder: P for an individual, C for a company, F for a firm, and so on. This is the character that tells you what kind of taxpayer a PAN belongs to.
Fifth character
The first letter of the holder’s surname, or of the entity’s name.
Last five characters
Four sequential digits from 0001 to 9999, then a check character the system generates.
Where you need a PAN
Opening a bank account
A PAN is among the KYC documents any bank asks for before opening a savings or a current account, for an individual and for a business alike.
Filing an income tax return
The return cannot be filed without quoting it. Everything filed is associated with the PAN, which is what makes assessment and processing possible.
Identity proof
The card is accepted as identity proof in its own right, for an individual and for a business, from a bank account to a government registration.
TDS and TCS transactions
Anyone deducting or collecting tax at source quotes their own PAN and that of the person the tax is deducted from. Quoting it is what puts the credit against the right account.
Specified transactions
Quoting a PAN is compulsory above the specified amounts on a property transfer, a bank deposit, the payment of certain bills and a number of other transactions.
PAN and TAN are not the same number
Almost everybody needs a PAN. Whether you also need a TAN depends on one thing only: whether you deduct tax at source.
| Attribute | PAN | TAN |
|---|---|---|
| What each number is for | ||
| Permanent Account NumberA ten character alphanumeric identity issued by the Income Tax Department, used to track a taxpayer and everything filed against them. | Tax Deduction Account NumberAlso called a Tax Collection Account Number. A ten character alphanumeric code issued to whoever is responsible for deducting or collecting tax at source. | |
| Every taxpayerEvery individual and every business entity that files a return, opens a bank account or enters a transaction where quoting it is compulsory. A business applies within 30 days of being formed. | Anyone deducting taxOnly those who deduct or collect tax at source: an employer paying salaries, a business paying rent or professional fees above the prescribed limits. A business that deducts nothing needs no TAN. | |
| Returns and transactionsOn the income tax return, on specified transactions such as a property transfer or a large deposit, and as identity proof in its own right. | TDS paperworkOn every TDS or TCS statement, on the challan used to pay the tax over, and on the TDS certificate issued to the person the tax was deducted from. | |
| Holding and using it | ||
| Exactly oneHolding more than one carries a penalty of ₹10,000 under section 272B. A second PAN has to be surrendered. | One per deductorIssued to the entity responsible for the deduction. A separate TAN is taken for each branch or division that deducts independently. | |
| For lifePermanent for an individual and for a business entity. A business that is dissolved or closed surrenders it. | For lifeHeld for as long as the entity continues to deduct or collect tax at source. | |
| NoA PAN identifies a taxpayer. It cannot be quoted where a TDS statement or challan asks for a TAN. | NoThe two serve different purposes, so anyone deducting tax at source has to obtain a TAN whatever PAN they hold. | |
| Next step | Get started | Know more |
Swipe the table sideways, PAN stays in view. Open any attribute to read the detail behind both answers.
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What our clients say
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Documents required for a PAN application
Which of these apply depends on who is applying. An individual needs the first two; a minor or an entity needs what follows.
Address proof
A copy of the Aadhaar card or other address proof, for an individual applicant.
Photograph
Two passport size photographs, for an individual applicant.
Birth certificate
A copy of the birth certificate, where the applicant is a minor.
Proof from a parent
The ID proof and address proof of either parent, where the applicant is a minor.
Certificate of incorporation
For a company or an LLP.
Agreement
The LLP agreement or the partnership deed, whichever applies.
Apply for a PAN in three easy steps
Step 01
Answer a few quick questions
- Spend less than 5 minutes on a simple set of questions
- Share the basic details and documents against the checklist
- Pay through a secure payment gateway
Step 02
Our experts take over
- The application is prepared and verified
- The online PAN application is submitted
- The acknowledgement receipt is shared with you
Step 03
Your PAN is assigned
- The application is filed within 3 working days
- Allotment then generally takes 5 to 7 working days
Subject to government processing time.
How long it takes
The application is filed on day two. Allotment is the department’s and generally lands between days five and seven.
Day 1
1 of 10 working days
- Collection of the required documents
Day 2
1 of 10 working days
- Preparation and verification of the application
- The application is handed to the Income Tax authority
- The acknowledgement receipt is shared with you
Days 3 to 10
8 of 10 working days
- Processing by the Income Tax Department
- PAN allotted, generally between days 5 and 7
- The physical card follows separately
Subject to government processing time. The number is usable once it is allotted; the physical card takes longer to arrive.
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Who can apply for a PAN?
Any Indian citizen, including a minor, on furnishing valid proof and documents.
A foreign individual or entity can apply too.
Does a new business need a PAN?
Yes. Every business established in India applies within 30 days of being set up.
A sole proprietorship firm is the exception. It has no identity separate from its owner, so it trades on the proprietor’s own PAN.
How long does allotment take?
Once the application has been forwarded, allotment generally takes 5 to 7 working days.
The physical card takes longer to arrive than the number does, and the number is what you need in order to file or to quote it on a transaction.
What is the validity of a PAN?
Once allotted it is valid for life, for an individual and for a business entity alike.
A business entity that is dissolved or closed has to surrender the PAN allotted to it.
Can I hold more than one PAN?
No. Holding more than one carries a penalty of ₹10,000 under section 272B.
Anyone holding a second PAN should surrender it immediately.
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