What is a PAN Number?
PAN (Permanent Account Number) is a number by which a person can be identified. A PAN number is allotted by the Income Tax Department and it is comparable to a Social Security Card used in the U.S. Every person has a unique ten digit alphanumeric number that is written on a card with your picture.
It is becoming mandatory for everyone in Indian to obtain a PAN.
It is required to mention you’re PAN when:
· Talking to the IT Department about anything
· When paying any tax due to the IT Department.
· When investing in India: Stock Marker or Real Estate.
· When opening a bank account, get loans, applying for visa, etc.
· Or to carry any kind of financial transaction in India.
Usefulness of Permanent Account Number: PAN
If a PAN is written in all important documents, it would be easy to locate a person involved or a person with authority over the person involved. When a person has a PAN, the credit owed to him/her for paying taxes can be given quickly to them. If a PAN is entered in all bank transactions, the IT Department can have the power to gain control over undisclosed transactions and unregulated transactions.
Tracking the status of your PAN card online.
There is a Web-enabled tracking system that lets PAN applicants enter their details and find out the status of their PAN. Whatever step in the PAN development process your PAN is on, that will be displayed. This is very useful until your PAN card is delivered to you.
How can a person obtain PAN – Permanent Account Number?
There is a specific application called form 49A that needs to be filled out completely and submitted at any of the Income Tax PAN Service Centers. There are a lot of centers all over India that were set up by UTIISL and NSDL.
There are some good private brokers to that assist in applying PAN cards for NRIs – Non resident Indians, PIOs – person of India origin and OCIs – Overseas Citizenship holder of India.
On the first of July in 2003, Income Tax PAN Service Centers started being set up in all of the cities where there is an Income Tax Department. In the bigger cities, there are more than one center so that people do not have to travel as far. The addresses of these Centers can be found on the IT Department’s website of in the IT Office.
The Income Tax PAN Service Centers assist you in many different ways:
· They give you PAN applications and take them back when you are finished.
· They help to in filling out the applications correctly.
· They check your documents that you gave as proof of identity and as proof of address.
· They help with making changes that need made in the details of PAN cards.
· They help with lost PAN cards.
If you decide that you will not use the help provided by the IT PAN Service Centers, then you should note that they will not take any incorrect applications or applications that are not complete. When the UTIISL set up these centers, they created a way for the date from the PAN applications to got to the IT Department. Then, the IT Department will allot the PAN and send it to UTIISL so that they can make a PAN card. Finally, after the PAN card is made, it is delivered to the PAN applicant.
Tips for filling out the PAN Application!
To make the process of getting a PAN the quickest and least painful, the form needs to be filed in completely and correctly and necessary supporting documents should be attached.
If you need a company PAN:
* You need to know the Incorporation Date.
* You need to know the Registration Number.
* You need to know the Business Commencement Date.
* You need to have the Full Name two or more Company Directors.
* You need to know the Names and Addresses of any Branches of the Company.
Having all of the information listed above is a must if you are in need of a company PAN. The IT Department will not allot a PAN without this information.
If you need an individual PAN:
* You need to know the Full Name of the Applicant.
* You need to know the Full Name of the Applicant’s Father.
* You need to know the Applicant’s Date of birth.
* You need to know the all of the Applicant’s Income Sources.
Having all of the information listed above is a must if you are in need of an individual PAN.
The IT Department will not allot a PAN without this information.