PAN Full Form
What is the full form of PAN?
PAN stands for Permanent Account Number in its entire form. The Department of Income Tax issues the PAN card, which has 10 alphanumeric digits. PAN is made up of alphabetic and numeric digits. In that a specific PAN number is allocated, together with Organization Name, DOB, and a photo that may be used as identity evidence and for a variety of other regulatory norms, PAN cards are tangible documents.
PAN Card Format
Information about the individual, including name and date of birth (DOB), is included in the PAN card format and is associated with KYC rules. The following details are included on the PAN card:
Name of Person
Father's name of the applicant
The applicant's date of birth. If a non-person, the date of registration with the relevant body.
AAAPL1234C is the issuer of the PAN card. The first four characters of the PAN format are English characters, the next four are English numbers, and the final character is still another letter.
Example: Consider a PAN card number ABCPNXXXXC
The PAN number's holder status is shown by the fourth character of the ten-digit numbers.
P is a Personality.
C stands for Company
HUF is referred to as "H" (Hindu Undivided Family)
The AOP is described in A (Association of Persons)
B is for BOI (Body of Individuals)
G represents a Government agency.
An Artificial Judicial Person is referred to as J.
L denotes a local government.
F denotes a Limited Liability Partnership or a Firm.
T stands for Trust.
The first character of a person's surname or last name correlates to the fifth character of their 10-digit PAN number. Please specify the initial letter of the PAN cardholder's name for the non-individual fifth character.
The sixth through ninth characters are digits between 0001 and 9999.
The alphabetic check digit is represented by the tenth character.
Various Types of PAN
The following is a list of the different PAN card kinds.
Human Undivided Family (HUF), Individual, Trust, Artificial Judicial Person, Minor and Society
Association of Person Firms or Limited Liability Partnerships (AOP)
How to Apply for a PAN Card?
One of the following websites accepts online applications for PAN Cards:
National Securities Depository Limited (NSDL)
UTI Infrastructure Technology And Services Limited (UTIITSL)
Additionally, you can submit a personal application to any district-level PAN agent. You could be prepared to both apply for a new PAN and modify or rectify your current PAN. If you misplace your PAN Card, you can get a replacement or have the card issued again.
How to Obtain a PAN Card
Similar to getting a passport, driver's license, Aadhaar, and so on, getting a PAN is optional or elective. However, using it is essential for quickly participating in some high-fee financial operations.
Anyone who has an associate Aadhaar card can submit an e-KYC request.
Using the acknowledgment number provided when you apply for a replacement or duplicate PAN or request corrections/changes, you may keep track of the progress of your PAN application.
According to the National Securities Depository Limited (NSDL) website, the entire printing and delivery procedure for cards takes around a week or 14 days.
Necessary documents required for PAN Card
The papers are specifically required to support evidence of identity and proof of address, which are the two main goals. Depending on the PAN form they apply for, the following important papers are needed for PAN numbers.
Individuals
The required paperwork is
Voter ID License, Adhar Card, and Passport
HUF (Hindu Undivided Family)
The required paperwork is
An affidavit signed by Hindu Undivided Family on behalf of members that includes the member's DOB and evidence of their addresses
Certificate of registration for the business provided by the register.
Trust
The trust and charity commissioner issued the trust deed and registered certificate number.
Society
The cooperative society's commissioner issued a registered certificate number.
Foreigners
Passport, bank statement from the country of residence, and bank statement from an Indian NRE account
Importance of PAN Card
To establish, identify and submit an income tax return, you need a PAN number.
A PAN number is necessary for financial transactions such as opening an account, obtaining a loan or credit card, etc.
When buying or selling a property worth more than Rs. 5 lakh, a PAN is a must.
Having a PAN number is required for purchasing or selling vehicles, etc.