PAN(Permanent Account Number), synonymous to the SSN of the US, is an important document of identity for Indians. It identifies a person as a citizen of India and is given to you by the Income Tax Department after thoroughly checking all the legal formalities and your past records. The PAN consists of a 10 digit alpha-numeric with a photo affixed and details about your date of birth and address. A PAN card becomes very necessary while dealing with the Income Tax Department or while investing on any property in India. You may be asked for a PAN card when applying for VISA. A PAN is required while paying your taxes and while opening any bank account in India. What is the purpose of having a PAN? You can track any person in India using his PAN. The IT department refers to a person by his PAN and its always unique. It is the safest way to carry out all transactions relating to bank accounts and other monetary dealings. In case of any undisclosed transactions, the IT dept. can easily monitor using the PAN and track any unregulated dealings. With growing online facilities, you can now track your PAN’s status online. If you have applied for PAN and want to know the current step in the process of PAN development. Information to be filled on the PAN application To make the PAN development process easier and less cumbersome, you need to know the following details: • Full Name of the Applicant. • Full Name of the Applicant's Father. • Applicant's Date of birth. • Applicant's Income Sources If you want to acquire a Company PAN, you need to know the following details: • Incorporation Date. • Registration Number. • Business Commencement Date. • Full Name of two or more Company Directors. • Names and Addresses of any Branches of the Company PAN service centers of the Income Tax Department set up in various cities across the country can assist you a great deal in getting a PAN card for yourself.
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PAN, Taxes, Income Tax,
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