What Is PAN CARD – A detailed Explanation About Pan Card :
What Is Pan Card – Use Of Pan Card | Description Of PANCARD – ( NSDL PAN ) :
Permanent Account Number usually known as PAN card. It is a crucial identification of the citizens of India. If we specify the details, it is a major ID for the ones who pay income tax. PAN card contains ten character alpha numeric code which is unique for all. No one can share the same code. It is issued by the Income Tax Department and has to be followed with certain rules.
What is PAN :
These ae as per the Income Tax Act, 1961. It is further supervised by Central Board for Direct Taxes (CBDT). For example, if you come across a 10-digit number on your PAN card, like AAAPL8823B, it is none other than your PAN number or identifier. It is an important ID proof for Indians. But it may also be issued to foreign investors like Aadhar card and Driving License. In such a situation, it will not be accepted as a proof of citizenship of India. PAN is necessary these especially if you receive a taxable salary and also for opening bank accounts, trading etc.
Why We Need PAN ?
It is a universal ID for all financial transactions and to avoid tax evasions. It helps keep a proper track of monetary deals. Especially, if we talk of HNI i.e. High net worth Individuals, it is a must for them to keep a PAN . This is because these individuals can turn the economy and can have major impact on the same. The advantage with this card is that even if you change your address, no changes are required in the PAN . It is valid anywhere in India and is a proof for lifetime.
Check Pan India Website @ http://nsdl.co.in
Apply Pan @ https://www.onlineservices.nsdl.com/paam/endUserRegisterContact.html
Download Pan @ https://www.onlineservices.nsdl.com/paam/requestAndDownloadEPAN.html
Structure Of Permanent Account Number ( PAN CARD Details ) :
Let us understand using any 10 digit PAN number: AAAPL8823B , In the given pan number the first five of the ten digits are letters followed by four numeric digits and last one is again an alphabet. The first three letters viz. AAA has to be a sequence between AAA-ZZZ. Fourth alphabet describes the card holder type and the fifth alphabet has to the first latter of either of the two
Structure Of NSDL Permanent Account Number:
A — Association of Persons (AOP)
B — Body of Individuals (BOI)
C — Company
F — Firm
G — Government
H — HUF (Hindu Undivided Family)
L — Local Authority
J — Artificial Juridical Person
P — Individual
T — AOP (Trust)
K — Krish (Trust krish)
(a) of the surname or last name of the person, in the case of a PAN , where the fourth character is or
(b) of the name of the Entity, Trust, society, or organization in the case of Company/ HUF/ Firm/ AOP/ BOI/ Local Authority/ Artificial Judicial Person/ Govt,
The last letter is a check digit. These days Date of Issue (DOI) is mentioned on the right hand side of the photograph if it is issued by NSDL. But if it is issued by UTI-TSL, DOI won’t be mentioned. PAN caard is a plastic card which encompasses Date of Birth, photograph, Date of Issue and a hologram sticker for security purpose. At the time when PAN is issued, a letter is attached which contains the address of the holder. For Minors, Date of issue or the photograph is missing in the PAN card as per UTI-TSL. The central government has introduced an online service called “” Know Your PAN ” to verify your new or existing PAN s. Get More details from NSDL Website