What is PAN its Need and Online PAN Verification PAN is a 10 digit alphanumeric number issued by the IT Department, to the person who has applied for
What is PAN its Need and Online PAN Verification
PAN is a 10 digit alphanumeric number issued by the IT (Income Tax India) Department, to the "person" who has applied for it or to whom the Income Tax department allots the number without an application on a suo-moto basis.
A typical PAN is AKFG7298H.
The first three characters in the given PAN are alphabetic series started from AAA to ZZZ. i.e. "AKZ"
The fourth character of PAN i.e. "F" in the given PAN represents the status of the PAN holder which are defined below:
- 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 — Trust(AOP)
- K — Krish (Trust Krish)
The next four numeric characters i.e. "7298" in the above PAN are number can be started from 0001 to 9999.
The last 10th character i.e. "H" in the given PAN is an alphabetic check digit.
PAN Legal Formalities
Section 139A of the Income Tax Act, 1961 Provides for all the provisions related to PAN allotment and framework for PAN, this section also provides that a single person can have only one PAN, if a person possesses more than one PAN he is liable to the penalty he should as soon as possible surrender the pan that is taken more than one.
Rule 114 of Income Tax Rules, 1962 specify the manner of applying the PAN ( for new PAN form 49A and for correction of existing PAN form 49AA)
Rule 114B lists down the transactions and documents in which quoting of PAN is required.
Rule 114C states the person on whom section 139A does not apply, these persons are NRI, Central Government or State Government Offices, Persons having agricultural income declared in Form 61, when they are payers.
For non-compliance with the provision u/s 139A, the penalty of Ten thousand Rupees (10,000) is imposable under section 272B.
Who is required to have PAN?Rule 114 of Income Tax Rules, 1962 specify the manner of applying the PAN ( for new PAN form 49A and for correction of existing PAN form 49AA)
Rule 114B lists down the transactions and documents in which quoting of PAN is required.
Rule 114C states the person on whom section 139A does not apply, these persons are NRI, Central Government or State Government Offices, Persons having agricultural income declared in Form 61, when they are payers.
For non-compliance with the provision u/s 139A, the penalty of Ten thousand Rupees (10,000) is imposable under section 272B.
It is required to quote PAN on the Income Tax return, all communication with any income tax officials. It is also compulsory to mentioned PAN in all documents related to the given following transactions :
- sale or purchase of immovable property for 5,00,000 Rs or more;
- sale or purchase of a vehicle, (does not include two-wheeler)
- a time deposit or fixed deposit, more than fifty thousand rupees with the post office or bank or NBFC;
- sale purchase of securities of a value exceeding one lac rupees;
- for bank account opening;
- more the twenty-five thousand rupees at one-time bill payment to hotels and restaurants;
- for the purchase of bank drafts or pay orders or banker's cheques or demand draft for an amount fifty thousand rupees or more during any one day;
- deposit in cash fifty thousand rupees or more with a bank or NBFC or post office during any one day;
- Payment at any one time for travel to a foreign country of an amount exceeding twenty-five thousand rupees in cash.
- for credit card or debit card application.
- for purchase of mutual fund units;
- for purchase of shares issued by the company;
- for acquiring debentures or bonds issued by company or institution aggregating amount fifty thousand rupees or more;
- for payment to the Reserve Bank of India in the amount of fifty thousand rupees or more.
- for payment of life insurance premium to an insurer, an amount aggregating fifty thousand rupees or more in a year.
- payment to a dealer or trader,
- of an amount of five lakh rupees or more at any one time; or
- against, a bill for an amount of five lakh rupees or more, for the purchase of jewellery or bullion.
PAN can be applied in 2 modes via online or via offline pan Application Center
1) Via Online- An online application can be made from the website of UTIITSL or NSDL
Click to Apply Online
2) via PAN Center - Application for PAN can be submitted at the PAN Application centre (a) NSDL PAN centre and Tin Facilitation Center (b) UTITSL
If you are having a pan and don't want to change in the pan then you can download the e-PAN with a nominal fee Approx Rs 10 via these links but for this in your Aadhar card mobile should be linked otherwise you will not receive OTP
https://www.onlineservices.nsdl.com/paam/ReprintDownloadEPan.html
https://www.pan.utiitsl.com/
Download new Pan card Form49A and Pan correction form in excel autofill utility |
PAN Verification
As of now, Pan Verification from Income tax websites is withdrawn but still, there is some way to verify the PAN via PAN number or Assessee name and Date of Birth
Remember on below links only those pan can be verified from which investment is made in the security market.
otherwise, one more option is there just go to the NSDL online tax Payment Site and enter the pan which you want to verify and fill in any details that may be bogus and select bank then proceed Name Related to PAN will be Displayed.
Site links are
https://www.karvykra.com/upansearchglobalwithpanexempt.aspx
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