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PAN is set in the form of a 10-digit unique identification alphanumeric number (containing both alphabets and numbers) assigned to Indians, mainly to those who pay tax. Permanent Account Number or PAN is a mode of identifying taxpayers across the country.
Permanent Account Number or PAN Card is a nationalized identity card. Without a PAN, you will not be able to carry out any financial transaction. It is the Indian Income Tax Department that allocates this 10-digit alphanumeric and unique account number to a tax-paying person, company or HUF. It has lifetime validity. In this article, we will explore important aspects around the eligibility for a PAN Card.
About Pan Card Eligibility
All Indian citizens having a valid source of income and necessary proofs (as prescribed by the Income Tax Department) are eligible to apply for PAN card. Applying for and getting a PAN card or Permanent Account Number is mandatory for every taxpayer or the person who needs to file an income tax return on behalf of self or others. Any individual/non-individual (including the foreign citizens/entities) earning taxable income in India must have a PAN card. Here are some of the activities for which PAN card is mandatory.
Indian citizens/companies/entities need to apply for PAN card by using Form 49A. Mentioned below is important information about PAN card eligibility criteria and supported documents required for Indian citizens.
Foreign citizens/entities can use Form 49AA to apply for a PAN card. Here are some of the basic eligibility criteria for pan card that have to be met to obtain a PAN card:
Proof of Identity:
Proof of Address:
For Foreigners: They are eligible to apply for PAN card by submitting below documents along with PAN Form 49AA.
1. Who should apply for a PAN card?
All existing assesses or taxpayers or persons who are required to furnish a return of income, either on behalf of self or others, must obtain PAN. Any person, who intends to enter into economic or financial transactions where quoting PAN is mandatory, must also obtain PAN.
2. Can minor apply for a PAN card?
Section 160 of IT Act, 1961 mentions that a non-resident, minor, lunatic, idiot, and a court of wards and such other persons may be represented through a Representative Assessee. In such cases, application for PAN will be made by the Representative Assessee.
3. Will my PAN card number change if I make a change in my name?
No, your PAN will remain the same even if there is a change in your name as it is a Permanent Account Number.
4. Who should apply for a change or correction in PAN card?
One should make an application when he/she wants to make some changes or corrections in their existing PAN details such as:
5. Can a person obtain or use more than one PAN?
Obtaining or possessing more than one (Permanent Account Number) PAN is against the law.
6. Why is it necessary to have PAN?
You will not be able to file your ITR if you do not present your PAN. All bank accounts not linked with PAN will be deactivated soon. Also, it is necessary to furnish PAN for making cash transactions above Rs 50,000.
PAN Card is issued to individuals, companies, non-resident Indians or anyone who pays taxes in India. PAN card eligibility is important to read and fulfil before applying for one. Depending on the category of the applicant and the purpose, the eligibility criteria may differ.
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Ao Code For PANcard
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Documents Required For PAN Card
Download E PAN
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PAN Card Details
PAN Form 49a
PAN Form 49aa
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Permanent Account Number PAN Form
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