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The PAN, or Permanent Account Number, is a unique alphanumeric number with 10 digits. The Department of Income-Tax issues PAN according to the Income Tax Act & Rules. PAN is an electronic system through which all tax-related information is recorded against a single PAN number for a person / company. This acts as the primary key to information storage, and is shared across the country. No two tax paying entities can therefore have the same PAN. Financial institutions and agencies require PAN, too. PAN Card is issued to individuals, businesses, Indians who are not resident or whoever pays tax in India.
PAN allows the department to connect all "individual" transactions of a person within the department. These transactions include tax payments, TDS / TCS credits, revenue returns, transactions listed, correspondence etc. Therefore, PAN acts with the tax department as an identifier for the "individual."
PAN has been developed to facilitate the linking of various records, including tax payment, assessment, tax demand, tax arrears etc. relating to an assessed individual, to facilitate the easy retrieval of information and to facilitate the matching of information relating to investment, the raising of loans and other business activities by taxpayers collected from various sources, both internal and external.
About Pan Number For Income Tax
PAN is mandatory for all tax-paying citizens. It has to be mentioned on your income tax returns. Here are some of the applications of the PAN number:
To enter into a specific transaction such as:
By mentioning your PAN number on these transactions, the government is able to keep track of the financial transactions you have carried out in a year and levy corresponding income tax on a citizen.
TDS is Tax Deducted at Source. It is the tax deducted from incomes such as rent, salary, commission, professional fees, interest, etc. It is deducted by the person making the payment before it is credited to the beneficiary. This TDS is then deposited to the Government by the deductor against the deductee’s PAN number.
Your TDS is linked to your PAN number. This allows you and the government to conveniently track the tax that you have paid to the income tax department. You can check your TDS statement using Form 26AS.
There are two ways to check your TDS status; PAN Card is an important input criterion to check your TDS status online. You can either check the status through the TDSCPC Portal or through the Income Tax e-Filing Portal. Both these portals require your PAN Number.
Instant PAN allotment service based on Aadhaar has been introduced to assign PAN in near-real time. You are required to quote a valid Aadhaar number issued by India's Unique Identification Authority (UIDAI) and is not linked to any PAN. The e-KYC data from the Aadhaar number will be shared with India's Unique Identification Authority (UIDAI). You will be allotted a PAN after proper processing of e KYC data in the Income-Tax database.
PAN Card is issued to individuals, companies, non-resident Indians or anyone who pays taxes in India.
In order to facilitate easy application and issuance of PAN Card, the Government has PAN processing through the NSDL & UTIITSL. These two organisations accept physical as well as online applications for issuance of new and duplicate PAN cards to eligible applicants.
Alteration Of Name In PAN Card After Marriage
Bulk PAN Verification
Documents Required For PAN Card
Download E PAN
Duplicate PAN Card Or Reprint PAN Card
Fees And Charges For PAN Card
Form 60 PAN Card Not Available For Rule 114b Transactions
How Is PAN Verification Done
How To Check PAN Card Delivery Status
How To Check Tds Status Through PAN Card
How To Check Your PAN Aadhaar Linking Status
How To Link Aadhaar Card And PAN Card
How To Link PAN Card To Axis Bank Account
How To Link PAN Card To Canara Bank Account
How To Link Pan Card To HDFC Bank Account
How To Link Pan Card To ICICI Bank Account
How To Link PAN Card To Kotak Mahindra Bank Account
How To Link PAN Card To Paypal Account
How To Link Pan Card To PNB Account
How To Link Pan Card With SBI Account
How To Link Pan Card With UCO Bank Account
How To Link PAN With Epf Account
How To Link PAN With Your Bank Account
How To Track PAN Card Status
Instant PAN Using Aadhaar
Know Your PAN
Know Your Tan
Lost PAN Reapply
PAN Card Application
PAN Card Customer Care Number
PAN Card Details
PAN Card Eligibility
PAN Form 49a
PAN Form 49aa
Permanent Account Number PAN Form
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