Showing posts from November, 2017

What is Pan Card? Pan Card Importance?

Permanent Account Number (PAN) is a code that acts as an identification for Indian nationals, especially those who pay Income Tax. It is a unique, 10-character alpha-numeric identifier, issued to all judicial entities identifiable under the Indian Income Tax Act, 1961. The government of India also give facility to apply pan card apply as well as check pan card status

Structure and provisions:
Income Tax PAN card is issued under Section 139A of the Income Tax Act.
The PAN structure is as follows: AAAPL1234C: First five characters are letters, next four numerals, last character letter.
The first three letters are sequence of alphabets from AAA to ZZZ
The fourth character informs about the type of holder of the card. Each holder is uniquely defined as below:
A — Association of Persons (AOP)B — Body of Individuals (BOI)C — CompanyF — FirmG — GovernmentH — HUF (Hindu Undivided Family)     L — Local authority — Artificial Juridical Person   P — individual — Trust(AOP)K — Krish (Trust Krish)