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PERMANENT ACCOUNT NUMBER (PAN)

Permanent Account Number (PAN) is a ten-digit alphanumeric number, issued by the Income Tax Department. A typical PAN is AIIPB9914E. Pan Card/Number may be obtained by applying in the prescribed form 49 A.

 

While applying for PAN card, the applicant should provide:

a)Proof of Identity (POI)

b) Proof of Address (POA)

 

FOLLOWING DOCUMENTS CAN BE USED AS POI and POA:

1. Proof of Identity

Copy of any one of the following will serve as a proof of identity:

  •          Adhar Card
  •          School leaving certificate
  •          Matriculation certificate
  •          Degree of recognized educational institution
  •          Bank account statement
  •          Water bill
  •          Ration card
  •          Property tax assessment order
  •          Passport
  •          Voter’s identity card
  •          Driving license

 

2. Proof of Address

Copy of any one of the following will serve as a proof of address:

  •          Adhar Card
  •          Electricity bill
  •          Telephone bill
  •          Depository account statement
  •          Credit card statement
  •          Bank account statement
  •          Rent receipt
  •          Ration card
  •          Passport
  •          Voter’s identity card
  •          Property tax assessment order
  •          Driving license

 

-Proof of Identity & Address for various entities:

HUF – Any documents prescribed in case of individuals in respect of Karta of the HUF.

Company – Copy of Certificate of Registration issued by Registrar of Companies.

Firms – Copy of Certificate of Registration issued by Registrar of firms or Copy of Partnership deed.

AOP(Trusts) – Copy of trust deed or Copy of Certificate of Registration issue by Charity Commissioner.

AOP/BOI/Local Authority/Artificial juridical Person – Copy of agreement or Copy of Certificate of Registration  issued by Charity Commissioner or Registrar of co-operative society or any other competent authority or any other document originating from any central or state government department establishing identity & address of such person.

 

 Quoting of PAN(Permanent Account Number)[Rule 114B]

(Applicable w.e.f. 01 January 2016)

Every person shall quote his permanent account number (PAN) in all documents pertaining to the transactions specified in the Table below, namely:-

S.No. Nature of transactions Value of transaction
1 -Sale or purchase of a motor vehicle or vehicle, which requires registration by a registering authority under chapter VI of Motor Vehicles Act, 1988, OTHER THAN TWO WHEELERS, All Such Transactions
2 -Opening an account with a Bank(Other than savings bank account), All Such Transactions
3 -Application for Debit and Credit Card All Such Transactions
4 -Opening a demat account All Such Transactions
5 -Payment to a hotel or restaurant against a bill Payment of more than Rs. 50,000 (if in cash)
6 -Payment in connection with foreign travel or payment for purchasing foreign currency Payment of more than Rs. 50,000 (if in cash)
7 -Payment to a company for purchasing debentures or bonds issued by it Payment exceeding Rs. 50,000
8 -Payment to a Mutual Fund for purchase of its units Payment exceeding Rs. 50,000
9 -Payment to RBI for acquiring bonds Payment exceeding Rs. 50,000
10 -Deposit with a Bank Deposit of more than Rs. 50,000 (if in cash) per day
11 -Purchase of DD(Demand Drafts or banker’s cheques) from a Bank Payment in cash for an amount more than Rs. 50,000 per day
12 -Time deposit with a Bank, Post Office, Nidhi companies, NBFCs Amount of more than Rs. 50,000 per day or more than Rs. 5,00,000 during a financial year
13 -Payment for prepaid instruments, issued by RBI to a banking company Payment of more than Rs. 50,000 in a financial year
14 -Payment for Life insurance premium Payment exceeding Rs. 50,000 in a financial year
15 -Sale or purchase of securities(other than shares) Amount exceeding Rs. 1,00,000 per transaction
16 -Sale or purchase of unlisted shares Amount exceeding Rs. 1,00,000 per transaction
17 -Sale or purchase of any Immovable property Amount of more than Rs. 10,00,000 or if valued by stamp valuation authority, amount of more than Rs. 10,00,000
18 -Sale or purchase of goods or services, other than those specified above, if any Amount of more than Rs. 2,00,000 per transaction

Where a person, entering into any transaction referred above, is a minor and who does not have any income chargeable to income-tax, he shall quote the permanent account number (PAN) of his father or mother or guardian, as the case may be, in the document pertaining to the said transaction.

Further, where any person who does not have a PAN and who enters into any transaction specified above, he shall make a declaration in Form 60 giving therein the particulars of such transaction.

This rule shall not apply to following:

(i) the Central Government, the State Governments and the Consular Offices;

(ii) the Non-Residents referred to in clause (30) of section 2 of the Act in respect of the transactions referred to at Sl. No. 3 (Application for Debit and Credit Card) or 5 (Payment to a hotel or restaurant against a bill) or 6 (Payment in connection with foreign travel or payment for purchasing foreign currency) or 9(Payment to RBI for acquiring bonds) or 11(Purchase of DD(Demand Drafts or banker’s cheques) from a Bank), 13(Payment for prepaid instruments, issued by RBI to a banking company) or 18(Sale or purchase of goods or services exceeding Rs. 2L).

In other words, non-residents are required to either quoting his PAN or giving declaration in Form 60 for following transactions:

 

S.No. Nature of transactions Value of transaction
1 -Sale or purchase of a motor vehicle or vehicle, which requires registration by a registering authority under chapter VI of Motor Vehicles Act, 1988, OTHER THAN TWO WHEELERS, All Such Transactions
2 -Opening an account with a Bank(Other than savings bank account), All Such Transactions
3 -Opening a demat account All Such Transactions
4 -Payment to a company for purchasing debentures or bonds issued by it Payment exceeding Rs. 50,000
5 -Payment to a Mutual Fund for purchase of its units Payment exceeding Rs. 50,000
6 -Deposit with a Bank Deposit of more than Rs. 50,000 (if in cash) per day
7 -Time deposit with a Bank, Post Office, Nidhi companies, NBFCs Amount of more than Rs. 50,000 per day or more than Rs. 5,00,000 during a financial year
8 -Payment for Life insurance premium Payment exceeding Rs. 50,000 in a financial year
9 -Sale or purchase of securities(other than shares) Amount exceeding Rs. 1,00,000 per transaction
10 -Sale or purchase of unlisted shares Amount exceeding Rs. 1,00,000 per transaction
11 -Sale or purchase of any Immovable property Amount of more than Rs. 10,00,000 or if valued by stamp valuation authority, amount of more than Rs. 10,00,000