PAN


 

Permanent Account Number (PAN) is a ten-digit alphanumeric identifier, issued by Income Tax Department.. A Unique pan has been issued to each assessee (e.g. individual, firm, company etc.)This number is almost mandatory for financial transactions such as opening a bank account, receiving taxable salary or professional fees, sale or purchase of assets above specified limits. his number can be considered to be similar to Social security number issued in United States to citizens and other legal residents.


1-5 field are alpha(A to Z)
6-9 field are numeric(0-9)
10 field is alpha(A-Z)

 

The fourth character of the PAN must be one of the following, depending on the type of assessee:

  1. 1. C — Company
  2. 2. P — Person
  3. 3. H — Hindu Undivided Family (HUF)
  4. 4. F — Firm
  5. 5. A — Association of Persons (AOP)
  6. 6. T — AOP (Trust)
  7. 7. B — Body of Individuals (BOI)
  8. 8. L — Local Authority
  9. 9. J — Artificial Juridical Person
  10. 10. G — Govt

 

Fifth field of PAN denotes surname

In case of individual: Surname/last name(as given in pan application)

  •          1.   For ex. in case of Ram Kumar(individual)
  •          2.   5th field will be "K"
  •          3.   4th field will be "P"
  •          4.   In case of Ram Kumar Gupta(Individual)
    •                            - 5th field will be "G"
    •                            - 4th field will be "P"
  •          5.   In case of All Other Assesees  - 5th field will be first letter of Name/first Name for ex :
    •                           -  In case of Suresh Jindal (HUF)(confirmed)
      •                                      # 5th field will be "S"(first letter of First name i.e Suresh)
      •                                      # 4th field will be "H"(for Huf)
    •                          -   In case of ABB LTD(confirmed)
      •                                     # 5th field will be "A"(first letter of First name)
      •                                     # 4th field will be "C"(for company)

Key points to remember about PAN are:
• You must have a PAN to file your income tax return.
• You don’t need to necessarily file a return just ,because you have a PAN. You need to file return , only if your gross total income is above the exemption limit.


 
 

Contact
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