What is a PAN card number and is it similar to a US SSN?
What is PAN Number?
PAN (Permanent Account Number) is a number by which a person can be identified. The PAN number is provided by the Income Tax Department and is comparable to the Social Security Card used in the US. Each person has a unique ten-digit alphanumeric number that is written on a card with your photo.
It becomes mandatory for everyone in India to get a PAN.
You are required to mention that you are PAN when:
· Talk to the IT department about anything
· On payment of tax due to the IT department.
· When to invest in India: Stock Exchange or Real Estate.
· When opening a bank account, obtaining loans, applying for a visa, etc.
· Or carry out any financial transactions in India.
Benefit of Permanent Account Number: PAN
If PAN is written in all important documents, it will be easy to find involved person or person in authority over the involved person. When a person has PAN, the tax credit due to him can be given to him quickly. If PAN is entered in all bank transactions, the IT department can have the power to get control over undisclosed transactions and unregulated transactions.
Track your PAN card status online.
There is a web-enabled tracking system that allows PAN applicants to enter their details and find the status of their PAN. Whatever step in the PAN development process is on your PAN, it will be displayed. This is very useful till your PAN card is delivered to you.
How can a person get PAN – Permanent Account Number?
There is a special application called Form 49A which has to be filled up completely and sent to any of the Income Tax PAN Service Centres. There are many centers all over India which have been set up by UTIISL and NSDL.
There are some good private brokers who help in applying PAN cards for NRIs – Non-Resident Indians, PIOs – Persons of Indian Origin and OCIs – Overseas Citizenship of India holders.
On July 1, 2003, Income Tax PAN Service Centers began to be established in all cities having an Income Tax Department. In larger cities, there is more than one center so people don’t have to travel so far. The addresses of these centers can be found on the website of the IT Department of the IT Service.
Income Tax PAN Service Centers help you in many different ways:
· They give you PAN applications and take them back when you are done.
· They help to fill out the applications correctly.
· They check your documents which you have given as proof of identity and as proof of address.
· They help in making changes that need to be done in PAN card details.
· Help with lost PAN cards.
If you decide not to use the assistance provided by the IT PAN Service Centers, you should note that they will not accept incorrect or incomplete applications. When UTIISL set up these centres, they created a way for the date from the PAN applications to reach the IT department. The IT department will then allocate the PAN and send it to UTIISL so that they can make a PAN card. Finally, once the PAN card is made, it is delivered to the PAN applicant.
Tips for Filling PAN Application!
To make the process of obtaining PAN the fastest and painless, the form should be filled completely and correctly and the necessary supporting documents should be attached.
If you need a company PAN:
* You must know the date of incorporation.
* You must know the registration number.
* You need to know the start date of the business.
* You must have the full name of two or more directors of the company.
* You must know the names and addresses of all company branches.
Having all the information listed above is a must if you need a company PAN. IT department will not allocate PAN without this information.
If you need an individual PAN:
* You must know the applicant’s full name.
* You must know the full name of the applicant’s father.
* You must know the applicant’s date of birth.
* You must know all the applicant’s sources of income.
Having all the information listed above is a must if you need an individual PAN.
IT department will not allocate PAN without this information.
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