PAN Application

PAN, Permanent Account Number, is a unique alphanumeric ten-digit number allotted by the Income Tax Department to every tax-paying individual. It also works as an identity proof and basically be acquired by any citizen of India. It can be acquired by only those foreign citizens who pay taxes to the government.

The allocation of the permanent account number (PAN) is done under the Central Board of Direct Taxes surveillance. The basic motive of PAN is to keep permanent track of an individual’s financial activities. It is proven to be a necessary measure to prevent tax evasion. It is a permanent allocation and does not change in any of the states throughout India.

Who should get a PAN?

1. Whoever earns a taxable income in India

2. Every citizen of India as it is also a recognized identity proof

3. Everyone who owns a business that had a turnover exceeding Rs.5 Lakhs in the previous financial year

4. By every Foreign national who pays tax to the Indian Government

Why get a PAN?

PAN is an important document and besides identity proof it is mandatory for the following processes:-

1) To file Income Tax Returns

2) To Pay Direct Taxes

3) To enter any specific transactions. Following are a few 

examples:-

a. Any payments exceeding Rs.25000 in hotels and restaurants at one-time

b. Payment exceeding 50,000 for acquiring bonds, shares, or debentures

c. Sale or purchase of any immovable property valued at Rs.5 Lakhs or more

d. Sale or purchase of any vehicles

How to apply for PAN?

The process for applying for a PAN is online as well as offline. The online application can be filled out as follows:-

- Visit the website www.pan.utiitsl.com

- Select your application type

- Form 49A- Indian Citizen

- Form 49AA- Foreign Citizen

- Change or Correction in PAN

- Reprint of PAN Card 

The procedure for acquiring PAN is simple yet can be tricky. We at YouTax, consist of a team of experienced professionals who will make this whole procedure easy for you. For more information contact us at our contact number +(91) 8421447373 or reach out to us on our website www.youtax.in