Meaning of Permanent Account Number (PAN)

What is Permanent Account Number (PAN)

 

This post explains about Permanent Account Number (PAN).

PAN

Permanent Account Number (PAN) is a ten-digit alphanumeric number, issued in the form of a laminated card, by the Income Tax Department, to any "person" who applies for it or to whom the department allots the number without an application.

PAN enables the department to link all transactions of the "person" with the department. These transactions include tax payments, TDS/TCS credits, returns of income/wealth/gift/FBT, specified transactions, correspondence, and so on. PAN, thus, acts as an identifier for the "person" with the tax department.

PAN was introduced to facilitate linking of various documents, including payment of taxes, assessment, tax demand, tax arrears etc. relating to an assesse, to facilitate easy retrieval of information and to facilitate matching of information relating to investment, raising of loans and other business activities of taxpayers collected through various sources, both internal as well as external, for detecting and combating tax evasion and widening of tax base.

Evolution of PAN in India

ü  Prior to 1972, a tax-payer (assesse) of the Income tax Department was identified by a number called General Index Register Number (GIR No.).

ü  Permanent Account Number (old series) was introduced in 1972.

ü  Allotment of Permanent Account Number was made statutory u/s.139A of the Income-tax Act, 1961 w.e.f. 1st April, 1976. 2

ü  Blocks of Permanent Account Number were allotted to each Commissioner of Income-tax Charge by the Board. The Commissioners of Income-tax made the allotment of Permanent Account Numbers to assess under various Assessing Officers in his charge from within the Block of PAN allotted to him.

ü  This was allotted manually till 1985.

ü  This series was abandoned in 1995.

ü  Allotment of current series of PAN was started in 1995 after studying the system of identification number initiated in U.K. (National Insurance Number), USA (Social Security Number), Spain (Fiscal Identification Number), Australia (Tax File Number) etc.

This post describes about Permanent Account Number (PAN).   Comment below your thoughts about this post Permanent Account Number (PAN).

 

 

 

Learn Exports Imports Free, Click here

Click here to know GST rate of your goods or service

How to calculate IGST under imports?

Changes in IEC after GST

Linking IEC with GSTIN in customs

Import under EPCG after GST

GST on imports by EOUs and SEZs

Changes of operation of SEZ

Does CVD exists under project imports?

Baggage clearance after GST implementation

Refund of SAD paid on imports

Inter and Intra State Level tax under GST

What is Integrated Tax under GST

Meaning of term Inspection and Search under GST

Seized Goods under GST

Meaning of term Inspection memo under CGST, IGST Act.

Meaning of term Input Service Distributor under GST

Meaning of Input Tax Credit Mechanism in GST

Meaning of term Input Tax Credit under GST

The term FCL. What is FCL means

The term LCL. What does LCL mean?

 Tips to exporters on Documentation

How does a Running bond work?

 How does Bill of Lading work in DP payment terms?

How does Bill of Lading work in Sight LC

How does CENVAT Credit work?

 How does CFR term of delivery work in Export Import business

How does comprehensive policy of ECGC work for exporters?

 Top 137 Airline names and their websites worldwide

Toxic Substances control Act (TSCA) certification

 How to minimize import cargo clearance time? An open logic proposal to WTO

How to obtain a duplicate BL, if original bill of lading lost

Documents required for Export from Paraguay

Customs procedures for Paraguay Export

Registration required to export from Paraguay

Documents needed for Paraguay import

Import Customs processes in Paragua

Import Registration and import Licence procedures in Paraguay

How to export from Papua New Guinea?

 


Comments


p c singhal: in pan card which address is to be given whether permanent or current address. in case of where an assessee is living on rent then which address he should give, as giving the current address , has he to get changed his address each time he changes his residence

Cshivakumar : hi im Cshivakumar im India Telagana Hyderabad Nampllay 500012

Ademola: How can I get my pan number now and when I don't have what can happen to the loan that I request for

Discussion Forum

You can also share your thoughts about this article.
Any one can answer on question posted by Readers