Permanent Account Number is a ten-digit identification number provided to every individual and entity who is an eligible taxpayer. It is compulsory to have a PAN card if an individual's income falls under the taxable income devised by the government. The PAN card was launched in India with a primary purpose to curtail and prevent tax evasion by the taxpayers. It is done by keeping a record of all the financial transactions of every individual and entity.
Importance of PAN card:
1. It is mandatory for filings income tax.2. It is compulsory to submit a PAN card as an identity proof for applying for a loan.3. It is needed while opening a new bank account.4. It assist the government to keep track of payments and transactions.
PAN Card for Resident Individuals:
Resident individuals, Non-resident individuals and undivided Hindu families fall under this category.
Resident individuals and undivided Hindu families have to fill form 49A to apply for this Permanent Identity card.
PAN Card for Foreigners:
Foreigners are required to get the PAN for conducting business India.
They can apply for the form by filling form 49AA form. PAN Card for Foreign Companies:
Foreign companies conducting business in India are required to get the PAN card. They can get the PAN card by filling the form 49AA. PAN Card for Companies:
1. It is mandatory for companies, trusts, partnership and firms registered in India to get PAN Card.
2. Companies can apply for the PAN using NSDL, UTIITSL or MCA portal.
3. Companies are required to fill Form 49A to apply for a PAN card if applying through NSDL or UTIITSL portal.
4. Companies applying through the MCA portal has to fill the common SPICe-INC 32 form. Read more about: What is PAN card and How to apply for a PAN card?
Resident individuals, Non-resident individuals and undivided Hindu families fall under this category.
Resident individuals and undivided Hindu families have to fill form 49A to apply for this Permanent Identity card.
PAN Card for Foreigners:
Foreigners are required to get the PAN for conducting business India.
They can apply for the form by filling form 49AA form. PAN Card for Foreign Companies:
Foreign companies conducting business in India are required to get the PAN card. They can get the PAN card by filling the form 49AA. PAN Card for Companies:
1. It is mandatory for companies, trusts, partnership and firms registered in India to get PAN Card.
2. Companies can apply for the PAN using NSDL, UTIITSL or MCA portal.
3. Companies are required to fill Form 49A to apply for a PAN card if applying through NSDL or UTIITSL portal.
4. Companies applying through the MCA portal has to fill the common SPICe-INC 32 form. Read more about: What is PAN card and How to apply for a PAN card?
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