Auditor In Tambaram
PAN –Personal Account Number
Permanent Account Number (PAN) was introduced by the Indian Income Tax Department in order to facilitate easy retrieval of information and matching information relating to an assesses investment, payment of taxes, raising of loans, assessment, tax demand, tax arrears etc.
- The Permanent Account Number (PAN) is unique, national, and permanent. It is unaffected by a change of address, even between states in India.
- As a universal identification key the PAN helps to monitor all financial transactions of high net worth individuals and thereby indirectly prevent tax evasion.
Pan Card is issued by the Indian Income Tax Department under the supervision of the Central Board for Direct Taxes (CBDT) and is almost equivalent to a national identification number. It also serves as an important ID proof.
New PAN card takes approx 15 to 20 working days. Correction or Replacement card takes anything from 30 to 40 working days; however this may vary depending on the authorities discretion and load.
Application for fresh allotment of PAN can be made through Internet. Further, requests for changes or correction in PAN data or request for reprint of PAN card (for an existing PAN) may also be made through Internet.
For New PAN applications, in case of Individual and HUF applicants if Address for Communication is selected as Office, then Proof of Office Address along with Proof of residential address is to be submitted to NSDL applications made on and after 1st November 2009.
As per RBI guidelines, the entities making e-commerce transactions are required to provide PIN (Personal Identification Number) while executing an online transaction. Therefore, before making payment for online PAN/TAN applications using credit card / debit card / net banking, applicant is required to obtain PIN from Banks whose credit card/debt card/net banking is being used.