Permanent Account Number (PAN) refers to a ten-digit alphanumeric number, issued in the form of a laminated card, by the Income Tax Department in India. This number is almost mandatory for financial transactions such as opening a bank account, receiving taxable salary or professional fees, sale or purchase of assets above specified limits.
PAN Card refers to a permanent number, which does not change during the lifetime of the PAN holder and serves as an important ID proof. It is allotted to each tax payer by Income Tax Department under the supervision of the Central Board of Direct Taxes.
The primary objective is to use a universal identification key to track financial transactions having a taxable component in it in order to prevent tax evasion. It remains unaffected by change of address throughout the country.
PAN is a critical document to own as it is compulsory to quote PAN in all documents pertaining to the following financial transactions:-
It is mandatory to quote PAN on the return of income in India, according to the Income Tax Department of India. Also, as per SEBI directive, effective since July 02, 2007, Permanent Account number (PAN) shall be the sole identification number for all participants transacting in the securities market, including mutual funds, irrespective of the amount of transaction.
Consequently, it is now mandatory for all existing as well as prospective investors (including all joint applicants/holders, guardians and non resident Indians) to furnish their PAN card copy along with the original PAN card while investing in mutual funds. We can also help you with HUF PANs, family PAN cards, PAN for minors, address or name change, signature mismatch, or any other correction.
You can submit your PAN card application at any of Alankit’s offices in Dubai or Sharjah. Alankit also has a provision to arrange a pickup your PAN Application from your doorstep ( cost extra). Please get in touch with us to knowmore about our seamless application process and document pickup;
You can track the status of your application for new PAN / reprint of PAN card / Changes or Correction in PAN details using the 15 digit unique Acknowledgment Number after 3 or 4 days of application. For more information Click Here
If you are a non resident Indian living abroad or an OCI/PIO who has lost or misplaced his PAN card, then we may help. We assist you in applying for a PAN card with an old PAN and get it delivered to your foreign address abroad.
Primarily, we assist you in downloading a duplicate PAN form and correction application online and later help you in filling the application for lost PAN, and then, guide you to apply for a replacement or a duplicate PAN card.
We not only assist NRIs but we also guide overseas citizenship holders of India (OCI) and person of India origin (PIO) to apply for a lost IT PAN card. Through us, you can receive this PAN card abroad within 15-20 business days or so, without any hassle. All you have to do is get in touch with our adviser, who will let you know how to obtain a PAN card in case you have misplaced your previous old income tax PAN.
PAN (Permanent Account Number) refers to a ten-digit alphanumeric number, issued in the form of a laminated card, by the Income Tax Department (ITD) in India.
You can apply for PAN by filling up the Application Forms 49A or 49AA (for other than Indian citizen)
Permanent Account Number (PAN) as the name suggests, is permanent and does not change. Change of the address should be intimated to ITD so that the PAN database of ITD can be updated. Same can be done by filling up the form for Request for New PAN Card or/and Changes or Correction of PAN data and submitting the form at any TIN FC
Female applicants, irrespective of their marital status, should write only father’s name in the PAN application form.
In general having a PAN or the permanent account number does not bring any benefits; rather it is more of a compulsion laid by the Income Tax Department of India. It is compulsory requirement for NRIs – Non Resident Indians living abroad to have a pan card if they intend to carry any kind of financial or investment related transactions in India. Thus, one may consider it as a Tax ID which is a must for NRIs if they intend to Invest in Shares, open a Demat account, purchase real estate, open a NRI bank account, getting loans, applying a visa or passport, enjoy income from rent, get foreign remittance, etc.