New PAN Application

Introduction of PAN

PAN (Permanent Account Number) is an identification number assigned to all taxpayers in India.

PAN is an electronic system through which, all tax related information for a person/company is recorded against a single PAN number. This acts as the primary key for storage of information and is shared across the country. Hence no two tax paying entities can have the same PAN.

The PAN is valid for lifetime.

Requirement of PAN

PAN is a unique identification number that enables each tax paying entity of India with the following:

• Proof of Identity

• Proof of Address

• Mandatory for Filing Taxes

• Registration of Business

• Financial transactions

• Eligibility to open and operate Bank Accounts

• Phone Connection

• Gas Connection

• Mutual Fund – PAN is beneficial to complete e-KYC for mutual fund investments.

The union budget 2019 has proposed for taxpayers to use Aadhaar instead of PAN for filing income tax returns on or after 1 September 2019. It has been proposed in the union budget 2019 that the Income-tax officer can themselves allot PAN to taxpayer filing return with Aadhaar.