What Is The Importance Of The PAN Card Number?
Being a citizen of India, it is becoming mandatory for almost all citizens to have a PAN card. Issued by the Income Tax Department of India and supervised by the Central Board of Direct Taxes or CBDT, the PAN card follows legal guidelines set by the Indian Income Tax Act of 1961.
The number on the card is the PAN or Permanent Account Number.
Details Of The Number On Your PAN Card
- The PAN is the unique number, which is different for each individual
- This is an alphanumeric code
- The PAN card number has a unique code, which has a structure as such- AAAAA9999A. As it is seen, the first 5 characters are letters the next 4 are numbers and the last character is again a letter.
- The first 5 characters are made according to a pattern. The first 3 charterers of the letters are alphabets made of combinations from A to Z. The fourth letter represents the kind of holder- C (company), HUF (Hindu undivided family), F(firm), P(person), B(body of individuals or BOI), T(trust, AOP), L(local authority), A(associations of persons, or AOP), G(government) and J (artificial judicial person).
- The 5th character will be the representation of the surname of the individual.
- Then comes 4 numbers (0-9)
- The final character is an alphabet again.
Why Do You Need PAN Card
- PAN card has become almost mandatory for monetary transactions.
- It’s required for making bank accounts
- It’s required for sales and purchase of goods exceeding the standard limit
- It’s also required for collection of professional fees or taxable salary
If you want your PAN card, go online, download Pan Card Form, fill in the details and send it for approval.