11 Vital Points to Know Your PAN by Date of Birth & Name

.Permanent Account Number is one of the ten-digit codes in the alphanumeric form that acts as an individual’s unique tax ID. With the help of your PAN number, the Income Tax Department tracks your Whole financial transactions and ensures that you don’t get involved in the tax evasion. Let’s understand in-depth to know your pan.Pan card Information - know your pan

11 Most vital points for Pan Card

  • PAN is a Unique Identification of Tax Paying Entities in India

It is an extensive system to identify the taxpayers in India and keep tracking on their financial transactions and their database. It is an issue by a computer-based system that assigns alphanumeric code.

  • Pan Card For Companies and Organizations

It is not just crucial for tax-paying individuals, but also mandatory for companies and organizations registered in India. The pan card for companies is quite similar to the one owned by individuals, but there’s no photograph on it. Also, in place of date of birth, the time of registration is mentioned on the card.

  • Bank Account can’t be open Without Pan

Today, in India, you cannot open a bank account if you don’t possess a PAN card. You have to provide a copy of it with the form for the bank account opening application, else, you won’t be able to open the account. However, the financial program started by Mr. Narendra Modi, the PMJDY (Pradhan Mantri Jan Dhan Yojana), didn’t require the Permanent Account Number.

  • Buying or Selling An Immovable Asset

Like a bank account, you also cannot buy or sell any property without the PAN card. While many people think that they cannot buy without it, but can sell their property. But, it is equally crucial for selling a property as it is for buying. You cannot even buy or sell any vehicle legally without a Permanent Account Number.

  • Pan Card With A QR Code

From 1st January 2017, the original design of the Pan card has changed, and the new ID issued by the Indian IT department bears a QR code. The QR code contains all the details of the cardholder, and use this code for verification of data.

  • It Has Lifetime Validity

Unlike many other identity documents like passport, driver’s license, etc., This does not have an expiration date. It’s valid for a lifetime, and once you get, you do not need to update it or renew it.

  • Students Can Also Apply For A Pan Card

If you think that only the businessmen and people with taxable income can get their ID, then it’s not true. Even students can apply for pan card online or offline, and get their card, which they can use anytime in the future.

  • PAN is Similar to the SSN Issued in the USA

Yes, Permanent Account Number is quite similar to the SSN (Social Security Number) issued in the USA to all its citizens. In the USA, SSN is a unique nine-digit code that is used by its citizens. Though, the original aim behind introducing SSN was to keep a check on the individuals for social security purposes. Still, nowadays, it has become one of the primary identification numbers required for taxation purposes.

  • This idea of PAN ID Introduced in 1972

Before Pan card, the taxpayers used a GIR number through a manual system. Thus, there was a high possibility of two or more people having the same GIR number. Considering the issues which could be created by the duplication of the GIR number, the concept of a unique ID rolled out in 1972 by the Indian government. It has made statutory under the Income Tax Act, 1961’s section 139A.

  • Permanent Account Number Made Mandatory for Taxpayers in 1976

Initially, when it introduced as a voluntary ID, and everyone not required to possess it. But, Permanent Account Number was made compulsory for all the taxpayers in India in 1976. ensure the uniqueness of PAN, and each circle/ ward was assigned a particular set of numbers by the PAN regulating body. To know your pan card status check details online.

  • Foreign Tax Payers National in India Required To Have A Permanent Account Number 

The foreign nationals who are required to pay tax in India are also bound by law to have a Permanent Account Number, and they can apply pan card online through the form 49AA. In form 49AA it is required to submit their Passports, OCI or PIO cards along with their bank statement from their current country.

On this website, you will find everything about the Permanent account number as below, so it’s better yo know your pan in detail I hope you have understood all about PAN.

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