What is the full form of PAN?
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What is the full form of PAN?
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The Full form of PAN is Permanent Account Number. PAN card is issued by the Income Tax Department of India, under the income tax act 1961. it contains a 10digit unique alphanumeric character. PAN is a special identifier card issued to a person who pays tax.
PAN card plays a very important role for a person who pays tax, it stores all the Tax-related information of a single person by the unique 10digit number.
Types of PAN Cards
On the basis of Taxpaying entities there are different type of PAN card:
PAN for Foreign Citizens
PAN for Foreign Companies
PAN Card for Indian Individuals
PAN Card for Indian Companies
PAN card issued to an individual person contains Name, Fathers name, individual photograph, date of birth, signature, date of issue of the PAN, QRcode, hologram and PAN card number.
PAN card issued to companies contains the name of the company, company registration date, QR code, Company PAN number, hologram and date of issue of PAN.
Format of PAN card
PAN card number is the Unique number series.
Example-AAAPL1234F
The first three characters are alphabet sequence from AAA toZZZ.
The fourth character is specific about the type of cardholder such as individual taxpayer or company taxpayer.
A - Association of Persons (AOP)
B - Body of Individuals (BOI)
C - Company
F - Firm/Limited Liability Partnership
G - Government Agency
H - HUF (Hindu Undivided Family)
L - Local Authority
J - Artificial Judicial Person
P - Individual
T - Trust(AOP)
The fifth character is the first letter of individual surname, example if a person name is' Kunal Singh' that means the fifth character of Pan is' S.'
Sixth to Ninth character contain a series of number from 0001 to9999 and the last character is alphabet check letter.
Use of PAN card
PAN is used as an identity proof of an individual because it contains basic details of individual persons.
It is helpful to track Tax-related data.
PAN card is used for buying and selling of securities of any amount more than100,000 per transaction.
PAN card is used in electricity connection, LPG connection, etc.
PAN card is used when a person is applying for a credit card.
