General
What is PAN?
Permanent Account Number (PAN) is a ten-digit
alphanumeric identifier, issued by Income Tax Department. Each assessee
(e.g. individual, firm, company etc.) is issued a unique PAN.
Who can apply for PAN?
All existing assessees or taxpayers or persons
who are required to file a return of income, even on behalf of others,
must have a PAN. Any person, who intends to enter into economic or
financial transactions where quoting PAN is mandatory, must also have a
PAN.
Who can apply on behalf of minor, lunatic, idiot, mentally retarded, deceased and wards of court?
Section 160 of IT Act, 1961 provides that a
minor, lunatic, idiot, mentally retarded, deceased, wards of court and
such other persons may be represented through a Representative Assessee.
In such cases,
- in the application for PAN, details of the a minor,
lunatic, idiot, mentally retarded, deceased, wards of court, etc. should
be provided.
- Details of representative assessee have to be provided in item 14 of the application for PAN.
Is it compulsory to quote PAN on 'return of income'?
Yes, it is compulsory to quote PAN on return of income.
Do I need to apply for a new PAN when I move from one city to another?
Permanent Account Number (PAN), as the name suggests, is a permanent number and does not change.
Changing the address though, may change the
Assessing Officer. Such changes must, therefore, be intimated to ITD so
that the PAN database of ITD can be updated. One can intimate change in
address by filling up the form for Request for New PAN Card or/and
Changes or Correction in PAN data. This form can be submitted at any
TIN-FC or online at NSDL-TIN website.
Can I have more than one PAN?
No. Obtaining/possessing more than one PAN is
against the law and may attract a penalty up to ₹10,000. Therefore, it
is advisable not to obtain/possess more than one PAN.
What should I do if I have more than one PAN?
If you have more than one PAN, you should surrender the additional PAN(s) by logging into ITD website at
http://incometax.sparshindia.com/pan/newPAN.asp.
Alternatively, you may fill and submit PAN Change Request application
form by mentioning the PAN which you wish to retain on the top of the
form. All other PAN/s inadvertently allotted to you should be mentioned
at item no. 11 of the form and the corresponding PAN card copy/ies
should be submitted for cancellation along with the form.