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Permanent Account Number (PAN)
PAN, or permanent account number, is a
unique 10-digit alphanumeric identity
allotted to each taxpayer in India by The
Income Tax Department.
Quoting of PAN is a pre-requisite in
majority of financial transactions
undertaken in India including registration
with various Government agencies.
It is mandatory to quote PAN:
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For paying taxes and
filing of return.
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Opening a Bank
Account in India
whether resident or
non-resident.
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Sale of any property
in India.
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Purchase of Mutual
Funds, gold bullion,
bonds etc
There can be higher tax
incidence for residents
and also non residents
if they do not hold and
quote valid PAN.
The PAN application can
be done online as well
as offline. Income tax
department has appointed
agents where
applications can be
submitted.
There are separate forms
for resident s and non
residents for
application of PAN. The
applications should be
accompanied with
specified documents,
which are different in
case of residents and
non residents. Also the
type of documents
differs based on status
of entity ie trusts /
partnership firms /
limited liability
company / individual
etc.
If the application is
correctly filled and is
accompanied by
prescribed documents it
normally takes 15 days
to receive a valid PAN
number.
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