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What is PAN Card

PAN stands for Permanent Account Number and is a 10-digit alphanumeric code used for distinctive identification, in case you weren't aware. To prevent tax avoidance, the Income Tax agency must give this number to each potential taxpayer.
This is made possible by PAN, an electronic system that keeps track of every citizen's financial transactions who pays taxes. In this case, two people cannot share the same number. Every person receives this special identification number via a laminated card called a PAN card.

What are the benefits of a PAN Card?

> Probably the most important time when a PAN card is necessary is during IT return filing.
> Furnishing your PAN card can help you save on TDS since financial institutions deduct 20% more TDS on Rs.10000+ earned interest if PAN is not quoted.
> Linking your bank account to PAN can help you claim a refund if TDS deducted is more than actual tax.
> The PAN card is a mandatory identity proof required while opening a new bank account.
> Buying and selling immovable assets like property and car worth more than Rs.10 lakh.
> Financial transactions worth more than Rs.50000 mandate producing the PAN card.
> If you are planning to make investments like those in mutual funds, bonds, and stocks, know how to apply for a PAN card at the earliest if you don’t have one already.
> This identification document is indispensable for cash deposits over Rs.50000 in a day.
> Payment of life insurance premiums crossing Rs.50000 in a financial year.

What are the types of PAN Card?

PAN cards are broken down into many types based on the type of taxpaying organisation. The fourth character of every PAN, which changes for various entities, can be used to understand this category. Here is a brief explanation of some of the potential alphabets and what they mean.
> G: Government Agency
> J: Artificial Juridical Person
> P: Individual
> C: Company
> A: Association of Persons (AOP)
> E: Limited Liability Partnership (LLP)
> B: Body of Individuals (BOI)
> F: Partnership Firm
> T: Trust
> H: Hindu Undivided Family (HUF)
> L: Local Authority

Documents required for PAN Card

Taxpaying entity	Documents required
Individual	ID proof, Address proof
Companies	Registration Certificate issued by the Registrar of Companies
AOP	Registration Certificate Number / Agreement copy provided by Charity Commissioner or Registrar of Co-operative Society
LLP	Registration Certificate issued by the Registrar of Companies, Partnership deed
Trusts	Registration Certificate Number issued by Charity Commissioner
HUF	An affidavit stating details of all coparcener, issued by the Karta
Foreign applicants	ID proof like OCI, PIO, copy of passport, etc., Address proof

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