Pan Card

PAN is mandatory and its non-availability can incur severe penalties. Connect with indiabuzsolution professionals to secure your PAN in no time.


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An Overview of Permanent Account Number or PAN

A permanent Account Number (aka PAN) is a unique 10-digit code assigned to eligible taxpayers by the Income Tax Department. This 10-digit code entails both alphabets and numbers. The PAN system lets a tax authority keep track of taxpayers and their finances that fall under the tax regime. All the tax-based details of the taxpayer are recorded against an assigned PAN number.

Since PAN entails a unique code, it is assigned on an individual basis- meaning no two people can have a single PAN.

The allocation of PAN to an entity leads to a grant of a PAN card issued by the IT department. This card highlights key taxpayer information such as name, DOB, and father’s or spouse’s name. Plus, it has a taxpayer’s photograph.

The PAN card can serve as legit evidence in most government-based licenses and registration. It helps authorities affirm the applicant’s identity or DOB. Your PAN card does not have a limited validity.

Latest Updates on Permanent Account Number

On March 28, 2023, the Finance Ministry announced the extension of the deadline for PAN-Aadhaar linking till June 30, 2023. The citizens are required to complete this undertaking on the IT department portal and against a fee of Rs 1000.

If someone missed this extended deadline, their PAN shall become non-functional. But, it can be reactivated within 30 days upon intimation of the Aadhaar to the competent authority.

Types of PAN Cards

PAN cards are accorded to various entities falling under the tax regime. This is what serves as a ground for PAN classification. The following types of PAN are available in the status quo:

  • PAN Card for Indian Individuals
  • PAN Card for Indian Entities
  • PAN for Foreign Nationals
  • PAN for Foreign Entities

PAN Cards issued to individuals carry information like name, DOB, signature, issuance date, etc. PAN issued to entities does not have the photograph or signature.

Who is the issuing authority of PAN cards?

PAN Card is accorded by the Income Tax (aka IT) Department with the assistance of recognized district-level PAN agencies, Protean eGov Technologies Limited, and UTI Infrastructure Technology and Services Limited.

There are many TIN-facilitation and PAN centers pan India that work under Protean eGov Technologies Ltd and let users secure their PAN.

The process concerning PAN facilitation operates on a model called PPP (Public Private Partnership). This model helps with the seamless processing and management of PAN applications.

Significance and Uses of a PAN

Securing a PAN card is an absolute mandate for taxpayers because it helps tax authorities to keep eye on your cash flow. PAN lets taxpayers pay taxes, receive tax refunds, and have correspondence with the IT department. PAN continues to remain a mandatory gateway to execute a large number of fiscal transactions.

The card holders can also use a PAN card as an identity proof to serve various purposes such as applying for a license or enrollment for a specific course or opening a demand account

Common Uses of PAN in Financial Transactions

  • The taxpayer needs to furnish PAN details while paying direct taxes
  • PAN details need to be quoted while paying income tax.
  • Furnishing PAN information is vital for company registration or incorporation
  • Almost every type of financial transaction requires PAN information.

What are the benefits of having a PAN from a Taxpayer’s standpoint?

  • Since a PAN card entails basic information, including the contact details of the taxpayer, it can serve as a legit identity proof.
  • PAN helps orchestrate tax payments and keep all past transactions intact, helping taxpayers to keep up with financial dynamics.
  • Since PAN has a unique code, its duplication or misuse is practically impossible.
  • PAN can help sign up for different utility connections such as telephone, power connection, gas, and internet.
  • Opening of bank account becomes hassle-free with a PAN card at your disposal
  • A PAN card also comes in handy when taking a vital decision like a property purchase.
  • It can help get a new credit card from designated banks

How PAN is different from TAN and TIN?

  • TAN (aka Tax Deduction and Collection Account Number) refers to a 10-digit number issued to taxpayers and entities who collect and deduct tax on payments made as a part of TDS falling under the IT Act. Taxpayers need to quote it while applying for TDS challans made to dispense the refund and certificates. Failing to do so can incur a monetary penalty.

    TIN (aka Taxpayer Identification Number), on the contrary, is an 11-digit number that establishes dealers’ identity falling under the VAT regime. Granted on a state-wise basis, it is mandatory for eligible taxpayers (be it an entity or a trader, or a dealer) to secure a TIN. This number is essentially found on invoices, orders, or quotations.

Who is mandatorily required to secure a PAN?

  • As per 139A of the Income Tax Act, the following falls under the ambit of the Permanent Account Number:
  • Any person that falls under the tax regime formulated by the IT department shall require to secure a PAN card. It is advisable to ascertain the tax slabs for the same.
  • Any person having a business or performing professional practice with a yearly turnover of Rs 5 lacs in any assessment year.
  • Importers and exporters who are obligated to furnish any form of tax or duties
  • Any kind of philanthropic entity or trusts