What is PAN? (FAQs on PAN)

Permanent Account Number (PAN) is a ten-digit alphanumeric number, issued in the form of a laminated card, by an Assessing Officer of the Income Tax Department.

A typical PAN is AFRPP1595D What is the purpose of having a Permanent Account Number (PAN)? It is mandatory to quote PAN on return of income, all correspondence with any income tax authority and challans for any payments due to Income Tax Department.

It is also compulsory to quote PAN in all documents pertaining to economic or financial transactions notified from time-to-time by the Central Board of Direct Taxes.

It is also mandatory to mention PAN for obtaining a telephone or cellular telephone connection.

Likewise, PAN has to be mentioned for making a time deposit exceeding Rs. 50,000/- with a Bank or Post Office or depositing cash of Rs. 50,000/- or more in a Bank. Is it compulsory to quote PAN on return of income?

Yes, it is compulsory to quote PAN on return of income. Who must have a PAN?

• All existing assesses or taxpayers or persons who are required to furnish a return of income, even on behalf of others, must obtain PAN.
• Any person, who intends to enter into economic or financial transactions where quoting PAN is mandatory, must also obtain PAN.
• The Assessing Officer may allot PAN to any person either on his own or on a specific request from such person.

Who are those persons who are not required to obtain or quote Permanent Account Number? The following categories of persons are not required to obtain or quote PAN:

xvi) Persons having only agricultural income and do not have any taxable income. Such persons will file a declaration (Form 61) in respect of transactions where quoting of PAN is mandatory;

xvii) Non-residents;

xviii) Central Government, State Governments and Consular Offices in transactions in which they are the payers.

PAN Service

Our Bank is authorized to service the PAN applications. You can get your PAN card by simply filling up the application form and lodging the same at our 21 designated branches mentioned hereunder along with the documents prescribed.

Branches:

Duly filled up application form along with xerox copy of proof of identity, proof of address and 2 recent photographs (of 3.5 cms x 2.5 cms in size) can be submitted at our branches.

In case of minors, the POA & POI of the parent / guardian (who should also be an IT assessee) who applies on behalf of the minor should be enclosed along with the application. Photograph of the minor must be pasted on the application form.

PAN card has multifarious uses in our day to day life:

• It is a major identification document.
• For investments in primary and secondary markets.
• For opening Demat accounts and Trading accounts.
• For Mutual Fund investments.
• Mandatory for any depositor (including Non-Residents) whose receipts are subject to deduction of tax at source
• For opening of Savings / Current accounts with the banks
• At the time of placing the fixed deposits with the banks