While you might be aware of the basic idea of PAN, there is still much depth to uncover. Here is a blog discussing all related to PAN in India.

I.  Understanding PAN Cards and Their Significance

a.  What is a PAN card?

Under the direction of the Central Board of Direct Taxes (CBDT), the Income Tax Department of India issues ten-digit alphanumeric cards known as Permanent Account Numbers (PANs). It is a crucial document for financial operations and is mandatorily required by all taxpayers.

b.  Why is PAN Important?

PAN is important due to the following reasons:

1. Tax Compliance: PAN helps in tracking financial transactions, ensuring tax compliance, and preventing tax evasion. It is mandatory for filing Income Tax Returns (ITR) and availing of tax refunds.
2. Banking, Investments and High-Value Transactions: PAN is essential for opening a bank account, applying for loans, investing in stocks, mutual funds, or fixed deposits above ₹50,000. Transactions exceeding specific limits, such as buying property or jewellery or making large cash deposits (above ₹50,000 in a single transaction), require PAN for reporting to tax authorities. These transactions can include the following:

• Sale or Purchase of motor vehicles, excluding two-wheelers.
• Opening a non-basic saving bank account.
• Applying for credit or debit cards.
• Opening a demat account with SEBI-regulated entities.
• Cash payments over Rs. 50000 at hotels/restaurants.
• Cash payments over Rs. 50000 for foreign travel or currency.
• Payments over Rs. 50000 to Mutual Funds for unit purchases.
• Payments over Rs. 50000 for acquiring company debentures/bonds.
• Payments over Rs. 50000 to RBI for bonds.
• Cash deposits over Rs. 50000 in a day in banks.
• Cash payments over Rs. 50000 for bank drafts, pay orders, or cheques.
• Time deposits exceeding Rs. 50000 or aggregating over Rs. 5 lakh annually.
• Payments over Rs. 50000 for prepaid instruments in a financial year.
• Life insurance premium payments exceeding Rs. 50000 annually.
• Securities transactions (non-shares) over Rs. 1 lakh per transaction.
• Unlisted share transactions over Rs. 1 lakh per transaction.
• Sale or purchase of immovable property over Rs. 10 lakh.
• Sale or purchase of goods/services over Rs.2 lakh per transaction.

3. Business & GST Registration: Businesses need to obtain a PAN for financial transactions, GST registration, and tax deductions at source (TDS).
4. International Transactions: It is required for remittances under the Liberalised Remittance Scheme (LRS), which has a cap of USD 250,000 per financial year.
5. Other Transactions: Further, in addition to the above, PAN or Aadhaar is mandatory for transactions such as:

• Cash Deposits: ₹20 lakh or more in a financial year across accounts in banks, cooperative banks, or post offices.
• Cash Withdrawals: Withdrawal of cash, ₹20 lakh or more in a financial year from one or more accounts with a banking company, cooperative bank or post office.
• Opening Accounts: For current or cash credit accounts in banks, cooperative banks, or post offices.

Exceptions for Non-Residents & Foreign Companies:

NRIs and Foreign companies are exempt from PAN authentication when opening current accounts if:

• They have no taxable income in India.
• The transaction occurs in an IFSC banking unit.
• They submit Form No. 60 as a declaration.

It is mandatory now to link the PAN with Aadhaar to streamline tax compliance and curb duplicate PAN misuse. Except for the Central Government, State Government, or Consular Offices, individuals must quote their PAN or Aadhaar for these transactions. 

Are you an NRI or Foreigner wanting to obtain an Indian PAN card? Please check this link for NRI and Foreigner PAN card application.

c.      The Structure of the PAN Number

The Permanent Account Number (PAN) is a ten-character alphanumeric code, structured as follows:

AAAAA9999A

• First Five Characters (Letters): Represent the entity type and the issuing series.
• Next Four Characters (Numbers): A unique sequence assigned to each individual/entity.
• Last Character (Letter): A checksum letter for validation.

PAN Character Breakdown

1. First Three Letters (AAA to ZZZ): Alphabetic code based on a predefined series.
2. Fourth Character (Entity Type):
   • P – Individual
   • C – Company
   • H – HUF (Hindu Undivided Family)
   • A – Association of Persons (AOP)
   • B – Body of Individuals (BOI)
   • F – Firm
   • G – Government
   • T – Trust
3. Fifth Character: Corresponds to the first letter of the surname (for individuals) or name of the entity (for companies and firms).
4. Next Four Digits: A unique identifier assigned sequentially.
5. Tenth Character: A checksum alphabet used for verification. 

Want to apply for PAN card online? Here are PAN FAQs you can check. 

d.     Significance of PAN Number

1. Prevention of Tax Evasion: It enables the Income Tax Department to track taxable activities.
2. Standardised Financial Identity: Unlike Aadhaar, PAN is not location-specific and is valid across India for all financial purposes.
3. Mandatory for High-Value Transactions: PAN is compulsory for transactions above ₹2 lakh, property purchases over ₹10 lakh, and cash deposits exceeding ₹50,000 per day.
4. KYC Compliance: PAN is a primary Know Your Customer (KYC) document for banks, stock exchanges, and investment platforms like mutual funds.

To sum up, the PAN number is an essential instrument in the Indian financial system that promotes openness, lowers tax fraud, and facilitates easy banking and tax procedures. It is required for high-value banking transactions, investments, property purchases, and the filing of income tax returns (ITR). In addition to being required for big financial transactions and foreign remittances, businesses also need PANs for GST registration and tax deductions. PAN is the main Know Your Customer (KYC) document used by banking and investment platforms, helps stop tax evasion, and guarantees financial transparency.

II. PAN and the Indian Taxation System

1.     Introduction

The Permanent Account Number (PAN) is a unique ten-character alphanumeric identifier issued by the Income Tax Department of India under the supervision of the Central Board of Direct Taxes (CBDT). It serves as a crucial instrument for tracking financial transactions and ensuring tax compliance. The PAN is essential for various financial activities, including tax filings, high-value transactions, and banking services.

The Indian taxation system, governed by direct and indirect taxes, plays a significant role in the country's revenue generation. With a structured tax framework, India ensures compliance through PAN integration, reducing tax evasion and streamlining financial transactions.

2.      Structure and Issuance of PAN

A PAN consists of ten characters: five letters, four numbers, and one letter (e.g., ABCDE1234F). The structure is as follows:

• First three characters: Alphabetic sequence
• Fourth character: Indicates type (e.g., 'P' for individuals, 'C' for companies, 'H' for Hindu Undivided Families, etc.)
• Fifth character: Represents the surname (for individuals) or entity name (for non-individuals)
• Next four characters: Numeric sequence
• Last character: Alphabetic check digit

3.      Features of PAN

• Unique Identification: Each taxpayer is assigned a unique PAN.
• Lifetime Validity: PAN remains unchanged regardless of address or job location.
• Mandatory Usage: PAN is required for filing tax returns, high-value transactions, and financial activities.
• Digital Integration: Linked with Aadhaar to prevent duplication and fraud.

4.      How to Obtain a PAN?

1. Online Application: Through NSDL (Protean eGov Technologies Limited) or UTIITSL (UTI Infrastructure Technology and Services Limited).
2. Offline Application: Submission of Form 49A (for individuals) or Form 49AA (for foreign entities) along with proof of identity and address.
3. e-PAN: A digitally signed PAN issued instantly using Aadhaar-based authentication.

5.      TAN (Tax Deduction and Collection Account Number)

What is TAN?

The Tax Deduction and Collection Account Number (TAN) is a ten-digit alphanumeric number issued by the Income Tax Department to entities that are responsible for deducting or collecting tax at source (TDS/TCS). It is mandatory for all entities deducting TDS on salaries, payments to contractors, rent, and other specified transactions.

Structure of TAN

TAN follows a specific format: AAAA99999A: Refer to the format given below:

• First four characters: Alphabetic
• Next five characters: Numeric
• Last character: Alphabetic check digit

Features of TAN

• Mandatory for TDS/TCS Transactions: TAN is required for any entity deducting or collecting tax at source.
• Distinct from PAN: Unlike PAN, TAN is issued only to tax deductors/collectors.
• Essential for TDS Filings: Used in quarterly TDS/TCS returns and TDS certificates (Form 16/16A).

Application Process for TAN

TAN can be obtained via:

• Online Application:

o   Through the NSDL website using Form 49B. NSDL e-Governance portal (https://www.tin-nsdl.com/)

• Offline Application:
  • Submission of Form 49B at designated TIN-Facilitation Centers.
  • Acknowledgment receipt and TAN issuance upon verification.

Importance of TAN

1. TDS Compliance: TAN is necessary for depositing TDS collected from employees, contractors, and service providers.
2. Mandatory for Businesses: Any entity making tax-deductible payments must have a TAN.
3. Penalty for Non-Compliance: Failure to obtain TAN or quoting an incorrect TAN attracts a penalty of Rs. 10,000 under Section 272BB of the Income Tax Act.
4. Required for Filing TDS Returns: Without TAN, businesses cannot submit TDS/TCS returns.
5. Verification and Tracking: The Income Tax Department uses TAN to track tax deductions and collections efficiently.
6. Tax Refund Processing: Entities using TAN ensure accurate tax credit for their employees and vendors. 

Are you an individual, HUF or business entity wanting to apply for PAN? Apply for PAN using this link!

Benefits of TAN

Institutional Entities (Companies, Trusts, Government Departments, Banks)

• Legal Compliance: Ensures tax is deducted/collected at source and deposited with the government.
• Avoidance of Penalties: Failure to quote TAN in TDS filings attracts penalties.
• Streamlined Tax Processing: Enables smooth reconciliation of tax credits for deductors and payees.

Non-Institutional Entities (Sole Proprietors, Individuals with TDS Obligations)

• Salary Deductions: Employers use TAN to deduct and deposit employees’ TDS.
• Freelancers/Consultants: Required for professionals deducting TDS on sub-contract payments.
• Rental and Commission Payments: Essential for landlords and brokers subject to TDS obligations. 

Want to apply for TAN? Apply for TAN and/or make changes in TAN using this link.

6.      Indian Taxation System: An Overview

The Indian taxation system comprises direct and indirect taxes, governed by the Income Tax Act, 1961, the Goods and Services Tax Act, 2017, and various other legislations.

Direct Taxes

These are taxes directly paid by individuals and businesses to the government.

1. Income Tax

Income tax is levied on individuals, Hindu Undivided Families (HUFs), firms, and companies based on their income.

Income Tax Slabs for FY 2023-24 (New Tax Regime):

Corporate Tax: Companies pay tax based on their profit. The standard corporate tax rate is 22% for domestic companies and 15% for new manufacturing units. This is under Section 115BAA of the Income Tax Act.

2. Capital Gains Tax

Tax on gains from the sale of assets like property, shares, and gold.

3. Wealth Tax and Other Direct Taxes

Wealth tax in India was abolished in 2016, but assets like high-value property are subject to other taxes.

Indirect Taxes

Indirect taxes are levied on goods and services rather than on income or profits.

a.      Goods and Services Tax (GST)

Introduced in 2017, GST replaced multiple indirect taxes (e.g., VAT, excise, service tax) and created a unified tax structure.

GST Slabs (2024):

GST collections reached Rs. 1.72 lakh crore in December 2023, indicating robust tax compliance. 

Do you know, you need a PAN to apply for GST number? Apply for PAN now and get started with your entrepreneurship goals. 

b.     Customs and Excise Duties

• Customs Duty: Levied on imports to protect domestic industries.
• Excise Duty: Previously levied on goods like alcohol, now largely subsumed under GST.

c.      Stamp Duty

A state-level tax imposed on property transactions and legal documents.

7.      Benefits of PAN

Institutional Entities (Businesses, Firms, Trusts, Companies)

• Tax Compliance: PAN is required for filing income tax returns.
• Banking Transactions: PAN is essential for opening accounts and securing loans.
• Regulatory Approvals: PAN is needed for obtaining licenses and registrations, including GST registration.
• Financial Reporting: PAN facilitates audit and corporate financial compliance. 

Want to correct details on your existing PAN card? Click here to apply for PAN correction now! 

Non-Institutional Entities (Individuals, HUFs, NRIs)

• Tax Filing and Refunds: PAN details are mandatory for income tax return filing and claiming refunds.
• Investment Opportunities: Required for investing in mutual funds, stocks, real estate, and bonds.
• Property Transactions: Essential for property purchases above ₹10 lakh.
• Foreign Exchange Transactions: PAN must be provided for forex transactions exceeding ₹50,000. 

8.      Role and Importance of PAN in the Economy

PAN can be a critical tool in tracking taxable financial transactions and preventing tax evasion. The IT Department can monitor transactions such as the following:

• High-value banking transactions
• Credit card payments above a specified limit
• Mutual fund investments above a specific limit
• Cash deposits exceeding ₹10 lakh in a financial year

By ensuring financial transparency, PAN strengthens tax compliance and contributes to national revenue collection.

Further the importance of PAN in the Indian Taxation System is as follows:

1. Taxation Compliance: PAN is mandatory for filing Income Tax Returns (ITR) and enables the government to track taxable financial transactions.
2. TDS (Tax Deducted at Source): It ensures correct credit for tax deductions.
3. GST Registration: PAN is a prerequisite for businesses seeking Goods and Services Tax (GST) registration.
4. Investment and Banking Transactions: PAN is required for opening bank accounts, mutual funds, Demat accounts, and high-value investments.
5. Property and Real Estate Transactions: PAN must be provided for property transactions exceeding Rs. 10 lakh.
6. Foreign Remittances & International Transactions: Used in foreign remittances under the Liberalized Remittance Scheme (LRS).
7. Business Registrations and Licensing: Essential for company incorporation and acquiring necessary business permits.

Moreover, the role of TAN in the economy includes:

TAN ensures the systematic collection of tax at source, thereby:

• Preventing tax evasion
• Enhancing real-time tax collection
• Reducing the burden of lump sum tax payments by distributing payments throughout the year

Aiding in financial transparency by ensuring proper reporting of taxable payments

9.      PAN 2.0 – The Digital Transformation of India’s Tax Identification System

The Government of India has been progressively digitizing tax-related processes under initiatives like PAN 2.0. This includes:

• e-PAN: Instant PAN allotment based on Aadhaar authentication.
• Digital Linkage: PAN integration with Aadhaar, GST, and financial systems.
• Real-time Data Monitoring: Enhanced AI-based tracking of tax compliance. 

Learn more about PAN application. Take a guided tour to PAN application by clicking on this link.

The PAN 2.0 Project offers several advantages, such as the following:

·        allows for the technological transformation of taxpayer registration services:

·        a single site to streamline user access to all PAN/TAN-related services.

·        environmentally friendly paperless procedures to cut down on paperwork.

·        free PANs will be provided, and processing times will be accelerated.

·        a PAN Data Vault and other improved security mechanisms will safeguard demographic and personal information.

·        a specialised support desk and call centre to handle user questions and concerns.

These advancements can help improve tax governance, simplify taxpayer services, and curb fraud.

10.  Conclusion

The PAN system, TAN, and the Indian taxation framework are fundamental to India's economic infrastructure, ensuring transparency and compliance. The integration of PAN with GST, banking, and foreign transactions has strengthened financial accountability. As India moves towards a more digitized and automated tax regime, continued reforms will enhance tax efficiency and revenue collection, benefiting both the government and taxpayers.

III. PAN Card for Income Tax Purposes

The Permanent Account Number (PAN) is a unique ten-character alphanumeric identifier that serves as a vital document for financial transactions, particularly taxation and helps the government track tax evasion and financial irregularities.

a.      Mandatory PAN Card Requirements

A PAN Card is mandatory for several financial transactions, particularly those related to taxation, banking, and investments. As per the Income Tax Act, 1961, the following entities must obtain a PAN Card:

1. Individuals and Entities Required to Have PAN

• Income Tax Assessees: Every individual, Hindu Undivided Family (HUF), firm, company, association of persons (AOP), or body of individuals (BOI) with taxable income in India.
• Business Entities: Any entity with a turnover exceeding ₹5 lakh in the previous financial year.
• Foreign Investors: Non-residents and foreign companies engaged in financial activities in India.

2. Mandatory PAN for Specific Transactions

Under Rule 114B of the Income Tax Rules, 1962, quoting PAN is mandatory for:

• Taxable Salary or Professional Fees: Any individual earning above the tax-exempt limit must quote PAN while filing returns.
• Banking Transactions: Cash deposits exceeding ₹50,000 in a day or ₹10 lakh in a financial year.
• Real Estate Transactions: Buying or selling property worth ₹10 lakh or more.
• Vehicle Purchases: Buying a vehicle (excluding two-wheelers) requires PAN submission.
• Mutual Funds & Stock Market Investments: Investments exceeding ₹50,000 in mutual funds, shares, or bonds require PAN.
• Foreign Travel & Remittances: Foreign exchange transactions exceeding ₹50,000 require PAN.
• Credit/Debit Card Application: Banks require PAN for issuing credit or debit cards.

Failure to provide a PAN in the above cases can result in penalties under Section 272B of the Income Tax Act, where a fine of ₹10,000 may be imposed.

b.     Importance of PAN Card in Tax Filing

The PAN Card is integral to India's Direct Taxation System, ensuring transparency and compliance in tax collection. It plays a crucial role in income tax filing and financial regulation.

1. Identification and Tracking of Taxpayers

The Income Tax Department (ITD) uses PAN to track an individual's financial transactions and prevent tax evasion. Since it is linked to Aadhaar, bank accounts, and tax returns, it ensures compliance and accountability.

2. Mandatory for Filing Income Tax Returns (ITR)

As per Section 139A of the Income Tax Act, a PAN is compulsory for filing Income Tax Returns (ITR). Without PAN, individuals cannot:

• File ITR online or offline.
• Avail tax refunds.
• Claim deductions under Sections 80C to 80U of the Income Tax Act.

3. Tax Deduction at Source (TDS) & Tax Collection at Source (TCS)

• PAN is crucial in TDS deductions (under Section 194) and TCS compliance (under Section 206C).
• If PAN is not provided, TDS may be deducted at a higher rate of 20% instead of standard rates.

4. Verification of High-Value Transactions

• The government tracks high-value transactions through PAN to curb tax evasion.
• PAN linkage with Form 26AS helps taxpayers verify TDS deductions and income tax payments.

5. Availing Benefits & Avoiding Penalties

• Without PAN, one cannot apply for loans, credit cards, or insurance policies above a specified limit.
• Mismatch in PAN details may lead to penalties or rejection of tax refunds.

In conclusion, the PAN Card is a crucial component of India's taxation and financial system, ensuring compliance and transparency. It helps track high-value transactions, curb tax evasion, and facilitate seamless tax filing. By mandating PAN for various financial activities, the government strengthens tax administration and prevents fraudulent activities. Therefore, obtaining and maintaining a valid PAN is essential for individuals and businesses alike.

Make your taxation process easier. Get a PAN for yourself and family now. Check this link for details. 

IV. PAN Card for Financial Transactions

The Permanent Account Number (PAN) is a crucial financial identification that is mandatory for various transactions to ensure financial transparency and curb tax evasion.

a.      PAN for Banking Transactions

PAN is mandatory for various banking operations to ensure transparency and prevent financial fraud. 

Here are some of the major banking transactions requiring PAN:

·        Opening a Bank Account:

o   PAN is required for opening a savings, current, or fixed deposit account in banks or cooperative societies.

o   However, small accounts under the Pradhan Mantri Jan Dhan Yojana (PMJDY) are exempt.

·        High-Value Deposits and Withdrawals:

o      Cash deposits exceeding ₹50,000 in a single day require PAN.

o   Aggregate cash deposits over ₹10 lakh in a financial year across all accounts trigger PAN verification.

o    Cash withdrawals exceeding ₹20 lakh in a financial year from savings or current accounts require PAN.

·        Loan Applications:

o   For applying for personal loans, home loans, or business loans, PAN is mandatory to verify the applicant’s financial records and creditworthiness.

·        Credit and Debit Card Issuance:

o   Banks require PAN details when issuing credit or debit cards to ensure compliance with banking regulations.

2. PAN for Investment Transactions

PAN is essential for investments in various financial instruments. 

The following are the major investment transactions requiring PAN:

• Mutual Funds and Stock Market:
  • Any investment exceeding ₹50,000 in mutual funds, bonds, or debentures requires PAN.
  • Demat account opening for stock market trading requires PAN.
• Fixed Deposits and Post Office Savings:
  • PAN is required for fixed deposits above ₹50,000 in banks or post offices to prevent tax evasion.
• Insurance Premium Payments:
  • If the annual premium exceeds ₹50,000, the insurance provider requires PAN details.

Source: India Filings

3. PAN for Property & Real Estate Transactions

The Indian government has made PAN mandatory for high-value real estate transactions to prevent black money circulation and fraudulent dealings. Key property-related transactions requiring PAN include:

• Property Purchases and Sales:
  • Quoting PAN is mandatory for buying or selling property worth ₹10 lakh or more.
  • TDS (Tax Deducted at Source) at 1% is deducted on property transactions above ₹50 lakh, and the buyer must provide PAN details while filing Form 26QB.
• Home Loan Applications:
  • PAN is required for applying for a home loan, as banks and financial institutions verify the applicant’s credit history and tax records.
• Rent Transactions:
  • If the annual rent paid exceeds ₹1 lakh, the tenant must provide PAN details while deducting 5% TDS under Section 194-IB of the Income Tax Act.
• Stamp Duty and Registration Charges:
  • Property registration requires PAN for both the buyer and seller to ensure legal compliance.

Source: IncomeTax.gov

1.      PAN for Vehicle Purchases & Transactions

The use of PAN has been extended to vehicle purchases to monitor high-value sales and prevent tax evasion. Key vehicle-related transactions requiring PAN include:

• Buying a Vehicle:
  • PAN is mandatory for purchasing a motor vehicle (other than two-wheelers) valued at ₹10 lakh or more.
  • Dealers require PAN for registering the vehicle with the Regional Transport Office (RTO).
• Vehicle Loan Applications:
  • PAN is required for taking an auto loan to facilitate credit checks and prevent fraud.
• Insurance Payments for Vehicles:
  • For high-value vehicle insurance policies exceeding ₹50,000, PAN submission is necessary.

Source: Incometax.gov

• PAN helps in tracking capital gains tax on property sales. If the property is sold within two years of purchase, short-term capital gains tax applies.
• For businesses dealing in vehicle sales, quoting PAN ensures Goods and Services Tax (GST) compliance.

Thus, PAN ensures transparency in high-value real estate and vehicle transactions, helping prevent tax evasion and fraudulent deals.

Don’t miss-out on saving taxes during this financial year. Apply for PAN now and become a tax compliant citizen. Check this PAN application link for more. 

Conclusion

The PAN Card serves as a critical compliance tool for financial transactions, enabling tax monitoring and preventing fraud. Non-compliance with PAN regulations can result in penalties under Section 272B of the Income Tax Act, 1961, amounting to ₹10,000.

For official references, visit:

• Income Tax Department (ITD): https://www.incometaxindia.gov.in
• CBDT Notifications & Rules: https://taxinformation.cbic.gov.in

V. PAN Card for Business and Legal Compliance

A Permanent Account Number (PAN) is a ten-digit alphanumeric identifier issued by the Income Tax Department (ITD) under the supervision of the CBDT (CBDT). While PAN is primarily used for tracking financial transactions and tax filings of individuals, it is also essential for businesses, partnerships, and regulatory compliance. This article explores the significance of a PAN card for business entities and partnerships, followed by its importance in legal compliance and regulatory oversight.

a. PAN Card for Business Entities and Partnerships

1. Requirement for Different Business Structures

A PAN card is a mandatory identification document for various business entities, including:

• Sole Proprietorships: Though not required separately (as the proprietor’s PAN is used), it becomes necessary if tax liabilities exceed a certain threshold.
• Partnership Firms: Required for tax filing and compliance under the Income Tax Act.
• Limited Liability Partnerships (LLPs): Mandated under the LLP Act, 2008.
• Private and Public Limited Companies: A prerequisite for registration under the Companies Act, 2013.
• Trusts and Societies: Required for availing tax exemptions and complying with regulatory norms. 

Getting PAN for business is simple. Click on this link to apply for trust PAN now!

2. Significance in Business Operations

A PAN card facilitates smooth business operations by enabling entities to:

• Open a Business Bank Account: Banks require a PAN card for account opening.
• File Income Tax Returns (ITR): Businesses must file ITR using their PAN.
• GST Registration: PAN is a prerequisite for obtaining a Goods and Services Tax (GST) Identification Number.
• Conduct High-Value Transactions: Transactions above a certain threshold require PAN disclosure to prevent tax evasion.
• Apply for Loans and Credit Facilities: Financial institutions require PAN for verifying business credibility.
• Import-Export Code (IEC) Registration: Businesses involved in international trade need PAN for obtaining an IEC from the Directorate General of Foreign Trade (DGFT). 

The first step to getting a GST number is to get a PAN. Get a PAN now and start your business instantly. 

3. Obtaining a PAN for Business Entities

Businesses can apply for a PAN online through the NSDL or UTIITSL portals. The application process involves submitting Form 49A (for Indian entities) or Form 49AA (for foreign entities), along with necessary documents such as the Certificate of Incorporation, Memorandum of Association (MoA), and Articles of Association (AoA).

b. PAN Card for Legal Compliance and Regulatory Authorities

1. Taxation and Financial Reporting

PAN is indispensable for ensuring tax compliance and transparency in financial reporting. Its significance includes:

• Corporate Tax Filing: Companies must quote PAN while filing corporate tax returns.
• Advance Tax and TDS Compliance: Entities must use PAN to remit advance tax and comply with Tax Deducted at Source (TDS) norms.
• Audit and Financial Disclosures: PAN is mandatory for businesses undergoing statutory audits under the Companies Act, 2013. 

Lost your PAN card? Apply for PAN reprint now. Check this link for PAN card reprint. 

2. Compliance with Regulatory Authorities

Regulatory agencies require businesses to have a PAN for multiple purposes:

• Registrar of Companies (ROC): Essential for company registration and annual filings.
• Securities and Exchange Board of India (SEBI): Mandatory for stock market investments and financial instruments.
• Reserve Bank of India (RBI): Required for non-banking financial companies (NBFCs) and financial transactions involving foreign exchange.
• Provident Fund and Employee Benefits: PAN is needed for registering businesses under the Employees’ Provident Fund Organization (EPFO).

3. Prevention of Tax Evasion and Financial Fraud

PAN helps in monitoring financial transactions, reducing tax evasion, and preventing fraudulent activities:

• Linkage with Aadhaar: PAN-Aadhaar linkage ensures accurate identity verification.
• Banking and Investment Regulations: PAN is necessary for investments exceeding INR 50,000 in mutual funds, stocks, and bonds.
• Property Transactions: Mandatory for property purchases above INR 10 lakh.

4. Implications of Non-Compliance

Failure to obtain or misuse a PAN can result in penalties, including:

• Penalty under Section 272B of the Income Tax Act: Fine up to INR 10,000 for non-compliance.
• Higher TDS Deduction: Absence of PAN leads to a higher rate of TDS deduction (20% instead of the standard rate).
• Rejection of Business Loan Applications: Banks and financial institutions may refuse credit facilities without a valid PAN.

5. Amendments and Updates in PAN Regulations

With continuous regulatory updates, businesses must stay updated on PAN-related changes, such as:

• e-PAN Introduction: A digital PAN card is now available for seamless compliance.
• Mandatory PAN-Aadhaar Linking: Non-compliance results in PAN becoming inoperative.
• Enhanced KYC Norms: SEBI and RBI mandate PAN for customer due diligence in financial transactions.

Conclusion

A PAN card is a crucial document for businesses, facilitating tax compliance, financial transactions, and regulatory adherence. From company incorporation to tax filings and high-value transactions, its importance cannot be overstated. Businesses must ensure proper application, usage, and periodic updates to avoid legal repercussions and ensure seamless operations in India's evolving regulatory framework. 

Want to change your PAN details. Do it instantly with these simple steps. Check this link for more information.

VI.    Applying for a PAN Card: A Comprehensive Guide 

Applying for a Permanent Account Number (PAN) card in India is a straightforward process that can be completed online or offline. Here's a comprehensive guide to help you through the steps to be considered for application of PAN:

Understand the application process in the following manner:

1. Determining the appropriate Application Form: There are two types of PAN applications:

i. Application for Allotment of PAN – For individuals who have never applied for or been allotted a PAN. Applicants can check their PAN status on the Income Tax Department’s website.

• Form 49A: For Indian citizens, including individuals, Hindu Undivided Families (HUFs), and entities incorporated in India.
• Form 49AA: For foreign citizens and entities incorporated outside India.

It is essential to determine the appropriate application form. Hence for any queries, you may refer to: https://www.protean-tinpan.com/services/pan/pan-index#faqs 

ii. Application for New PAN Card or Changes/Corrections in PAN Data – The facility is for those who already have a PAN but need a new card or wish to update their details. They should request for a New PAN Card or Changes/Correction in PAN Data. This facility is used by both Indian and foreign citizens. On successful completion of the process, a corrected/new  PAN card with the same PAN but updated details is issued.

For understanding the detailed process and knowing correction related requirements, click here.

2. Gather Necessary Documents :

You'll need to provide the following documents or any other document as specified by the Income Tax Department rules:

• Proof of Identity (POI): Passport, Aadhaar card, voter ID, driving license, etc.
• Proof of Address (POA): Utility bills, bank statements, passport, Aadhaar card, etc.
• Proof of Date of Birth (PODB): Birth certificate, matriculation certificate, passport, etc.

Ensure that the documents are valid and contain accurate information.

3. Choose suitable method of application
4. Online Application Process:

The Income Tax Department has authorised Protean eGov Technologies Limited (formerly NSDL e-Gov) and UTI Infrastructure Technology Services Limited (UTIITSL) to facilitate online PAN applications. Here's how to apply online:

• Visit the Official Portal: Go to the Protean eGov PAN services page:
• Select the Appropriate Form: Choose Form 49A or Form 49AA based on your citizenship status.
• Fill in the Application Form: Provide accurate personal details, contact information, and AO code (which can be found on the portal).
• Upload Supporting Documents: Scan and upload the required POI, POA, and PODB documents.
• Photograph and Signature: Upload a recent passport-sized photograph and a scanned image of your signature.
• Payment of Fees: Pay the processing fee using credit/debit card, net banking, or demand draft. The fee varies depending on the communication address (within India or abroad).
• Submission and Acknowledgement: After submission, you'll receive an acknowledgement receipt with a 15-digit acknowledgement number. Keep this for future reference.

2. Offline Application Process:

If you prefer the offline method:

• Obtain the Application Form: Download Form 49A or Form 49AA from the Protean eGov website or collect it from a PAN facilitation centre.
• Fill in the form: Complete the form in BLOCK letters and affix a recent passport-sized photograph.
• Attach Supporting Documents: Include photocopies of the required POI, POA, and PODB documents.
• Submit the Application: Visit a Protean eGov or UTIITSL PAN service centre to submit the form and documents.
• Payment of Fees: Pay the processing fee at the centre.
• Acknowledgement Receipt: Upon submission, you'll receive an acknowledgement receipt.

Have you understood the PAN application process? Apply for PAN now!

4. Tracking Your Application:

You can track the status of your PAN application using the 15-digit acknowledgement number:

• Protean eGov Portal: Track PAN Status

5. Receiving Your PAN Card:

Once processed, the PAN card will be dispatched to your communication address. Delivery within India typically takes about 15 days. For international addresses, it may take longer.

Important Tips:

• Accuracy: Ensure all information provided is correct and matches the supporting documents.
• Signature: Sign within the designated boxes to avoid rejection.
• Contact Information: Provide a valid email address and mobile number for communication.

By following these steps, you can successfully apply for a PAN card, which is essential for various financial and tax-related activities in India. Further, for knowing the application processes for Individuals, Minors, NRIs, HUFs and Trusts, you may read this. Moreover, for detailed guidelines and to access the application forms, visit the Protean eGov PAN services page.

Let us also understand some other important aspects of the PAN application, which are as follows:

1. Application for Allotment of New PAN (Form 49A) – Applicable for Citizens of India

Form 49A is the application form used for the allotment of a Permanent Account Number (PAN) to individuals, Hindu Undivided Families (HUFs), companies, and other entities incorporated in India. It is prescribed under Section 139A of the Income Tax Act, 1961 and is mandatory for Indian citizens who require a PAN for tax and financial transactions.

1. Who Should Use Form 49A?

The following categories of Indian citizens can apply for a PAN using Form 49A:

• Individuals (including minors)
• Hindu Undivided Families (HUFs)
• Companies
• Firms/Partnerships
• Trusts
• Associations of Persons (AOP)
• Body of Individuals (BOI)
• Local Authorities
• Artificial Juridical Persons 

Learn about the PAN application process for everyone here. Check this link.

2. How to Apply for PAN Using Form 49A?

You can apply for PAN either online through the Protean eGov Technologies Limited or UTIITSL websites, or offline by submitting the filled form at designated PAN centers.

i. Online Application Process

1. Visit the Official Portal
   • Protean eGov website: TIN Protean PAN Services
2. Select ‘New PAN (Form 49A)’
   • Choose the appropriate category (Individual, Company, Trust, etc.).
   • Click on "Apply Now" and proceed.
3. Fill the Application Form
   • Enter personal details such as full name, date of birth, gender, contact details, and Aadhaar number (if applicable).
   • Mention AO Code (Assessing Officer Code), which is based on your area and type of applicant.
4. Upload Supporting Documents
   • Proof of Identity (POI) (Aadhaar, Voter ID, Passport, Driving License, etc.)
   • Proof of Address (POA) (Utility Bill, Passport, Bank Statement, etc.)
   • Proof of Date of Birth (PODB) (Birth Certificate, School Leaving Certificate, etc.)
5. Payment of Fees
   • For Indian address: ₹110 (inclusive of taxes)
   • For Foreign address: ₹1,020
   • Payment can be made via credit/debit card, net banking, UPI, or demand draft.
6. Verification & Submission
   • Verify all details before submission.
   • After submission, you will receive a 15-digit acknowledgment number to track your PAN status.
7. e-KYC and e-Sign Options (Optional)
   • If applying using Aadhaar-based e-KYC, no additional documents need to be uploaded.
   • Sign digitally using Aadhaar OTP-based e-Signature.
8. Dispatch of PAN Card
   • Once verified, the PAN card will be printed and dispatched to your communication address within 15-20 working days.

ii. Offline Application Process

1. Obtain Form 49A
   • Download from Protean eGov PAN Portal or collect from a PAN facilitation center.
2. Fill the Form in BLOCK Letters
   • Provide all details carefully in black ink.
   • Attach a passport-sized photograph and sign within the designated box.
3. Attach Supporting Documents
   • Provide self-attested copies of POI, POA, and PODB.
4. Submit at PAN Centers
   • Submit the form at an authorised PAN Service Center or Protean office/centre.
5. Payment & Receipt
   • Pay the applicable fee and collect the acknowledgement receipt.
6. Processing & PAN Dispatch
   • The PAN card will be dispatched to the provided address within 15-20 working days.

 iii. Important Guidelines for Filling Form 49A

• Use capital letters and black ink only.
• Ensure the signature fits within the box provided.
• Mobile number and email ID must be active and correct for verification.
• Incomplete forms may result in rejection or delays.

2. When Do You Need a PAN Card?

• Filing Income Tax Returns (ITR)
• Opening a Bank or Demat Account
• Applying for Loans and Credit Cards
• Purchasing Property or Vehicles
• Investing in Mutual Funds, Stocks, or Bonds
• Receiving Salary or Professional Fees

By following this guide, Indian citizens can successfully apply for a new PAN card using Form 49A, ensuring smooth financial and tax-related transactions.

3. Application for Allotment of New PAN (Form 49AA) – Applicable for Foreign Citizens

Form 49AA is the prescribed application form for the allotment of a Permanent Account Number (PAN) to foreign citizens and entities incorporated outside India under Section 139A of the Income Tax Act, 1961. It is required for individuals and entities who wish to conduct financial transactions in India.

1. Who Should Use Form 49AA?

Form 49AA is applicable to foreign individuals and entities including:

• Foreign Individuals
• Foreign Companies
• Foreign Limited Liability Partnerships (LLPs)
• Foreign Trusts
• Foreign Associations of Persons (AOPs)
• Other foreign entities conducting business in India

2. How to Apply for PAN Using Form 49AA?

Foreign citizens/entities can apply for PAN online via the Protean eGov or UTIITSL website, or offline by submitting a physical form at designated PAN centers.

(A) Online Application Process

1. Visit the Official Portal
   • Protean eGov PAN Services
2. Select ‘New PAN (Form 49AA)’
   • Choose the appropriate category (Individual, Company, Trust, etc.).
   • Click on "Apply Now" and proceed.
3. Fill the Application Form
   • Enter personal details such as full name, date of birth, nationality, and passport details.
   • Foreign companies must provide registration details in India (if any).
   • Mention AO Code (Assessing Officer Code) based on the applicant's category and jurisdiction.
4. Upload Supporting Documents
   • Foreign Individuals:
     • Proof of Identity (POI): Passport, PIO/OCI card, or government-issued ID
     • Proof of Address (POA): Passport, bank account statement in the country of residence, or utility bill
   • Foreign Entities:
     • Certificate of Incorporation issued by a regulatory authority
     • Address proof (utility bill, bank statement, or business license in the country of incorporation)
5. Payment of Fees
   • For an Indian communication address: ₹110
   • For a Foreign communication address: ₹1,020
   • Payment can be made via credit/debit card, net banking, UPI, or demand draft.
6. Verification & Submission
   • Verify all details before submission.
   • After submission, a 15-digit acknowledgment number is generated to track the PAN status.
7. PAN Dispatch
   • After successful verification, the PAN card is printed and dispatched to the given address (Indian or foreign).
   • Delivery may take 15-30 working days depending on the applicant's location.

(B) Offline Application Process

1. Obtain Form 49AA
   • Download it from the Protean eGov PAN Portal or collect it from a PAN facilitation center.
2. Fill the Form in BLOCK Letters
   • Provide all details carefully in black ink.
   • Affix a recent passport-sized photograph and sign within the designated box.
3. Attach Supporting Documents
   • Attach self-attested copies of POI and POA.
   • Foreign entities must provide officially attested copies of incorporation documents.
4. Submit at PAN Centers
   • Submit the completed form at authorized PAN Service Centers or Protean/UTIITSL offices.
5. Payment & Receipt
   • Pay the applicable fee and collect the acknowledgment receipt.
6. Processing & PAN Dispatch
   • The PAN card will be dispatched to the provided Indian or foreign address within 15-30 working days. 

Have a PAN, but lost card? Get PAN reprint now. Check this link for more details.

4. Important Guidelines for Foreign Applicants

• Documents issued outside India must be apostilled or attested by:
  • The Indian Embassy/High Commission/Consulate in the applicant's country
  • Consulate of the applicant’s country in India
  • Authorized officials of overseas branches of Indian banks
• Address proof must be recent (not older than 6 months).
• Foreign entities conducting business in India must mention their Indian registration details (if applicable).
• If an applicant does not have an Indian address, PAN will be issued but will not be delivered to a foreign address unless the higher fee (₹1,020) is paid.

Are you an NRI or Foreigner? Getting a PAN can help you save taxes and stay compliant with Indian Income Tax laws. Click here to apply for NRI PAN now.

5.  When Do Foreign Citizens/Entities Need a PAN Card?

• Foreign investors in Indian stock markets or mutual funds
• Foreign nationals employed in India
• Foreign companies conducting business in India
• Buying property in India
• Receiving income in India subject to tax deductions

By following this guide, foreign individuals and entities can successfully apply for a new PAN card using Form 49AA, ensuring compliance with Indian tax laws.

6. How to Reprint a PAN Card (Request for a Duplicate PAN Card)

If your PAN card is lost, stolen, damaged, or misplaced, you can apply for a reprint of the same PAN card without changing any details. The process is simple and can be done online or offline through Protean eGov Technologies Limited (formerly NSDL e-Gov) or UTIITSL.

 a. Who Can Apply for a Reprint of PAN Card?

• Individuals whose PAN card is lost, stolen, or damaged.
• Companies, firms, HUFs, trusts, and other entities that need a duplicate PAN card.
• Applicants who already have a valid PAN number (Reprint is not for new PAN issuance).

 b. Online Process for Reprinting PAN Card

You can apply for a duplicate PAN card online through the Protean eGov portal or UTIITSL website.

Step 1: Visit the Official Website

• Protean eGov (NSDL) Portal: Reprint PAN

Step 2: Choose ‘Reprint PAN Card’ Option

• Click on ‘Reprint PAN Card’ or ‘Request for Duplicate PAN Card’ under the PAN services section.

Step 3: Enter PAN Details

• Provide your existing PAN number.
• Enter your Aadhaar number (for individual applicants).
• Fill in name, date of birth, and contact details.

Step 4: Verification & OTP Authentication

• If your mobile number is linked to Aadhaar, you can authenticate using an OTP-based e-KYC.
• If not, you may need to upload scanned copies of identity proof.

Step 5: Pay the Reprint Fees

• For Indian addresses: ₹50 (inclusive of taxes)
• For Foreign addresses: ₹959 (inclusive of taxes)
• Payment can be made via credit/debit card, net banking, UPI, or demand draft.

Step 6: Submission & Acknowledgment

• After payment, you will receive a 15-digit acknowledgment number to track the status.
• The request will be processed, and the duplicate PAN card will be dispatched within 15-20 days.

c. Offline Process for Reprinting PAN Card

1. Obtain the PAN Correction Form
   • Download Form for PAN Card Reprint from Protean eGov or collect it from a PAN facilitation center.
2. Fill the Form
   • Enter your existing PAN number.
   • Provide correct name, date of birth, and contact details.
   • Do not tick any changes unless you want to update details.
3. Attach Supporting Documents
   • Identity Proof (Aadhaar, Passport, Driving License, etc.)
   • Address Proof (Utility Bill, Bank Statement, etc.)
4. Submit the Form & Pay Fees
   • Submit the form at an authorized Protean eGov or UTIITSL center.
   • Pay the applicable fee and collect the acknowledgment receipt.
5. Processing & PAN Dispatch
   • Your duplicate PAN card will be dispatched to the registered address within 15-20 working days.

d. Track PAN Reprint Status

You can check your application status using the 15-digit acknowledgment number:

• Protean eGov (NSDL) Portal: Track PAN Reprint Status
• UTIITSL Portal: Track UTI PAN Status

e. Important Notes for PAN Reprint

·        The PAN number remains the same—only a new card is issued.

·        If you need to change details (name, address, etc.), apply for a PAN correction instead.

·        Ensure your communication address is correct, as the card will be delivered there.

·        The request will be rejected if the PAN number entered is incorrect or does not match the records.

By following this process, you can easily obtain a reprinted PAN card without changing your PAN number. Click here to apply now.

7. Change/Correction in PAN Data – A Step-by-Step Guide

If you need to update or correct details in your PAN card, you can apply for a Change/Correction in PAN Data through Protean eGov Technologies Limited (NSDL e-Gov) or UTIITSL. This process is required for modifications such as name change, date of birth correction, update in address, or changes in signature and photo.

 a. When Should You Apply for PAN Data Correction?

You should apply for a PAN correction if there are errors or changes in the following details:

• Name (spelling mistakes, name change after marriage, etc.)
• Date of Birth (incorrect DOB in the PAN database)
• Father’s Name (misspelled or incorrect name)
• Photo Mismatch (poor image quality on the card)
• Signature Mismatch (if the signature does not match)
• Address Change (for communication purposes)
• Gender, Contact Details, or Other Errors

Note: The PAN number remains the same, only the incorrect details are updated.

 b. Online Process for PAN Correction

Step 1: Visit the Official Portal

• Protean eGov (NSDL) Portal: PAN Correction Link
• UTIITSL Portal: UTI PAN Correction

Step 2: Select ‘Change/Correction in PAN’

• Choose "Apply for Change/Correction in PAN Data".
• Select category of applicant (Individual, Company, HUF, etc.).

Step 3: Fill the Application Form

• Enter your existing PAN number.
• Fill in the corrected details that need to be updated.
• Provide current communication details (mobile number & email).

Step 4: Upload Supporting Documents

You must upload self-attested copies of relevant documents based on the correction type:

Step 5: Pay the Fees

• For Indian addresses: ₹110
• For Foreign addresses: ₹1,020
• Payment can be made via credit/debit card, net banking, UPI, or demand draft.

Step 6: Submit the Application

• Review all details carefully.
• Submit the form and note the 15-digit acknowledgment number.

Step 7: Track PAN Correction Status

• Use the acknowledgment number to track status:
  • Protean eGov Portal: Track PAN Status

c. Offline Process for PAN Correction

1. Obtain the PAN Correction Form
   • Download from Protean eGov PAN Portal or collect from a PAN center.
2. Fill the Form in BLOCK Letters
   • Mention corrected details in the respective fields.
   • Affix a recent passport-size photograph and sign in the designated box.
3. Attach Supporting Documents
   • Provide self-attested copies of required proof documents.
4. Submit at PAN Centers
   • Visit an authorized PAN Service Center (Protean eGov) and submit the form.
   • Pay the applicable fee and collect the acknowledgment receipt.
5. Processing & PAN Dispatch
   • The updated PAN card will be dispatched to the given address within 15-20 working days. 

You can correct the details in your PAN card with just a few simple steps. Click here for PAN correction application.

d. Important Guidelines for PAN Correction

• The PAN number remains unchanged. With this, only the data is updated. 
• If correcting a name due to marriage, a marriage certificate or gazette notification is required.
• The address on the PAN card is NOT printed—it is only used for communication.
• PAN changes are processed by the Income Tax Department & Central Board of Direct Taxes (CBDT), so ensure correct details.

By following this guide, you can successfully update or correct your PAN details through a simple online or offline process. For more details, click here.

VII. Eligibility and Documents Required for PAN Card Application 

The Permanent Account Number (PAN) is a unique ten-digit alphanumeric identifier issued by the Income Tax Department of India. It is essential for financial transactions, tax filing, and identity verification. The eligibility criteria for PAN application are as follows:

1. Individuals: Indian citizens, including minors, can apply for a PAN card. Minors require a legal guardian to apply on their behalf.
2. Non-Resident Indians (NRIs): NRIs, Persons of Indian Origin (PIOs), and Overseas Citizens of India (OCIs) can also apply for a PAN card if they engage in financial transactions in India.
3. Foreign Nationals & Entities: Foreign companies and individuals conducting business or investing in India must obtain a PAN card.
4. Hindu Undivided Families (HUFs): The Karta of an HUF can apply for a PAN card on behalf of the family.
5. Companies and Firms: Partnerships, LLPs, trusts, and companies operating in India must acquire a PAN for tax compliance and banking purposes.
6. Trusts and Societies: Societies, charitable organizations, and NGOs must apply for a PAN card to avail of tax exemptions and legal recognition.
7. Government Agencies: Government entities conducting financial transactions must have a PAN. 

Applying for HUF PAN is simple. Learn about getting an HUF PAN here.

Documents Required for PAN Card Application

The required documents vary based on the applicant type:

1. For Individuals and NRIs applicants

• Proof of Identity (Any one):
  • Aadhaar Card
  • Voter ID
  • Passport
  • Driving License
  • Ration Card with a photograph
  • Arm’s License
  • Pensioner Card with a photograph
  • Central/State Government-issued Identity Card
• Proof of Address (Any one):
  • Aadhaar Card
  • Passport
  • Utility Bill (electricity, water, gas, landline not older than 3 months)
  • Bank statement with the applicant’s address
  • Rent Agreement
  • Employer Certificate
• Proof of Date of Birth (Any one):
  • Birth Certificate
  • Matriculation Certificate
  • Passport
  • Aadhaar Card
  • Driving License
  • Pension Payment Order

2. For Hindu Undivided Family (HUFs)

• HUF’s declaration signed by the karta
• Proof of identity, address, and DOB of the karta

3. For Companies Registered in India

• Certificate of Incorporation issued by the Registrar of Companies (ROC) 

Get a HUF PAN Now. Click here to register and apply for HUF PAN.

4. For Partnership Firms & LLPs

• Partnership Deed
• Registration Certificate issued by the Registrar of Firms (ROF) or ROC

5. For Trusts & Societies

• Trust Deed or Registration Certificate issued by the Charity Commissioner

6. For Foreign Nationals & Entities

• Copy of passport (for individuals)
• Registration certificate from the appropriate authority
• Taxpayer Identification Number (TIN) if available

Who Can Apply for a PAN Card?

Any individual or entity engaging in financial transactions in India is eligible for a PAN card. The applicants include:

1. Salaried Individuals: Required for filing income tax returns and salary transactions.
2. Self-Employed & Business Owners: To them, PAN is essential for business transactions, GST registration, and tax compliance.
3. Minors: Parents or guardians can apply for a PAN on behalf of minors, which can later be updated when they become adults.
4. Foreign Nationals & NRIs: Necessary for investments, property purchases, and business activities in India.
5. Companies & Firms: Required for taxation, banking, and regulatory compliance.
6. Trusts & NGOs: Required for opening bank accounts and availing tax exemptions.
7. Government Agencies: Used for official financial transactions.

Essential Documents for PAN Card Application

To apply for a PAN card, an applicant must submit a filled Form 49A (for Indian citizens) or Form 49AA (for foreign nationals), along with supporting documents.

1. Mandatory Documents:

• Identity proof (Aadhaar, Passport, Voter ID, etc.)
• Address proof (Utility Bill, Bank Statement, Aadhaar, etc.)
• Date of Birth proof (Birth Certificate, Passport, etc.)

2. For Companies & Organizations:

• Registration certificate issued by ROC
• Partnership Deed for firms

3. For NRIs & Foreign Entities:

• Passport copy
• Overseas address proof
• TIN or registration certificate

Ensuring that the correct documents are submitted is crucial for hassle-free processing of the PAN application.

VIII.  Step-by-Step Guide to Applying for a PAN Card Online 

A Permanent Account Number (PAN) is an essential identification document issued by the Income Tax Department of India. It is mandatory for financial transactions such as filing tax returns, opening a bank account, and conducting high-value transactions. Applying for a PAN card online through Protean eGov Technologies Limited (formerly NSDL e-Gov) is a simple and convenient process. This guide provides a step-by-step approach to applying for a PAN card online via the Protean/NSDL portal.

1. Creating an Account and Filling the Application Form

Step 1: Visit the Official Protean/NSDL Website

To apply for a PAN card online, visit the official Protean/NSDL website:

• https://www.onlineservices.nsdl.com

Step 2: Select the Appropriate Form

Once on the portal:

• For Indian Citizens, select Form 49A.
• For Foreign Citizens, select Form 49AA.
• Choose between an Individual or Company PAN card as applicable.

Step 3: Fill in the Personal Details

You will need to enter:

• Full Name (as per Aadhaar or other valid ID proof)
• Date of Birth (for individuals) or Date of Incorporation (for businesses)
• Gender (for individuals)
• Father’s Name (mandatory for all applicants except married women who may use their husband’s name)
• Mobile Number and Email ID (for OTP verification and future communication)
• Aadhaar Number (if available, as it simplifies verification)

Step 4: Choose the PAN Card Type and Submission Mode

Applicants can choose:

• e-KYC (Paperless method using Aadhaar)
• e-Sign (Requires Aadhaar-linked mobile number for OTP verification)
• Physical Mode (Applicants need to send a printed form along with documents)

Step 5: Enter Communication and Contact Details

• Address details for delivery of the PAN card.
• Contact details including email and mobile number.

Once all details are correctly filled, proceed to the next step.

2. Uploading Documents and Making Payment

Step 6: Upload Supporting Documents

The applicant needs to upload scanned copies of the following documents:

1. Proof of Identity (POI):

• Aadhaar Card
• Voter ID
• Passport
• Driving License
• Any other government-issued ID

2. Proof of Address (POA):

• Aadhaar Card
• Passport
• Utility Bill (Electricity, Water, Gas, etc.)
• Bank Statement
• Rent Agreement (registered with the government)

3. Proof of Date of Birth (for individuals):

• Birth Certificate
• Matriculation Certificate
• Passport
• Aadhaar Card (if it has the date of birth mentioned)

4. Photograph and Signature:

• A passport-size photograph (scanned in JPEG format, clear and recent)
• A scanned copy of the applicant’s signature on a white background (JPEG or PDF format)

Guidelines for Uploading Documents:

• Ensure all documents are clear and legible.
• File size should be within the prescribed limits mentioned on the portal.
• Documents must be in PDF, JPEG, or PNG format.
• The photograph should be recent, clear, and as per the specifications.
• Signature should be done in black ink on a white background for better clarity.

Step 7: Payment of Application Fee

Once documents are uploaded, the applicant needs to make the payment:

• For Indian Citizens: INR 110 (including GST and processing charges).
• For Foreign Citizens: INR 1,020 (includes overseas dispatch charges).

Payment Methods:

• Credit/Debit Card
• Net Banking
• UPI
• Demand Draft (if applicable, should be sent along with physical documents to the processing center)

Once payment is successful, a receipt with a 15-digit acknowledgment number is generated. Save this for tracking the application status.

Step 8: Aadhaar-Based e-KYC Verification (Optional but Recommended)

If the applicant has provided an Aadhaar number, they can opt for e-KYC verification. This eliminates the need for physical document submission. The process involves:

• OTP authentication on the Aadhaar-registered mobile number.
• Auto-filling of name, address, and date of birth from the Aadhaar database.

Step 9: Submission of Application

• If e-KYC is used, the application is submitted electronically.
• If not, applicants need to download, print, and sign the acknowledgment receipt and send it along with physical copies of supporting documents to:
  • Protean eGov Technologies Limited PAN Services Unit

The address for submission is provided on the acknowledgment receipt.

Step 10: Tracking the PAN Card Application

Applicants can track their PAN status using:

• Protean/NSDL Portal: Enter the 15-digit acknowledgment number at https://tin.tin.nsdl.com/pantan/StatusTrack.html 

Step 11: ePAN and Physical PAN Card Dispatch

• ePAN: If selected during application, the ePAN (a digitally signed PAN card in PDF format) is issued within 48 hours and sent to the registered email ID.
• Physical PAN Card: If all documents are correct, PAN is processed and dispatched within 15–20 working days.

Conclusion

Applying for a PAN card online via Protean/NSDL is a seamless process when done correctly. Ensuring accurate details, clear document uploads, and timely submission will help in obtaining a PAN card without delays. If there are any issues, customer support for Protean/NSDL can be contacted for assistance. 

Want to change details on your PAN? Don’t worry, it’s quick and simple. Check this link to make PAN details correction now!

IX.    Verifying PAN Card Details: Ensuring Accuracy and Authenticity

The Permanent Account Number (PAN) is a unique ten-character alphanumeric identifier issued by the Indian Income Tax Department to individuals, families, and corporates. It serves as a critical tool for tracking financial transactions and ensuring tax compliance. Verifying PAN card details is essential to maintain the integrity of financial systems and prevent fraudulent activities. This comprehensive guide delves into the process of PAN card verification, its importance, and its role in various sectors.

1. Understanding PAN Card Verification

PAN card verification is the process of confirming the authenticity and validity of a PAN card. This verification is crucial for various financial activities, such as opening a bank account, filing income tax returns, and performing high-value transactions. It ensures that the PAN details provided by an individual or entity are accurate and legitimate.

2. Methods of PAN Card Verification

The Income Tax Department offers several methods for PAN verification to cater to different users, including individuals, financial institutions, and government agencies. The primary methods are:

a. Online PAN Verification

This method allows users to verify PAN details through the Income Tax Department's e-Filing portal. The process is as follows:

1. Access the Portal: Visit the official e-Filing portal of the Income Tax Department.
2. Navigate to 'Verify Your PAN': This is a pre-login service available to all users. External agencies can access this service after logging in.
3. Enter Details: Provide the PAN, full name, date of birth, and status (individual, company, etc.).
4. Submit and Verify: After entering the details, submit the form to verify the PAN information.

This service is particularly useful for individuals who wish to confirm their PAN details or for entities that receive a copy of the PAN card for any purpose. 

For more details, refer to Protean FAQs regarding online PAN verification.

b. Bulk PAN Verification

For organizations that need to verify multiple PANs simultaneously, the Income Tax Department offers a bulk verification facility. This is beneficial for financial institutions, government agencies, and other entities that handle numerous PAN-related transactions. To access this service:

1. Registration: Entities must register with the Directorate of Income-tax (Systems) by providing organizational details and a digital signature certificate.
2. Login Credentials: Upon approval, the entity receives login credentials to access the bulk verification system.
3. Upload Data: The entity can upload a file containing multiple PANs for verification.
4. Receive Results: The system processes the data and provides verification results for each PAN.

This method streamlines the verification process for large-scale operations.

c. API-Based Verification

Advanced users, such as fintech companies and large corporations, may opt for API-based PAN verification services. These services allow seamless integration of PAN verification into existing systems, enabling real-time verification. Providers like AuthBridge offer PAN Card Verification APIs that facilitate instant validation of PAN details, enhancing KYC (Know Your Customer) and compliance processes.

3. Importance of PAN Card Verification

Verifying PAN card details is vital for several reasons:

a. Identity Verification

PAN serves as a unique identifier for taxpayers. Verifying PAN details ensures that the individual's identity is authentic, which is crucial for financial transactions and legal processes.

b. Preventing Fraud

By confirming the authenticity of a PAN card, organisations can prevent identity theft and financial fraud. This is particularly important in scenarios like opening bank accounts or processing large financial transactions.

c. Regulatory Compliance

Many legal and financial processes require PAN card verification to ensure compliance with government regulations. For instance, quoting the PAN is mandatory when filing income tax returns, making high-value transactions, or opening a demat account. 

There are several Income Tax terminologies related to PAN that you need to know for efficient tax planning. Learn about popular PAN FAQs here.

d. Streamlining Financial Processes

Accurate PAN verification helps in streamlining various financial processes, reducing errors, and ensuring that transactions are conducted with legitimate entities.

4. PAN Card Verification for Financial Institutions and Government Agencies

Financial institutions and government agencies frequently engage in transactions that require the verification of PAN details. For these entities, ensuring the authenticity of PAN information is crucial for several reasons:

a. Risk Management

By verifying PAN details, financial institutions can assess the risk associated with a client. This helps in making informed decisions regarding loan approvals, credit limits, and other financial services.

b. Regulatory Compliance

Government agencies and financial institutions are mandated to comply with regulations that require PAN verification. This includes adherence to anti-money laundering (AML) laws and combating the financing of terrorism (CFT) guidelines.

c. Efficient Service Delivery

Accurate PAN verification enables these entities to deliver services more efficiently, reducing the chances of errors and fraudulent activities.

5. Preventing Identity Theft and Fraud through PAN Card Verification

Identity theft and financial fraud are significant concerns in today's digital age. PAN card verification plays a pivotal role in mitigating these risks:

a. Authenticating Identities

By verifying the PAN details provided by individuals, organizations can ensure that they are dealing with legitimate entities, thereby reducing the risk of identity theft.

b. Detecting Fraudulent Activities

Regular PAN verification helps in detecting discrepancies in financial transactions, allowing organizations to identify and prevent fraudulent activities promptly.

c. Enhancing Trust

For businesses, verifying PAN details of clients and partners enhances trust and credibility, fostering better business relationships. 

6. Recent Developments and News

In recent times, there have been significant developments emphasizing the importance of PAN card verification:

The year 2024 was a landmark year for PAN. Learn about all developments in PAN in 2024 here.

a. RBI's Proposal for Enhanced Authentication

The Reserve Bank of India proposed allowing a wider set of alternatives, including fingerprints and passwords, as additional factors of authentication for all digital transactions. This move aims to reduce fraud and cybercrime by strengthening the authentication process.

b. Government Initiatives for Common Identifiers

In the Union Budget 2023, the government proposed using PAN as a common identifier for all business establishments using digital systems of various government agencies. This initiative underscores the importance of PAN in streamlining business processes and enhancing transparency.

Conclusion

PAN card verification is a critical process that ensures the accuracy and authenticity of financial transactions in India. By implementing robust verification methods, individuals, financial institutions, and government agencies can prevent fraud, comply with regulations, and maintain the integrity of the financial system. Staying abreast of recent developments and leveraging advanced verification tools can further enhance the effectiveness of PAN verification processes.

X. PAN Card Verification for Financial Institutions and Government Agencies

Permanent Account Number (PAN) card verification is a crucial process for financial institutions and government agencies in India. It serves as an essential tool for ensuring compliance, preventing fraud, and maintaining financial transparency as described below:

For financial institutions, such as banks, Non-Banking Financial Companies (NBFCs), and investment firms, PAN verification is integral to Know Your Customer (KYC) procedures. The Reserve Bank of India (RBI) and the Securities and Exchange Board of India (SEBI) mandate PAN verification for opening bank accounts, availing loans, and investing in financial instruments like mutual funds, stocks, and bonds. By verifying PAN details, financial institutions can authenticate the identity of their customers and ensure that transactions are conducted by legitimate individuals or entities.

Government agencies also rely on PAN card verification for tax administration and regulatory compliance. The Income Tax Department uses PAN to track taxable financial transactions, prevent tax evasion, and ensure that individuals and businesses comply with tax laws. It is mandatory for filing income tax returns (ITR), receiving refunds, and making high-value transactions exceeding specified limits. Furthermore, the Goods and Services Tax (GST) framework incorporates PAN verification to link businesses with their tax records, thereby enhancing accountability.

In addition to taxation, PAN verification aids law enforcement agencies in identifying financial crimes such as money laundering and benami transactions. By integrating PAN authentication with other regulatory frameworks, the government strengthens its efforts in curbing financial irregularities. Hence, PAN card verification plays a vital role in enhancing financial integrity and streamlining compliance procedures across various sectors.

Preventing Identity Theft and Fraud through PAN Card Verification

Identity theft and financial fraud are growing concerns in the digital era, and PAN card verification serves as a robust safeguard against such risks. Fraudsters often use fake or stolen identities to commit crimes such as opening fraudulent bank accounts, securing loans illegally, and conducting illicit transactions. Verifying PAN details helps institutions detect and prevent such fraudulent activities.

One of the most common forms of financial fraud is unauthorized transactions made using stolen PAN details. Criminals may misuse PAN numbers to create fake identities, claim tax benefits fraudulently, or engage in illegal financial dealings. By implementing strict PAN verification protocols, banks, financial institutions, and businesses can confirm the authenticity of an individual’s identity before processing transactions, reducing the chances of financial fraud.

Online financial services have increased the risk of cyber fraud, where hackers use phishing techniques to steal personal and financial data. PAN verification acts as a protective barrier, ensuring that transactions are authorised only by legitimate individuals. Many financial institutions have integrated PAN verification with biometric authentication and OTP-based validation to enhance security further.

For businesses, PAN card verification is crucial in verifying the authenticity of vendors, suppliers, and employees. Employers use PAN authentication for tax deduction at source (TDS) compliance and to prevent payroll fraud. E-commerce platforms and digital payment service providers also utilize PAN verification to ensure compliance with financial regulations and to mitigate risks associated with fraudulent transactions.

Additionally, government agencies leverage PAN verification to prevent misuse of subsidies and welfare schemes. By linking PAN with Aadhaar, authorities can eliminate duplicate identities and ensure that benefits reach the rightful recipients. This integration enhances the efficiency of public distribution systems and social welfare programs.

In conclusion, PAN card verification is a critical process that safeguards financial transactions, prevents identity fraud, and ensures regulatory compliance. Strengthening verification mechanisms can significantly reduce financial crime and enhance the security of financial ecosystems in India. 

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XI.    Different Methods of PAN Card Verification

A Permanent Account Number (PAN) card is a unique ten-character alphanumeric identifier issued by the Income Tax Department of India. It is a crucial document for financial transactions, tax filings, and identity verification. Various methods exist for verifying a PAN card, which can be broadly classified into online verification through NSDL and UTIITSL and verification via mobile apps and SMS services.

a.      Online PAN Card Verification through NSDL and UTIITSL 

The National Securities Depository Limited e-Governance Infrastructure (NSDL) and UTI Infrastructure Technology and Services Limited (UTIITSL) are authorised entities providing online PAN card verification services. These services allow businesses, financial institutions, and individuals to verify PAN details efficiently. Below are the steps to verify a PAN card online through NSDL e-Governance Infrastructure is rebranded as the Protean eGov Technologies Limited.

Steps for PAN Verification through NSDL/Protean:

1. Visit the Official Portal:
   • Go to the official Protean eGov Technologies Limited (NSDL) PAN verification website:https://www.protean-tinpan.com/ .
2. Register as a User:
   • Entities like banks, government agencies, and financial institutions must register to avail of the PAN verification services.
   • Submit details such as name, organisation type, and contact information.
   • After approval, login credentials will be provided.
3. Choose the Verification Method:
   • Screen-Based Verification: Enter the PAN number to receive instant details.
   • File-Based Verification: Upload a batch file containing multiple PANs for bulk verification.
   • API-Based Verification: Businesses can integrate PAN verification APIs into their systems for automated checks.
   • Online Verification: The most convenient method. For details, click here.
4. Enter the PAN Details:
   • Input the PAN card number and submit.
5. Receive PAN Information:
   • The system fetches and displays details such as name, PAN status, and validity.
6. Download Verification Report:
   • Entities conducting bulk verifications can download the verification report for record-keeping.

b.     PAN Card Verification through Mobile Apps and SMS Services

With the growing penetration of smartphones and digital services, PAN verification through mobile apps and SMS has gained traction. This method is particularly useful for individuals and small businesses that require quick and on-the-go verification.

Why is Mobile-Based PAN Verification Important?

1. Convenience: Users can verify PAN details from anywhere without needing a computer.
2. Faster Processing: Mobile-based verification is instant and reduces the hassle of logging into a website.
3. Secure Access: Mobile verification methods are encrypted and secure, ensuring privacy.
4. Government-Authorised: Services provided by NSDL and UTIITSL are reliable and accepted by financial institutions.

Steps for PAN Verification through Mobile Apps

Several mobile applications facilitate PAN verification, including those by NSDL, and financial service providers.

Using NSDL/Protean Mobile App:

1. Download the NSDL PAN App:
   • Visit the Google Play Store or Apple App Store and search for the NSDL e-Gov PAN verification app.
2. Register or Log in:
   • First-time users must register with their mobile number and email ID.
3. Select PAN Verification Option:
   • Navigate to the PAN verification section.
4. Enter PAN Details:
   • Input the PAN number and submit.
5. Instant Verification:
   • The app displays PAN details such as name, status, and validity.
6. Download the Confirmation Report:
   • If needed, users can download a verification confirmation for future reference.

Steps for PAN Verification through SMS Services

SMS-based PAN verification is a convenient alternative for users without internet access. The process is straightforward and ensures quick authentication.

NSDL/Protean PAN Verification via SMS:

1. Format the SMS:
   • Type PAN<space>10-digit PAN Number or in any other prescribed manner.
2. Send SMS to the Designated Number:
   • Details available at Protean Website: https://www.protean-tinpan.com/ 
3. Receive PAN Status:
   • Within seconds, the system will send a reply containing PAN details such as name, status, and validity.

Example:

• If the PAN number is ABCDE1234F, the user sends:

PAN ABCDE1234F

• The reply might be:

Name: Rahul Sharma, PAN Status: Active, Category: Individual

Benefits of SMS-Based PAN Verification:

1. Quick and Efficient: No need for an internet connection or smartphone.
2. Useful for Remote Areas: People in rural areas with limited internet can verify PAN details easily.
3. Banking and Financial Verification: Banks and financial institutions can quickly verify PAN numbers before processing transactions.

Comparing Online, Mobile App, and SMS Verification Methods:

Conclusion

PAN card verification is essential for financial transactions, tax compliance, and identity validation. With multiple verification methods available—including online portals, mobile apps, and SMS services—users can choose the most convenient option based on their needs. The digital transformation in PAN verification has simplified the process, ensuring secure and efficient authentication for individuals and organisations alike. 

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XII.     Protecting Your PAN Card: Rights and Responsibilities

The unique identifier for individuals and entities in tax-related transactions, the Permanent Account Number (PAN), is an essential financial document issued by the Income Tax Department of India. It ensures the security of your PAN card which is crucial to prevent identity theft and financial fraud. This article outlines the rights and responsibilities of PAN cardholders to help them safeguard their PAN effectively.

a.      Rights of PAN Cardholders

Accessing PAN Card Information and Updating Details

PAN card holders have the right to access and update their PAN card details when necessary. This ensures that their financial and tax records remain accurate and up to date. Some of the major aspects in this regard include the following:

1. Accessing PAN Information: Cardholders can retrieve their PAN details through official government portals like the Income Tax Department’s website and the Protean platform. They can also verify their PAN status online to check for any discrepancies.
2. Updating PAN Details: If a cardholder needs to correct errors or update personal information such as name, date of birth, or address, they can apply for a PAN correction using Form 49A (for individuals) or Form 49AA (for foreign entities). Updates can be made online through Protean or UTIITSL by submitting valid proof of changes.
3. Reissuing a PAN Card: If the card is damaged or misplaced, a reprint request can be submitted through the official channels. The PAN number remains unchanged, and a new card is issued with the updated information.
4. Linking PAN with Aadhaar: As per government regulations, PAN must be linked with Aadhaar for seamless financial transactions. Failure to do so may render the PAN inactive, affecting various financial and tax-related activities. 

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Reporting Lost or Stolen PAN Cards and Blocking Unauthorised Use

Losing a PAN card or having it stolen poses a significant risk of identity theft. Cardholders have the right to report such incidents and take necessary precautions to prevent misuse.

1. Filing a Police Complaint: In case of theft, cardholders should immediately file a First Information Report (FIR) with the police to document the incident officially. This serves as proof in case of fraudulent activities.
2. Informing the Income Tax Department: Reporting the loss to the Income Tax Department helps prevent unauthorised use of the PAN for fraudulent transactions.
3. Applying for a Duplicate PAN Card: A duplicate PAN can be obtained by submitting a request through Protean along with a copy of the FIR (if applicable) and necessary identification documents.
4. Monitoring Financial Statements: Cardholders should regularly review their bank and credit card statements to detect any suspicious activity linked to their PAN.

b.     Responsibilities of PAN Cardholders

Protecting the PAN card from unauthorised access and ensuring its legitimate use is a fundamental responsibility of the PAN holders. They must take care of the following:

1. Avoid Sharing PAN Details: PAN holders should refrain from sharing their PAN with unknown or unverified entities to prevent identity theft and fraud.
2. Securely Store PAN Card: The physical PAN card should be kept in a safe place, and digital copies should be stored securely to avoid unauthorised access.
3. Verify the Purpose Before Sharing PAN: Before providing PAN details for financial transactions, such as investments, bank account openings, or job applications, cardholders must verify the authenticity of the requesting entity.
4. Prevent Unauthorised Use: If a PAN cardholder notices any misuse of their PAN, they must take immediate action by notifying the concerned financial institution or tax authorities.
5. Avoid Using Multiple PANs: Holding multiple PAN cards is illegal and can attract penalties up to ₹ 10,000 under the Income Tax Act. If a cardholder possesses multiple PANs, they must surrender the additional one to the authorities. 

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Complying with Tax Laws and Filing Returns Promptly

PAN holders have a legal obligation to use their PAN in accordance with tax regulations and fulfil their tax-related responsibilities.

1. Filing Income Tax Returns (ITR) on Time: Individuals and businesses must file their tax returns before the due date to avoid penalties and maintain a clean financial record.
2. Providing PAN for Transactions: PAN must be provided for financial transactions exceeding prescribed limits, such as:
   • Depositing cash above Rs. 50,000 in a bank account.
   • Buying or selling property worth more than Rs. 10 lakh.
   • Investing in mutual funds, stocks, or bonds exceeding Rs. 50,000.
   • Making cash payments of Rs. 2 lakh or more for purchases.
3. Ensuring PAN-Aadhaar Linkage: Failure to link PAN with Aadhaar can lead to its deactivation, making it unusable for tax filing and financial transactions.
4. Maintaining Accurate Records: PAN holders must ensure that their financial and tax records are accurate and up to date to avoid discrepancies during tax assessments.
5. Responding to Tax Notices Promptly: If the Income Tax Department issues a notice regarding PAN-related issues, individuals must respond within the stipulated time frame to avoid penalties or legal complications.

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Conclusion

PAN cardholders can protect their financial identity and comply with tax laws effectively by understanding and adhering to their rights and responsibilities. Proper usage and safeguarding of the PAN card help prevent fraud, maintain financial security, and ensure seamless tax-related transactions.

Disclaimer 

This blog is purely for informational and educational purposes only. For latest information, please refer to official sources (like ITD or https://www.protean-tinpan.com/).

Also read

Learn all about PAN in 24 Questions 

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Discover the role of PAN in your tax saving! Save tax with PAN now!

PAN 2024 Developments: Being Adaptable, User-Friendly and Efficient

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NPS as a Smarter way to save with Seedha and Sayaani 

Notable references:

https://www.incometax.gov.in/iec/foportal/help/e-filing-generate-instant-e-pan-faq

https://incometaxindia.gov.in/Pages/faqs.aspx?k=FAQs

https://www.incometax.gov.in/iec/foportal/help/e-filing-link-aadhaar-faq

https://www.protean-tinpan.com/

https://incometaxindia.gov.in/Pages/tps/default.aspx#slidetarget2PAN

https://incometaxindia.gov.in/Documents/Why-you-should-have-pan.htm

https://incometaxindia.gov.in/Documents/about-pan.htm

https://www.protean-tinpan.com/faqs/online-pan-verification/faq-pan-verify-general.html

https://www.incometax.gov.in/iec/foportal/help/how-to-verify-pan

https://incometaxindia.gov.in/Pages/tax-services/online-pan-verification.aspx

Story by Bruhadeeswaran R.

Bruhadeeswaran has 15+ years of experience as a content strategist, communication, and editorial professional. Currently, he is leading an innovative content development process, translating complex B2B products into engaging, user-friendly narratives.