What is PAN?
Permanent Account Number (PAN) is a ten-digit alphanumeric identifier, issued by Income Tax Department.A Unique pan has been issued to each assessee (e.g. individual, firm, company etc.)This number is almost mandatory for financial transactions such as opening a bank account, receiving taxable salary or professional fees, sale or purchase of assets above specified limits. This number can be considered to be similar to Social security number issued in United States to citizens and other legal residents.
1-5 field are alpha(A to Z)
6-9 field are numeric(0-9)
10 field is alpha(A-Z)
The fourth character of the PAN must be one of the following, depending on the type of assessee:
- C — Company
- P — Person
- H — Hindu Undivided Family (HUF)
- F — Firm
- A — Association of Persons (AOP)
- T — AOP (Trust)
- B — Body of Individuals (BOI)
- L — Local Authority
- J — Artificial Juridical Person
- G — Govt
2.Fifth field of PAN denotes SURNAME
- In case of individual: Surname/last name(as given in pan application)
- for ex. in case of Ram Kumar(individual)
- 5th field will be "K"
- 4th field will be "P"
- In case of Ram Kumar Gupta(Individual)
- 5th field will be "G"
- 4th field will be "P"
- In case of All Other Assesees
- 5th field will be first letter of Name/first Name
- for ex : In case of Suresh Jindal (HUF)(confirmed)
- 5th field will be "S"(first letter of First name i.e Suresh)
- 4th field will be "H"(for Huf)
- for ex: in case of ABB LTD(confirmed)
- 5th field will be "A"(first letter of First name)
- 4th field will be "C"(for company)
Read more: http://www.simpletaxindia.org
No comments:
Post a Comment
Note: only a member of this blog may post a comment.