PAN Card : 11 Interesting Facts

PAN(Permanent Account Number) is a ten-character alpha-numeric identifier, issued in the form of a laminated ‘PAN Card’. It is necessary for filing Income Tax Returns.

1. Around 43 Crore+ PAN Cards are allotted to individuals, 37% women & 63% male.
2. Even after Supreme Court declared it as mandatory to link Aadhaar to PAN by March 2019, till June approx. 56% people had only linked it.
3. For any transaction >2 Lakhs, like buying a jewellery or a car, you need to furnish your PAN.
4. Concept of PAN Card was introduced in 1972
5. To get a PAN Card, it is not mandatory to furnish your Father’s name – you can get PAN by just providing your mothers name as well.
6. Quoting PAN is essential while filing IT Returns, TDS or any communication with Income Tax Department.
7. PAN is becoming mandatory for opening a new bank account, new landline phone connection, purchase of foreign currency, bank deposits over ₹50000 etc.
8. If PAN is issued by NSDL, check the right hand side beside your picture, you can see the Date of Issue of PAN Card.
9. PAN is an important document for foreigners as well, if they intend to undertake business in India or wish to invest in India.
10. A PAN card is not a proof of Indian Citizenship.

Logic Behind Permanent Account Number Issued to you –

1. First 3 letters of PAN are allotted in random
2. Fourth letter conveys who the PAN Holder is – P(Person), F(Firm), C(Company), A(Association of Persons), H(Hindu Undivided Family), L(Local), T(Trust), G(Government related) & J(Artificial Judicial Person
3. 5^th Character is your 1^st character of your surname or 1^st letter of Name in case of HUF.
4. Next 4 digits in the PAN are random between 0001 & 9999
5. Last character is obtained by applying a particular formula to all the nine characters stated above

If you are struggling to re-issue or re-print your PAN Card refer to the article – https://blog.sortedai.com/diy/i-lost-my-pan-card/

Do check out Sorted AI App – to manage your personal & family’s documents at one place automatically.

Courtesy

https://en.wikipedia.org