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Permanent account number (PAN) is a 10 digit alphanumeric number that is issued by the Income tax department to every person who filed an application in this regard.� Through PAN card number the taxpayer is connected with the tax department. It is a mandatory requirement for the incorporation of various forms of the company like the private limited company, public limited company and one person company etc.�
As per the Income Tax Act, 1961 it is mandatory for individuals and any form of entity to generate a PAN number while the payment of counterpart in India. Any person that fail to do so will be charged with the concealing tax which can be at the rate of more than 30% of the total invoiced payment i.e. the government will deduct tax at the highest rate possible.
Also, having a valid PAN number will grant benefits while paying the invoices, income tax returns and remittances to the holders.
Documents required
Following documents are required for obtaining a PAN card number-
Following steps shall be undertaken to acquire a PAN card-
Hey there, I'm Dushyant Sharma. With the extensive knowledge I've gained in past 8 years, I have been creating content on various subjects such as banking, insurance, telecom, and all the important registration and licensing processes for various companies. I'm here to help everyone with my expertise in these areas through my articles.