PAN stands for Permanent Account Number, issued by the Income Tax Department of Government of India. It is used to identify all financial transactions by an entity. It is essential to register a business, open a current bank account and conducting business transactions.
Structure of PAN Card
PAN card contains information such as an identity, age proof and also complies with the Know Your Customer (KYC) guidelines.
PAN card details are as follows:
Name of the cardholder – Individual/ Company
Name of the father of the cardholder – Applicable for individual cardholders.
Date of birth – the cardholder’s date of birth in case of an individual or date of registration is mentioned in case of company or firm.
PAN Number – It is a 10 letter alpha-numeric number and each character represents distinct information of the cardholder.
First three letters – are purely alphabetical in nature and contain three letter of the alphabet from A to Z.
The fourth letter – this represents the category of the taxpayer. The various entities and their respective characters are as follows:
A – Association of Persons
B – Body of Individuals
C – Company
F – Firms
G – Government
H – Hindu Undivided Family
L – Local Authority
J – Artificial Judicial Person
P – Individual
T – Association of Persons for a Trust
The fifth letter – the fifth letter is the first letter of the individual’s surname
Remaining letters – remaining characters are random. The first 4 characters are numbers while the last one is an alphabet.
Signature of the individual – PAN Card also acts as a proof of the individual’s signature required for financial transactions.
Photograph of the individual – PAN acts as a photo identity proof of the individual. In case of companies and firms, no photograph is present on the card
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