Permanent Account Number (PAN) is a ten-digit alphanumeric number, issued in the form of a laminated card, by the Income Tax Department, to any “person” who applies for it or to whom the department allots the number without an application.
PAN enables the department to identify/ link all transactions of the PAN holder with the department. These transactions include tax payments, TDS/TCS credits, returns of income, specified transactions, correspondence etc, and so on. It facilitates easy retrieval of information of PAN holder and matching of various investments, borrowings and other business activities of PAN holder
The fourth character of PAN represents the status of the PAN holder: a. "P" stands for Individual b. "C" stands for Company c. "H" stands for Hindu Undivided Family (HUF) d. "A" stands for Association of Persons (AOP) e. "B" stands for Body of Individuals (BOI) f. "G" stands for Government Agency g. "J" stands for Artificial Juridical Person h. "L" stands for Local Authority i. "F" stands for Firm/ Limited Liability Partnership j. "T" stands for Trust
Sidvsthewind
Permanent Account Number (PAN) is a ten-digit alphanumeric number, issued in the form of a laminated card, by the Income Tax Department, to any “person” who applies for it or to whom the department allots the number without an application.
PAN enables the department to identify/ link all transactions of the PAN holder with the department. These transactions include tax payments, TDS/TCS credits, returns of income, specified transactions, correspondence etc, and so on. It facilitates easy retrieval of information of PAN holder and matching of various investments, borrowings and other business activities of PAN holder
The fourth character of PAN represents the status of the PAN holder:
a. "P" stands for Individual
b. "C" stands for Company
c. "H" stands for Hindu Undivided Family (HUF)
d. "A" stands for Association of Persons (AOP)
e. "B" stands for Body of Individuals (BOI)
f. "G" stands for Government Agency
g. "J" stands for Artificial Juridical Person h. "L" stands for Local Authority
i. "F" stands for Firm/ Limited Liability Partnership
j. "T" stands for Trust
#PAN #PANbreakdown #incometax #tax #financialliteracy #financialfreedom #ca #cs #icai #castudents #csstudents #education #updates #cash #knowledge #incometaxupdates #ril #pension #lic #instagram #huf #tds #seniorcitizen
3 years ago | [YT] | 2
View 0 replies