PAN Application
Paying taxes and launching a business is only possible by a Pan Card. Why wait when you can receive a PAN card at ICI instantly?
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Table Of Contents
Necessity & benefit of PAN
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Valid Identity Proof
The vital feature of PAN is that it serves as an identity proof through the nation. PAN is also allotted to Companies, Partnerships firms, LLPs and even non-residents who are liable to pay tax to the Indian Government -
Lower TDS rate applicability
Availability of PAN may also reduce the rate of TDS applicable to the payments you receive. Such as: If the individual has not linked his PAN with his bank account, and the annual interest earnings on savings deposits are more than Rs. 40,000/- then the bank would deduct 20% TDS instead of 10% -
Easy claims for Income tax refund
At times, the TDS from a taxpayer’s income is more than the actual tax liability. To claim the excess tax paid, the taxpayer must have PAN linked to his bank account -
Filing Income Tax Return
All eligible individuals and entities expected to file an income tax return are required to obtain PAN to file their tax returns
Related read:Income Tax Returns (ITR) AY 2021-22: Which ITR Form Should You File?
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Commencement of Business
To start a business, an organization or any other entity is mandatorily required to have a PAN registered in the name of its entity. Tax Registration Number (TRN) required for a business which is obtained only if the entity has a PAN -
Mandatory for opening a Bank account
All banks have made it mandatory for individuals and corporations to hold a PAN to open and operate a savings/current bank account in its name
Documents
- Documents required for Individual and Hindu Undivided Family (HUF)
- Proof of Identity (Anyone)
- Voter ID
- Aadhaar card
- Passport
- Driving License
- Ration card
- Pensioner card having a photograph
- Original Identity Certificate signed by the Member of Parliament or Member of Legislative Assembly
- Proof of Address (Anyone)
- Electricity bill (not older than 3 months)
- Passport
- Broadband connection bill (not older than 3 months)
- Bank account statement
- Voter ID card with photograph
- Post office passbook indicating the address of the applicant
- Credit card statement
- Latest order for property tax assessment
- Driving license
- Domicile certificate issued by Government
- Aadhar card
- Proof of Date of Birth (Anyone)
- Birth Certificate
- Passport
- Driving License
- Marriage Certificate (issued by Registrar of Marriages)
- Pension payment order
- Documents required in case other than Individual and HUF (i.e. Firms, Companies, BOI, AOP, Trust, Limited liability Partnership, etc.)
| Sr. No | Type of Applicant | Documents |
|---|---|---|
| 1. | Partnership firm | Copy of Partnership deed or certificate of registration issued by Registrar of firms |
| 2. | Limited Liability Partnership(LLP) | Registration Certificate copy issued by Registrar of LLPs |
| 3. | Company | Copy of certificate of registration as issued by Registrar of Companies |
| 4. | Association of Persons (Trust) | Deed of Trust and Certificate of Registration Number issued by Charity Commissioner |
| 5 | AOP, BOI, Local Authority or Artificial Juridical Person | Agreement Certificate of Registration Number Document originating from any Central/State Government establishing Identity and address of such person |
Related read: How To Choose Between A Private Ltd. Company And LLP?
How we can help you?
- The application for PAN can also be made online for which our team will complete the procedure for you:
- Submit a service request by clicking here
- Our expert team will contact you with a simple checklist
- Fill in the checklist and submit the required documents
- Our team experts will verify the documents
- Application for PAN will be filed with the authority
- PAN allotted
- Throughout the process, our dedicated manager will keep you updated on the progress of the application
FAQs
A valid PAN has validity for life-time throughout India. It is not affected by change/modification in address or change of Assessing Officer etc. However, any change/modification in the PAN database should be intimated to the Tax Department by furnishing the data in the form for “Request for New PAN Card or/ and Changes or Correction in PAN Data”.
No, if a PAN is allotted to a person, then he cannot apply for another PAN. A penalty of Rs. 10,000/- is liable to be imposed under Section 272B of the Income-tax Act, 1961 for holding more than one PAN at a time.
No, it is not mandatory for an individual to file an Income tax return till the time you become liable to file the return under Section 139 of Income Tax Act, 1961.
No, you may not be required to submit your original documents. However, if you are applying for a PAN offline, you will need to carry your original documents as they may require verifying the copies.
Speak to our experts who shall solve all your doubts.
Call us at +91 7738 066 334 or Mail us at info@indiacompanyincorporation.com
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