What is the full form of PAN?

The full form of PAN is Permanent Account Number. The Department of Income Tax issues PAN cards, which are ten-digit alphanumeric characters. PAN is made up of alphabetic and numeric digits. PAN cards are physical documents with the given PAN number that include the Organization Name, DOB, a photo that can be used as identification, and other regulatory requirements.

PAN Card Format

Information about the person, including name and date of birth (DOB) by KYC standards, is included in the PAN card format. The PAN card includes the following details.

• Individual’s Name
• Name of the applicant‘s father
• The applicant’s Birth Date. Registration date with the appropriate authority in the case of non-individuals.
• The PAN card is issued as AAAPL1234C. The PAN format’s first four characters are English characters, the following four are English numerals, and the last is a letter again.

Example: Consider a PAN card number ABCPNXXXXC

1. The fourth character of the ten-digit numbers reflects the holder status of the PAN number.

• P is an Individual
• C means Company
• H stands for the HUF (Hindu Undivided Family)
• A describes the AOP (Association of Persons)
• B stands for BOI (Body of Individuals)
• G symbolizes the Government Agency
• J stands for Artificial Judicial person
• L stands for local authority
• F reflects Firm or Limited Liability Partnership
• T symbolizes Trusts

2. The fifth character of the PAN 10-digit number corresponds to the first character of the Individual’s surname or last name. For non-individual 5th characters, describe the first letter of the name of the PAN cardholder name.
3. The sixth to ninth characters are numerals from 0001 to 9999.
4. The tenth character represents the alphabetic check digit.

Types of PAN

The various types of PAN cards are listed below:

• Individual
• Trust
• HUF – Hindu Undivided Family
• Company or Corporation
• Artificial Judicial Person
• Minor
• Society
• AOP – Association of person
• Firm or Limited Liability Partnerships

Necessary documents for PAN Card

The documents are expressly required for primary 2 purposes to prove proof of identity and address. Depending on the PAN form they are applying for, the following important documents are needed for PAN numbers.

1. Individuals

Required documents are

• Voter ID
• Driving licence
• Adhar card
• Passport

2. HUF (Hindu Undivided Family)

Required documents are

• An affidavit of Hindu Undivided Family on behalf of members, including DOB identification of the member and address proof of the members. 2. Companies
• Register certificate of the company issued by the register.

3. Trust

• Trust deed and registered certificate number issued by trust and charity commissioner.

4. Society

• Registered certificate number issued by the commissioner of cooperative society.

5. Foreigners

• Bank statement of residential country, passport, and bank statement of NRE account in India.

Importance of PAN Card

• PAN numbers are necessary for identity verification and income tax return filing.
• PAN numbers are necessary for banking transactions such as opening an account, applying for a loan or credit card, etc.
• A PAN is a necessary document for the sale or acquisition of a property costing more than Rs. 5 lakh.
• Having a PAN number is required for purchasing or selling vehicles, etc.