PAN, or permanent account number, is a unique 10-digit alphanumeric identity allotted to each taxpayer in India by The Income Tax Department.
Quoting of PAN is a pre-requisite in majority of financial transactions undertaken in India including registration with various Government agencies.
It is mandatory to quote PAN:
There can be higher tax incidence for residents and also non residents if they do not hold and quote valid PAN.
The PAN application can be done online as well as offline. Income tax department has appointed agents where applications can be submitted.
There are separate forms for resident s and non residents for application of PAN. The applications should be accompanied with specified documents, which are different in case of residents and non residents. Also the type of documents differs based on status of entity ie trusts / partnership firms / limited liability company / individual etc.
If the application is correctly filled and is accompanied by prescribed documents it normally takes 15 days to receive a valid PAN number.
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