what is pan card is – What is a PAN Card in Hindi, PAN Card The full name is Permanent Account Number. This is a unique identity card and it is considered very important in any kind of financial transaction. PAN Card There is a 10 digit alphanumeric number which is available from the income tax department.
What does the number on the PAN card mean? | What is PAN Card
PAN card is such a card, on which the permanent number written on it contains all kinds of information. The information hidden in these numbers is necessary for the Income Tax Department. Keeping this in mind, the department issues PAN card to every person. However, this information is not available to the PAN card holder. What is the complete information related to PAN card and Permanent Account Number printed on it? understand
Surname hidden in letters
The name and date of birth of the cardholder is written on the PAN card, but your surname is also hidden in the number of the PAN card. The fifth digit of the PAN card represents your surname. The Income Tax Department keeps only the surname of the cardholder recorded in its data. That’s why the account number also contains its information. However, the tax department does not give this information to the cardholder.
Monitoring is done from tax to credit card
PAN card number is a unique 10 digit number, which comes in the form of a laminated card. It is issued by the Income Tax Department to those people who apply for a PAN card. Once the PAN card is generated, all the financial transactions of that person are linked to the PAN card of the department. In these, tax payments, financial transactions done through credit cards are all under the supervision of some department.
The department decides the number
The first three digits of this number are English letters. It can be any letter from AAA to ZZZ. It is decided according to the latest running series. This number is decided by the department on its own.
The fourth digit of the PAN card number is also a letter in English. It tells the status of the PAN card holder. In this- it can be fourth digit… P- Single person F- Firm C- Company A- AOP (Association of Person) T- Trust H- HUF (Hindu Undivided Family) B- BOI (Body of Individual) L- Local J-Artificial Judicial Person G- stands for Govt.
The fifth digit made from the first letter of the surname
The fifth digit of the PAN card number is also one such English letter. This digit is the first letter of the PAN cardholder’s surname. It just depends on the holder. It is worth noting that only the last name of the holder is seen in this.
After this there are 4 numbers in the PAN card. These numbers can be anything from 0001 to 9999. These numbers of your PAN card represent the series that is currently running in the Income Tax Department. Its last digit is an alphabetic check digit, which can be any letter.
Where is PAN card necessary?
With the help of PAN card, you get ease in various financial transactions. With its help you can open bank account and demat account. Apart from this, it is also necessary for the purchase and sale of property. Actually, PAN card is necessary for filing income tax return along with taxable salary. Since the name and photograph are there on the PAN card, it also acts as an identity proof. Even though your address keeps changing, the PAN number does not change. PAN card is necessary to avoid tax deduction at higher rates. Actually, when you start FD with an amount of more than 50 thousand rupees, then photocopy of PAN card has to be given. In the absence of PAN, your TDS will be deducted at a higher rate.
Why is it necessary to have a PAN card? | What is PAN Card
PAN card is also necessary in these circumstances => purchase and sale of any vehicle other than two wheelers => bill of more than 25 thousand rupees at a time in a hotel or restaurant => 50 thousand to a company for the purchase of shares Payment of Rupees or more => Payment of more than Rupees five lakhs for purchase of Bullion or Jewelery => Purchase and sale of immovable property worth Rupees five lakhs or more => For deposit of more than Rs. During => Payment of more than Rs 25,000 in respect of foreign travel => Payment of Rs 50,000 or more to RBI for purchase of bonds => Over Rs 50,000 to a company or institution for purchase of bonds or debentures Payment => purchase of mutual funds