What is PAN?
PAN or Permanent Account Number is a 10 character alpha-numeric code issued by the Income Tax Department in the form of a laminated card. The PAN is used to track and manage all Income Tax Assesses by Income Tax Department. Once a PAN Card is issued, no continued compliance filings are necessary and it is valid for lifetime of the entity.
In addition to being a nationalized Identity card, PAN Card is compulsory for:
Opening of Saving/ Current account
Filing of ITR (Income Tax Return)
TDS and TCS transactions
Address proof (Copy of Aadhar Card or other address proof, in case of individual)
Photograph (Two passport size photograph, in case of individual)
Birth Certificate (Copy of Birth Certificate, in case of Minor)
Proof from Parents (ID proof and Address proof of any of the parent)
Certificate of Incorporation (CoI in case of company and LLP)
Agreement (Agreement in case of LLP and Partnership Firm)