What Does the PAN Card Number Show About You? | ISH News

What is a PAN Number? Permanent Account Numbers (PAN) is a 10-digit unique alphanumeric number issued by the Income Tax Department. PAN is issued in the form of a laminated plastic card. It is commonly known as a PAN card. PAN enables the Income Tax department to identify/ link all transactions like tax payments, TDS, Income tax returns, transactions,investments, loans etc. PAN number is required by: Every person if his total income is assessable during the year exceeds the maximum amount By a charitable trust Every person who is carrying on any business or profession whose total sale, turnover, or gross receipts are or is likely to exceed five lakh rupees in any year Every person who intends to enter into specified financial transactions in which quoting of PAN is mandatory Some transactions which require PAN: Sale or purchase of a motor vehicle Opening an account with a bank including a demat account for shares and for issue of a credit or debit card. Payment in cash of an amount exceeding Rs. 50,000 to a hotel or restaurant or for purchase of any foreign currency Payment of an amount exceeding Rs. 50,000 to a Mutual Fund. For several other reasons. What does the PAN show? PAN is a 10-digit alphanumeric number which is a code containing some vital information about the PAN card holder. The income tax department has adopted a methodology in the naming of the PAN; it is not generated randomly by a computer. Every PAN contains 10 digits in a fixed combination of both alphabets and letters. The first 5 characters are always alphabets, followed by 4 numeric digits and ending again with an alphabet. Out of the first five characters, the first three characters represent the alphabetic series running from AAA to ZZZ. The fourth character of PAN represents the status of the PAN holder. "P" stands for Individual "C" stands for Company "H" stands for Hindu Undivided Family (HUF) "A" stands for Association of Persons (AOP) "B" stands for Body of Individuals (BOI) "G" stands for Government Agency "J" stands for Artificial Juridical Person "L" stands for Local Authority "F" stands for Firm/ Limited Liability Partnership "T" stands for Trust Fifth character of PAN represents the first character of the PAN holder's last name or surname in case of an individual. In case of non-individual PAN holders, the fifth character represents the first character of PAN holder's name. Next four characters are sequential numbers running from 0001 to 9999. Last character i.e. the 10 character is an alphabetic check digit which is based on a formula which takes into account the first nine digits. #PanCard #pancarddetails #documents #pancardonline #pancardonline #guidelines #IncomeTax #Awareness #IndiaSigningHands #ISH #ISHNews #ISL #IndianSignLanguage #SignLanguage ISH News broadcasts the Daily News and Entertainment online in Deaf-friendly accessible formats which are in Indian Sign Language (ISL), visual images with titles, voice-over and closed-captions. This ensures that we provide equal access to every individual, whilst promoting awareness. Follow us for all the latest News & Entertainment and to keep up-to date on all the happenings at ISH News: Facebook:   / ishnews   Twitter:   / ishnews_tv   Instagram:   / ishnews   Official Site: http://www.ishnews.tv/ Thanks for watching!! Favourites, Likes, Feedbacks & Shares are always appreciated.