Types of PAN Cards

Explore the diverse types of PAN cards issued in India, catering to individuals, companies, and foreigners for various financial and tax-related purposes.
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Types of PAN Cards
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3 mins read
05-Jul-2024

The Permanent Account Number (PAN) card is a crucial document for all tax-paying entities in India. It serves as an identification for individuals and entities engaged in financial transactions and is mandatory for various purposes such as filing income tax returns, opening bank accounts, and more. The Income Tax Department issues different types of PAN cards to cater to various categories of tax-paying entities in India. Each type of PAN card is tailored to the specific requirements of the entity it is issued to, ensuring accurate tracking of financial activities and tax compliance.

How many types of PAN cards are there?

There are several types of PAN cards issued to different tax-paying entities in India. These include:

  • Individuals, including minors and students
  • Hindu Undivided Family (HUF)
  • Companies
  • Partnership Firms
  • Limited Liability Partnerships (LLP)
  • Trusts
  • Societies
  • Associations of Persons (AOP)
  • Bodies of Individuals (BOI)
  • Foreigners

PAN card for resident Indians

All individuals residing in India, including minors and students, can apply for a PAN card. This extends to Hindu Undivided Families (HUF), where the karta or head of the family applies on behalf of the HUF. Additionally, partnership firms, trusts, companies, and Limited Liability Partnerships (LLP) must also obtain a PAN card. These entities require a separate PAN card as they are considered distinct legal entities from their owners. Having a PAN card is essential for conducting various financial transactions and for tax compliance.

PAN card for foreigners

Foreign residents and entities incorporated outside India are also eligible for a PAN card. To apply, they must use Form 49AA, the application form designated for foreign residents and entities. The form can be downloaded from the official websites of Protean eGov Technologies Limited or UTIITSL. Once the form is completed with accurate details and the required documents are attached, it can be submitted for processing. This enables foreign entities to conduct financial transactions in India and ensures compliance with Indian tax laws.

PAN card for companies/trusts/partnership firms

Entities such as companies, trusts, and partnership firms must apply for a PAN card to conduct business and comply with tax regulations in India. The application process for a partnership firm, for example, requires several documents, including:

  • Partnership deed
  • Digital signature certificate (DSC) of the authorised partner
  • Proof of address of the office, such as a rental agreement, sale deed, NOC from the owner, or utility bills not older than three months
  • Proof of identity and address of all partners
  • Certificate of registration of the partnership firm

PAN card for foreign companies

Foreign companies or foreign applicants wishing to obtain a PAN card in India must complete Form 49AA and submit it along with necessary documents for verification. This includes a copy of the registration certificate issued in India or approval granted by Indian authorities to set up an office in India. This process ensures that foreign companies can conduct business in India while adhering to the country's tax regulations.

Conclusion

PAN cards are indispensable for all entities engaging in financial transactions in India, be they individuals, companies, or foreign entities. Different types of PAN cards cater to the varied needs of these entities, ensuring a streamlined and efficient process for tax compliance. From resident individuals and companies to foreign entities, having a PAN card is essential for conducting business and complying with Indian tax laws. The structured issuance and management of PAN cards by the Income Tax Department facilitate the smooth functioning of financial activities and help maintain a robust tax system in India.

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Frequently asked questions

Can I have 2 PAN cards with same PAN number?
No, you cannot have two PAN cards with the same PAN number. Each PAN number is unique and is meant to be held by one individual or entity. Possessing more than one PAN card is illegal and can lead to penalties under the Income Tax Act.
Can I use my minor PAN card after 18 years?
No, a PAN card issued in a minor's name cannot be used as proof of identification after they turn 18 because it lacks the individual’s photograph and signature. Once the minor reaches the age of 18, they must request an update or correction to include their photograph and signature.
What is the time limit for PAN card application?
The processing of a PAN card application usually takes about two weeks. This period includes the verification of the application and the dispatch of the PAN card, provided the application is complete and correct in all respects.
How long is PAN valid?
A PAN card is valid for life once issued. It does not require renewal and remains valid throughout the cardholder's lifetime. A PAN card can only be revoked upon the death of the cardholder.
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