Pan/ Tan Card Application

What is Pan Card ?

Permanent Account Number (PAN) is a code that acts as an identification for individuals, families and corporates (Indian or Foreign), especially those who pay Income Tax. It is a unique, 10-character alpha-numeric identifier, issued to all judicial entities identifiable under the Indian Income Tax Act, 1961. An example number would be in the form of A008113003. It is issued by the Indian Income Tax Department under the supervision of the Central Board for Direct Taxes (CBDT) and it also serves as an important proof of identification.It is also issued to foreign nationals (such as investors) subject to a valid visa and hence, it is not acceptable as a proof of Indian citizenship.The PAN is mandatory for a majority of financial transactions such as opening a bank account, receiving taxable salary or professional fees, sale or purchase of assets above specified limits etc.; especially high-value transactions.

The primary purpose of the PAN is to bring a universal identification to all financial transactions and to prevent tax evasion by keeping track of monetary transactions, especially those of high-net-worth individuals who can impact the economy.The PAN is unique to each individual and is valid for the lifetime of the holder, throughout India. An important point to note would be that once issued, the PAN is not affected by a change of address.

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What is TAN ?

Tax Deduction and Collection Account Number (TAN) is a 10 digit [9427583067] number issued to persons who are required to deduct or collect tax on payments made by them under the Indian Income Tax Act, 1961. TAN is required to be quoted in all TDS/TCS returns, all TDS/TCS payment challans and all TDS/TCS certificates to be issued. TDS/TCS returns will not be accepted if TAN is not quoted and challans for TDS/TCS payments will not be accepted by banks. Failure to apply for TAN or not quoting the same in the specified documents attracts a penalty of Rs. 10,000 No documents are required to be filed with the application for allotment of TAN. However, where the application is made online, the acknowledgment (a PDF file) which is generated after filling up the form must be forwarded to NSDL. Detailed guidelines for the procedure are available at NSDL website. A TAN application should accompany a ‘proof of identity’ and a ‘proof of address’ (photocopies) of the deductor. In the case of online applications, these documents need to be sent over mail (post/courier) to NSDL – TAN Application division.

When NSDL receives the TAN application along with said documents (either through TIN FC / Online), the details are verified and then sent to the Income Tax Department. Once approved, the Department allocates a unique number, and notifies the applicant through NSDL.

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