PAN is the acronym for Permanent Account Number. It is the identification number issued by the Income Tax Department of India for individuals, firms, companies, limited liability partnerships, an association of persons, trusts, a body of individuals, artificial juridical persons, and even non-residents. A PAN card is proof of identity approved by the Government of India. 

Know About The Structure Of A Pan Number

A PAN number is a 10-digit alphanumeric number. A typical PAN number looks like AAAPS1234H
  • The first 3 digits are randomly allotted alphabets.
  • The fourth digit represents the constitution of the PAN holder.
  • P stands for Individuals or Proprietors
  • F stands for Partnership firms and Limited Liability Partnerships
  • C stands for both private and public limited companies
  • H stands for Hindu Undivided Family
  • A stands for Association of Persons
  • T stands for Trusts
  • The fifth digit is the first alphabet of your last name or the name of your business.
  • The last 5 digits are also randomly allotted.

Authorised Institutions For Processing PAN Card Applications

The Income Tax Department has authorised National Securities Depository Limited’s Protean and UTI Infrastructure Technologies Private Limited (UTITSL) to process PAN card applications.

Protean and UTITSL have a network of facilitation centres across the country to process physical PAN applications.

 

Form To Be Submitted

  • Form 49A - Application for new PAN card for Indian citizens
  • Form 49AA - Application for new PAN card for foreign citizens

 

Details To Be Filled In A Pan Application Form For Business

AO code

AO code is issued based on the residential or official address of your business. You can find it through the AO code search panel on Protean.

Last name (Applicable only for a proprietorship)

The actual name. For example, if you are Priya Hemesh and Hemesh is your surname. You should enter Priya as your last name in a PAN application form. Only then the fifth digit of your PAN number will be the first alphabet of your name.

First name (Applicable only for a proprietorship)

Father’s name

Name of your business

Name of your firm or company or AoP, BoI, Trusts, AJP, HUF.

Date of Birth or Date of Incorporation

The date is available in the supporting documents.

Residential Address (Applicable only for a proprietorship)

The address in the supporting document and the detail in the application form should match.

Office Address

The address in the supporting document and the detail in the application form should match.

Registration Number

LLP identification number for LLPs, CIN for companies, Society registration number for AOPs

Telephone Number

Email ID

  

 

Documents To Be Submitted With A Pan Application Form For Business

For Individuals or Proprietors

  

Proof of Identity

Aadhar card

Voter ID card

Driving licence

Passport

Ration card

Pensioner card

Proof of Address

Aadhar card

Voter ID card

Driving licence

Passport/ Spouse’s passport

Post office passbook

Latest 3 months’ utility bills

Latest 3 months’ bank or credit card statement

Proof of date of birth

Aadhar card

Voter ID card

Driving licence

Passport

Birth certificate

SSLC or Matriculation certificate

Pension Payment Order

Marriage certificate

Photograph

Two stamp size latest colour photographs

For other forms of business (own office in India)

  

Partnership firms

Certificate of registration by Registrar of firms

Copy of partnership deed

Limited Liability Partnership 

Certificate of registration by the Registrar of LLPs

Company

Certificate of Incorporation by Registrar of companies

AOP, BOI, AJP

Copy of trust deed

Copy of certificate of registration by Charity Commissioner

For other forms of business (own office in other countries)

Copy of certificate of registration of the country duly attested by the embassy or by Notary Public in India

Fee For Getting A PAN Card For Your Business 

Physical PAN card to an Indian address

Rs 101

Physical PAN card to a foreign address

Rs 1,011

e-PAN card 

Rs 66

 

Application Process

Online

  • You can visit the official website of Protean and UTITSL for making an online application.
  • Click on “Apply for a new PAN card”.
  • Enter all the required details in Form 49A.
  • Pay the applicable processing fee online or by a demand draft in the name of the issuing authority.
  • Once the payment is successful, 
  • Take a printout of the application form
  • Paste your recent 2 colour stamp-size photographs (applicable only for individuals)
  • Sign within the signature box in black ink (individual for sole proprietor, authorised signatory for other forms of business) and sign across the photograph (only for individuals)
  • Dispatch the application form along with all the supporting documents and demand draft (if applicable) to the issuing authority.
  • The application can also be digitally signed by the authorised signatory of your business.
  • Aadhar-enabled KYC is available for individuals where the Aadhar data is verified from UIDAI. If the verification is successful, there is no need to send any documents physically. The supporting documents can also be uploaded online.

 

Offline

You can visit the authorised facilitation centres of Protean and UTITSL and make an application.

Application Turnaround 

The PAN card is issued within 14 days of the application provided all the details and supporting documents are in order.

Your PAN Card for Business 

You will receive the blue plastic card from the Income Tax Department of India along with a cover letter. 

The card will contain the 

  • 10-digit PAN number
  • Name of your business, Name of the proprietor (in case of a proprietorship)
  • Date of Incorporation, Date of Birth (in case of a proprietorship)
  • Father’s name (only for a proprietorship)
  • Your photo (only for individuals/proprietorship)
  • Your signature (only for a proprietorship)

Benefits Of Having A Pan Card

  • Essential for filing an income tax return
  • Proof of identity for various applications
  • Acts as identification or reference number for all financial transactions
  • Required to open a Demat account
  • GST number and IEC code are issued only on the basis of your PAN number.

 

FAQ of How to get a pan card for your business

1:I’m a sole proprietor. Can I get a PAN card in my business name?

No. The PAN card for a proprietorship business is issued in the name of the proprietor.

2:Can I get two PAN cards for my business?

No. It is a punishable offence under Section 272B of the Income Tax Act, 1961. A penalty of Rs 10,000 is applicable.

3:We have lost the PAN card of our company. What should we do?

You can apply for a new PAN card for the same PAN number in Form 49AA and submit the necessary supporting documents.

4:What are the consequences of not holding a PAN card?

Tax will be deducted at a higher rate. You will not be able to make various important financial and business transactions like the purchase of motor vehicles, shares, foreign travel etc.

5:How to get a business PAN card within a week?

You can apply via digital signature mode and it is the fastest processing route for a PAN card. The PAN will be allotted within 2 to 3 days.