Income tax is imposed by the Government of India in the year 1961 on every citizen of India and the tax liable on every individual is determined by the total income of the individual from various sources. For the proper identity of the individual paying tax the Tax Department of India has issued the income tax pan card in order to keep a record of the details of the tax payer. The jurisdiction is the Indian Income Tax Department. Its headquarters are located in New Delhi. PAN stands for Permanent Account Number. It is a national identification number, which is unique to every individual and also plays an important role in providing an identity proof for the individual. Income tax pan card is a universal identification for every individual that helps the individual to keep away from any kind of hassles in monetary transactions. The PAN card number is unaffected from any kind of change in address or location of the individual.
The PAN structure is made up of the alphabets and digits. For instance, AAAAA9999A. The first five characters are the 5 alphabets, 4 digits and at last the 10th character is an alphabet. If the PAN does not follow the above sequence of characters, then the PAN is considered to be invalid. This might cause problems to the assesse. The fourth character should always be one of the following characters:
- C - Company
- H – Hindu Undivided Families (HUFs)
- P – Person
- A – Association of the individuals
- T- trust
- L - Local authority
- G - Government
The fifth character of the PAN is the first character. The income tax PAN card provides the individual a certificate for his identity and prevents him from any kind of cheating or crime. While executing an online transaction, an individual should submit the correct PIN (Personal Identification Number). So before going forward in any kind of online payments for the PAN applications kindly take the PIN from the bank branch. Always remember that the application form is considered when you do not have a PAN card or when you have not been allotted a PAN card. The applicant can confirm whether you have allotted a PAN card or not from the website of Income Tax Department (ITD). The transaction status enquiry can be made when the applicant has carried out the online payment via Netbanking/ Debit /Credit Card. By this, you can ensure the successful payment via online or else you can send the payment via check / D.D. And then the proof of the payment in the form of receipt can be achieved within a month.
May 19th, 2012 by Slab | Comments (2)