The Permanent Account Number (PAN) card has become one of the most essential documents to have.
Issued by the Income Tax Department, PAN consists of a 10-character alphanumeric number and serves as an identity proof. Nowadays, PAN is necessary for all major financial transactions.
While everyone does know a few things about it, here are some lesser-known, interesting facts to know about PAN card.
There is no minimum or maximum age requirement to apply for PAN card allotment. It can be issued to all citizens; even minors can get a PAN card provided they furnish the required documents.
A PAN card can be issued to an NRI, a foreigner, or a foreign company, too, if they intend to enter into a financial transaction in India.
Those applying for a PAN can also get it allotted on a priority basis. All they have to do is submit their PAN allotment application online (on NSDL or UTIITSL website) and pay the processing fee for the PAN card through a nominated credit card.
Earlier, applicants were required to furnish father's name in PAN application form which was also printed on the PAN card.
However, as per a new rule which came into effect on 5 Dec'18, applicants can now choose whether they want the name of their father or mother on the card.
If the applicant's mother is a single parent, furnishing father's name isn't mandatory.
The 10-character unique alphanumeric PAN has alphabets as the first five characters, followed by four numerical digits and an alphabet.
The fourth character of PAN reveals the cardholder's status: P for a person, C for companies, F for firms, A for associations, T for trusts and so on.
Meanwhile, the fifth character of a PAN represents the first letter of the cardholder's surname.
PAN card holders can easily know their PAN issue date too; the vertical digits printed on the lower-right side of a card, next to the cardholder's photo reveal the date (in DDMMYYY format) on which that particular PAN was issued by the Income Tax Department.
Love Business news?
Subscribe to stay updated.