A Permanent Account Number or PAN, as it is commonly known should be owned by every taxpayer in the country and anyone who wishes to do business in India. The government has made it mandatory for entities to quote PAN for a number of transactions and anyone indulging in these transactions should compulsorily have a PAN.




Pan Card

The Income tax Department has mandated that all tax paying entities register and possess a PAN card. While this applies to individuals, companies, partnership firms, NGO's as well as foreign firms also come under the purview of this directive. As a result, PAN cards are issued for individuals as well as companies. A taxpayer or assessee can apply for a PAN on behalf of others, including minors. PAN stands for Permanent account number and is 10 digit alphanumeric number which is allotted by the Income Tax department to the person who applies for the same. PAN can be applied online.Further, requests for changes or correction in PAN data may also be made online. If you want to make changes in the existing PAN such as change in name , date of birth etc, you can apply for it online. The procedure is almost the same as you apply for new PAN except in case of corrections in PAN, you also need to submit the documents to support th change required in PAN.