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What is PAN Card | Why is it necessary to have PAN Card
Permanent Account Number [PAN] is a code that acts as identification of Indians, 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 AAAPL1234C. 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. Like the Aadhaar Number and Driving License, 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 life time 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.
PAN is a 10 digit alpha numeric number, where the first 5 characters are letters, the next 4 numbers and the last one a letter again. These 10 characters can be divided in five parts as can be seen below.
The meaning of each number has been explained further.
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 life time 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.
PAN Details
PAN is a 10 digit alpha numeric number, where the first 5 characters are letters, the next 4 numbers and the last one a letter again. These 10 characters can be divided in five parts as can be seen below.
The meaning of each number has been explained further.
- First three characters are alphabetic series running from AAA to ZZZ
- Fourth character of PAN represents the status of the PAN holder.
- C — Company
- P — Person
- H — HUF(Hindu Undivided Family)
- F — Firm
- A — Association of Persons (AOP)
- T — AOP (Trust)
- B — Body of Individuals (BOI)
- L — Local Authority
- J — Artificial Juridical Person
- G — Government
- Fifth character represents first character of the PAN holder’s last name/surname.
- Next four characters are sequential number running from 0001 to 9999.
- Last character in the PAN is an alphabetic check digit.
Nowadays, the DOI (Date of Issue) of PAN card is mentioned at the right (vertical) hand side of the photo on the PAN card.
Rule 114B lists down the documents in which PAN is required to be quoted while entering into specified transactions/activities. Persons who do not have PAN are exempted from quoting PAN on furnishing a declaration in Form 60. Rule 114C lists the persons to whom section 139A does not apply. These are persons who have agricultural income by furnishing declaration in Form 61, non-residents, and Central Govt./State Govt. and Consular offices, where they are payers. Penalty of Rs.10,000/- is imposable u/s 272B for failure to comply with the provisions of section 139A.
2. Application for new PAN Card or/and Changes or Corrections in PAN Data : Those who have already obtained the PAN and wish to obtain the new PAN card or want to make some changes/corrections in their PAN data, are required to submit their applications in the following form prescribed by ITD
'REQUEST FOR NEW PAN CARD OR/AND CHANGES OR CORRECTION IN PAN DATA’ : The same form can be used by Indian as well as foreign citizens. A new PAN card bearing the same PAN but updated information is issued to applicant in such case.
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Why is it necessary to have PAN Card ?
It is mandatory to quote PAN on return of income, all correspondence with any income tax authority. From 1 January 2005 it will be mandatory to quote PAN on challans for any payments due to Income Tax Department. It is also compulsory to quote PAN in all documents pertaining to the following
financial transactions :
financial transactions :
- sale or purchase of any immovable property valued at five lakh rupees or more.
- sale or purchase of a motor vehicle or vehicle, [the sale or purchase of a motor vehicle or vehicle does not include two wheeled vehicles, inclusive of any detachable side-car having an extra wheel, attached to the motor vehicle.
- a time deposit, exceeding fifty thousand rupees, with a banking company.
- a deposit, exceeding fifty thousand rupees, in any account with Post Office Savings Bank.
- a contract of a value exceeding one lakh rupees for sale or purchase of securities.
- opening a bank account.
- making an application for installation of a telephone connection (including a cellular telephone connection).
- payment to hotels and restaurants against their bills for an amount exceeding twenty-five thousand rupees at any one time.
- payment in cash for purchase of bank drafts or pay orders or banker’s cheques for an amount aggregating fifty thousand rupees or more during any one day.
- deposit in cash aggregating fifty thousand rupees or more with a bank during any one day.
- payment in cash in connection with travel to any foreign country of an amount exceeding twenty-five thousand rupees at any one time.
PAN – LEGAL FRAMEWORK
The legal authority for allotment and use of the new series of PAN is derived from Section 139A of the Income-tax Act, 1961. This section lays down the framework for PAN, e.g, who is required to apply for PAN, who else can apply for PAN, who will allot PAN, transactions where PAN is required to be quoted, use of PAN in TDS certificates and TDS returns, that one person can have only one PAN and the manner
of applying for PAN.
of applying for PAN.
The manner of applying for PAN is laid down in Rule 114 of the Income-tax Rules, 1962. This rule, amended in 2003, also specifies the copies of documents required to be submitted along with the PAN application as proof of identity and address of the PAN applicant.
Rule 114B lists down the documents in which PAN is required to be quoted while entering into specified transactions/activities. Persons who do not have PAN are exempted from quoting PAN on furnishing a declaration in Form 60. Rule 114C lists the persons to whom section 139A does not apply. These are persons who have agricultural income by furnishing declaration in Form 61, non-residents, and Central Govt./State Govt. and Consular offices, where they are payers. Penalty of Rs.10,000/- is imposable u/s 272B for failure to comply with the provisions of section 139A.
PAN application forms
There are two types of PAN applications:
1. Application for allotment of PAN : This application form should be used when the applicant has never applied for a PAN or does not have PAN allotted to him. Applicant may visit ITD’s website www.incometaxindia.gov.in to find whether a PAN has been allotted to him or not.
Following forms have been notified by ITD for submitting applications for allotment of new PAN:
FORM 49A : To be filled by Indian citizens including those who are located outside India.
FORM 49AA : To be filled by foreign citizens.
1. Application for allotment of PAN : This application form should be used when the applicant has never applied for a PAN or does not have PAN allotted to him. Applicant may visit ITD’s website www.incometaxindia.gov.in to find whether a PAN has been allotted to him or not.
Following forms have been notified by ITD for submitting applications for allotment of new PAN:
FORM 49A : To be filled by Indian citizens including those who are located outside India.
FORM 49AA : To be filled by foreign citizens.
2. Application for new PAN Card or/and Changes or Corrections in PAN Data : Those who have already obtained the PAN and wish to obtain the new PAN card or want to make some changes/corrections in their PAN data, are required to submit their applications in the following form prescribed by ITD
'REQUEST FOR NEW PAN CARD OR/AND CHANGES OR CORRECTION IN PAN DATA’ : The same form can be used by Indian as well as foreign citizens. A new PAN card bearing the same PAN but updated information is issued to applicant in such case.
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Sunday, 14 June 2015
SSC CHSL Notification 2015 Total 6578 Vacancies | Department of Posts PA/SA 3523 Vacancies
SSC CHSL 2015 notification is out for total of 6578 vacancies to fill Group "C” posts of Postal Assistant / Sorting Assistant &
Data Entry Operator in Pay Band-1, Grade Pay Rs. 2400 and Lower Division
Clerk & Data Entry Operator in Pay Band-1, Grade Pay Rs.1900 in
various Central Government Ministries / Departments / Offices. Department of Posts [DoP] is also recruiting this
time through CHSL 2015.
Tentative vacancies for the post of Postal Assistant / Sorting Assistant, LDC and DEO are 3523, 2049 and 1006 respectively. This is mentionable that DoP has its own recruitment test before this. Here, we are sharing some information regarding PA/SA. This is first time that DoP is recruiting through SSC.
Tentative vacancies for the post of Postal Assistant / Sorting Assistant, LDC and DEO are 3523, 2049 and 1006 respectively. This is mentionable that DoP has its own recruitment test before this. Here, we are sharing some information regarding PA/SA. This is first time that DoP is recruiting through SSC.
- Sorting assistant [SA] works in RMS [Railway Mail Service] on railway stations which has no public dealing, but only has sorting of mails and work is done in shifts, whereas
- Postal Assistant [PA] is regular 9 to 5pm job at post office, no shift work and has public dealing like banks.
- It is also mentionable that PA/SA both posts have equivalent salary and promotion chances after 4years of service via departmental paper for the post of Inspector of Posts.
- PA/SA is equivalent to clerk in banks but has better salary [Rs.22000 to 23000 initially] compared to bank clerks [Rs.17000 to 18000 initially].
- Postal Assistant/Sorting Assistant : PB -1 (Rs. 5200-20200) Grade Pay 2400
- Data Entry Operator : Pay Band-1 (Rs. 5200-20200), Grade Pay Rs. 2400
- Data Entry Operator : Pay Band-1(Rs. 5200-20200), Grade Pay Rs. 1900
- Lower Division Clerk : Pay Band -1 (Rs. 5200-20200), Grade Pay Rs. 1900
No. of Vacancies
- Postal Assistant [PA] or Sorting Assistant [SA] : 3523
- Data entry Operator [DEO] : 1006
- Lower Division Clerk [LDC] : 2049
Educational Qualifications :
- Candidate must have passed 12th Standard or equivalent examination from a recognized Board or University as on 01.08.2015
- AGE LIMIT : 18-27 years as on 01.08.2015 (Candidates born not before 02-08-1988 and not later than 01-08-1997). Age relaxation as per govt rule.
Pattern of Examination :
The exam will comprise of a written objective type Examination followed by Data Entry Skill Test/Typing Test.
Examination Fee :
- Rs. 100/- for general category male candidates.
- No fee for SC/ST/PH/Women and Ex-Serviceman.
- Fee will be paid only in the form of "Central Recruitment Fee Stamps (CRFS)". These stamps are available at the counter of all Departmental Post Offices of the country.
- If you are applying Online, payment can be through Net Banking with SBI.
- The candidates submitting their applications on-line should pay the requisite fee only through State Bank of India either in the form of challan or net-banking.
How to Apply :
- Application in the prescribed format should be send to the Regional / Sub Office of the SSC depending upon the choice of the exam center by the candidates.
- Candidates can apply Online at SSC Website http://ssconline.nic.in up to 10/07/2015 for Part-I and up to 13/07/2015 for Part-II registration only.
Closing Date :
- Last date for filling of the application is 13/07/2015 (5PM).
- 20/07/2015 for the candidates of far-flung areas.
Examination date :
Exam Date is 1st, 15th & 22nd November 2015
Download Offline Application format : Click Here
Read full post in Hindi and Punjabi : ਪੰਜਾਬੀ ਅਤੇ ਹਿੰਦੀ ਵਿੱਚ ਪੜਨ ਲਈ ਇੱਥੇ ਕਲਿੱਕ ਕਰੋ
Notification in Hindi and Punjabi : Click Here
Punjab PA/SA, MTS VAcancies in Postal Department under Sports Quota : Click Here
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Punjab PA/SA, MTS VAcancies in Postal Department under Sports Quota : Click Here
IBPS RRB IV Notification 2015 is out now : Click Here
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