The PAN, or the Permanent Account Number, is an alpha-numerical code that serves as identification for Indian nationals, especially those who are tax payers. Issued by the Indian Income Tax Department, supervised by the Central Board for Direct Taxes, the PAN serves as an important proof of identification.
For a majority of financial transactions in India, like the opening of a bank account, receiving a salary that is taxable, high-value transactions, etc., the PAN is mandatory.
The main purpose behind having a PAN is to bring universal identification to the financial transactions that are conducted, in an attempt to prevent tax evasion. The PAN is unique for every individual, and for the entire lifetime of the holder, it remains valid; and once issued, a change of address does not affect the PAN.
The PAN helps keep track of monetary transactions, especially the transactions conducted by high-net-worth individuals; transactions that may impact the economy. Quoting your PAN has become mandatory when you file your Income Tax returns, deductions, or anything else to do with the Income Tax department.
Issued under Section 139A of the Income Tax Act, the PAN card has the following details:
1. Your full name
2. Your father’s name
3. Your PAN
4. Your Signature
5. A photo
6. Beside the photo, written vertically are some numbers that denote the date of issue.
7. A hologram, right above the photo that proves authenticity of the card.
The PAN is a 10 character code that can be decoded as follows:
And finally, a word to the wise….
It is illegal for one individual or one entity to hold more than one PAN card. Any failure in complying with the provisions that have been provided under Section 139A of the Income Tax Act has a penalty of ₹ 10,000 for each default.
We are India's No.1 - Most Trusted Financial Services Brand, according to the Brand Trusted Report, 2017 & 2016 consecutively. We are also the largest Gold Financing Company in India in terms of loan portfolio, according to the 2015 update to the IMaCS Research & Analytics Industry Reports, Gold Loans Market in India, 2015 ("IMaCS Industry Report, (2015 Update)"). We provide personal and business loans secured by gold jewellery, or Gold Loans, primarily to individuals who possess gold jewellery but could not access formal credit within a reasonable time-frame, or to whom credit may not be available at all, to meet unanticipated or other short-term liquidity requirements.
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Customers in our portfolio