The PAN. Ten characters that follow your money.
Front
The PAN
Ten characters that follow your money
The permanent number tying every financial record to one person.
Back
A Permanent Account Number is ten characters issued by the Income Tax Department, and it never changes. Its job is to tie your bank account, salary, investments, and large purchases to one identity, so income can be matched against spending. It is required for a bank account, a demat account, and most large transactions.
- The fourth character says what kind of holder it is. P is an individual, C a company, H a Hindu Undivided Family, F a firm.
- Holding two PANs is an offence carrying a penalty. If a second one was ever issued by mistake, it has to be surrendered rather than ignored.
Income Tax Act, Section 139A
Keep exploring
Because you read The PAN.
The Nominee
One line that saves a family months
The person an institution may hand your holdings to when you die.
The Passport
A request from your country to another
The document that asks other states to let you pass, and take you back.
The Agreement
Eleven months, and the reason for it
The written terms of a deal, and the formalities that make them stick.