In India, the medium that the Government uses to identify the taxpayers of the country on a computer system is via a unique All-India number assigned to each individual that tracks all the financial activity of the particular individual such as refunds issued, taxes paid, any outstanding arrears, various financial transactions, and many others of the like. This unique number is commonly referred to as the PERMANENT ACCOUNT NUMBER a.k.a. PAN.
With the introduction of the internet, the process of PAN Card application has majorly made the process simpler and time-saving for the general populace. But do you have any idea how your unique number is generated and what does it stand for?! Have you ever wondered as to if the sequence of PAN Card Number has a structure or is it just a random set generated by the system? Well. Let me clarify that for you here so that you have a clearer picture while going through the PAN Card application online in future!
Under Section 139A of the Income Tax Act that was brought in effect in the entire country from 11th February 1998, a new series of PAN Card was introduced which is currently n practice. The major objective behind it is to initiate easy retrieval of information of the concerned person related especially to various investments made, or loans taken or any other business or financial activities conducted by the particular taxpayer.
The major structure of the PAN Card is based upon certain constant permanent parameters of the taxpayers while using the Phonetic Soundex code algorithm to ensure uniqueness.
The details mentioned on the PAN Card comprises of the holder’s personal information such as Full name of the taxpayer, date of birth or date of incorporation, status, gender in case of individuals, and Father’s name in case of individuals (including in the cases of
married ladies) which is a piece of must-have information in the filled PAN Card form. The system automatically generates 10 character PAN that uses the aforementioned pieces of information and works on the structure mentioned below in the image.
It is mandatry for every citizen of India who has a source of income and valid proof that is prescribed under the Income Tax Department should have a PAN Card and can apply for PAN Card online. It is a significantdocmument that is required during the Income tax return for oneself or on behalf of others.
Alankit arranges for PAN-related applications on behalf of the Income Tax Department through its country-wide chain PAN centers. You can go for PAN applications through Alankit’s online facility. Just visit Alankit’s website and follow the detailed form and instructions mentions explain the process to apply for PAN Card online.