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Friday, December 25, 2015

Know your PAN

 08-1431084190-22-1429679058-pan
 

What is a PAN?

PAN, or Permanent Account Number is a unique 10 digit alphanumeric that is given to each taxpayer by the Income Tax Department. It is a mandatory requirement for all financial transactions such as receiving salary, investing in mutual funds and also purchasing assets above a certain specified limit. The number helps track financial transactions and thereby prevent tax evasion.

Explaining the 10 digits…

The first 5 characters of the PAN are letters and the next 4 numbers, and the last one is an alphabet. The meaning of each number has been explained further.

  • First three characters are alphabetic series running from AAA to ZZZ as issued by IT Department.
  • 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 — 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.

 

Who needs to have a PAN?

  • Anybody who earns a taxable income in India, including foreign nationals who pay taxes here. NRI's who wish to invest in India also require a PAN.
  • Anybody who runs a business (be it retail, services or consultancy) that had total sales, turnover or gross receipt exceeding Rs 5 lakh in the previous financial year.

Some common transactions that require a PAN include purchase of a vehicle other than a two-wheeler; sale of purchase of immovable property above Rs.5 lakh or more; any mutual fund purchase.

Best Tax Saver Mutual Funds for 2016 or Top ELSS Mutual Funds in india for 2016

1. BNP Paribas Long Term Equity Fund

2. Axis Tax Saver Fund

3. IDFC Tax Advantage (ELSS) Fund

4. ICICI Prudential Long Term Equity Fund

5. Religare Tax Plan

6. Franklin India TaxShield

7. DSP BlackRock Tax Saver Fund

8. Birla Sun Life Tax Relief 96

9. Reliance Tax Saver (ELSS) Fund

10. HDFC TaxSaver

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For further information contact Prajna Capital on 94 8300 8300 by leaving a missed call

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