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PAN Number: Apart from Aadhar Card, the most important document in India is Permanent Account Number (PAN Card) i.e. PAN, which is issued by the Income Tax Department.
Always the PAN card number is declared on this basis. PAN is a combination of 10 characters, which is quite unique. That is, no two people can have the same PAN number.
The Income Tax Department records tax-related transactions and information by any person with a PAN number, making it possible for the tax department to link and track all types of tax-related activities of any person. The PAN number is the database of any person's tax-related activities.
Generally speaking, PAN number acts as a database to record all the personal transactions of every individual, including collection of tax at source, deduction of tax at source, payment of income tax, income tax returns, etc.
Generally, PAN number enables the tax department to collect records of every tax related activity of any individual at one place.
What do the letters or digits in the PAN number mean? – Now understand how this compound is prepared? And how are all the 10 letters and numbers present in it determined?
The first three letters of the PAN number are taken from the English alphabet in a series, like ABC in the above example. These three letters can be anything between AAA to ZZZ.
The fourth letter of the PAN number indicates the status of the taxpayer. In the above example, the fourth letter is P, which stands for an individual taxpayer. Also, if the fourth letter in the PAN number is C, then it indicates a company.
Similarly, the fourth letter H means the taxpayer files income tax returns as a Hindu Undivided Family. Similarly, if the fourth letter of the PAN number is F, it indicates that the taxpayer is a firm.
The fifth character of the PAN number comes from the name of the taxpayer – The fifth letter of the PAN number is also a letter of the English alphabet, but it is the first letter of the taxpayer's surname, i.e. caste name or last name.
After this, four digits of the PAN number are entered, which can be any number between '0001' '9999' at random.
The last letter of the PAN number is again an English letter, which can be anything from A to Z randomly.