5 lesser-known facts about PAN card everyone should know

5 lesser-known facts about PAN card everyone should know

The Permanent Account Number (PAN) card has become one of the most essential documents to have.

Issued by the Income Tax Department, PAN consists of a 10-character alphanumeric number and serves as an identity proof. Nowadays, PAN is necessary for all major financial transactions.

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While everyone does know a few things about it, here are some lesser-known, interesting facts to know about PAN card.

Anyone can apply for PAN, including minors and foreigners

There is no minimum or maximum age requirement to apply for PAN card allotment. It can be issued to all citizens; even minors can get a PAN card provided they furnish the required documents.

A PAN card can be issued to an NRI, a foreigner, or a foreign company, too, if they intend to enter into a financial transaction in India.

Furnishing father’s name in PAN application not mandatory

Earlier, applicants were required to furnish father’s name in PAN application form which was also printed on the PAN card.

However, as per a new rule which came into effect on 5 Dec’18, applicants can now choose whether they want the name of their father or mother on the card.

If the applicant’s mother is a single parent, furnishing father’s name isn’t mandatory.

The 10-digit alphanumeric PAN reveals cardholder’s information

The 10-character unique alphanumeric PAN has alphabets as the first five characters, followed by four numerical digits and an alphabet.

The fourth character of PAN reveals the cardholder’s status: P for a person, C for companies, F for firms, A for associations, T for trusts and so on.

Meanwhile, the fifth character of a PAN represents the first letter of the cardholder’s surname.

 

Source:- newsbytesapp

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