Permanent Account Number (PAN)

The Permanent Account Number (PAN) is a unique, 10-digit alphanumeric identification number issued by the Income Tax Department of India to companies, firms, and other entities for the purpose of tax compliance.

A company PAN card, also known as Form 49A, is a physical card that contains the company’s PAN number, name of the company, address, and photographs of the authorized representative. It serves as proof of identity and tax registration for the company.

Companies are required to apply for a PAN card within 30 days of incorporation. The application process can be completed online or offline and requires the submission of various documents such as the certificate of incorporation and the Memorandum of Association.

It is important to note that a PAN card is mandatory for all companies in India and it is also a prerequisite for opening a bank account, applying for a loan, and other financial transactions. As a CA, it is my duty to advise my clients on the importance of obtaining a PAN card and to assist them in the application process to ensure compliance with tax laws and regulations.