PAN - Company Tax Registration procedure
(PAN) is a code that acts as identification for the purpose
of Income Tax in India. It is a unique, 10-character alpha-numeric identifier, issued to all
judicial entities identifiable under the Indian Income Tax Act, 1961.
The PAN is mandatory for filling Income Tax Return. PAN is required for a majority of financial transactions such as opening a bank account, receiving taxable salary or professional fees, sale or purchase of assets above specified limits etc.; especially high- value transactions. Not only Individuals, but also other legal entities viz. Hindu Undivided Family (HUF), Partnership Firm, Company, Association of Person (AOP), Body of Individual (BOI), Trust needs to apply for PAN separately.
Procedure for PAN - Company Tax Registration
1. To apply for PAN in the prescribed form to the Authority along with
a. Identification Proof
b. Address Proof
c. Photographs (only in case of Individual applicant)
2. On payment of prescribed fees, application get submitted and processed electronically.
3. PAN is generated and communicated to applicant.