Pan card makes it easier for you to transact various financial transactions. This allows you to open a bank account and demat account.
Pan Card is a card that contains all kinds of information in the permanent account number written. The hidden information in these numbers is required by the income tax department. Keeping this in mind, the department issues PAN cards to every person. However, this information does not occur to the PAN card holder. We are telling you what the number on the PAN card means.
The name is hidden in letters
The pan card contains the cardholder’s name and date of birth, but your name is also hidden in the PAN card number. The fifth digit of pan card represents your name. Income Tax Department retains the cardholder’s name in its data. Therefore, the account number also contains information about it. However, the tax department does not give the cardholder information.
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From tax to credit card monitoring
Pan card number is a 10 digit special number, which comes in the form of laminated cards. This is issued by the Income Tax Department to those who apply for pan card. After the PAN card is created, all the financial transactions of the person are linked to the PAN card of the department. These include tax payments, credit card financial transactions, and all under the supervision of the department.
Department decides number
The first three digits of this number are Letters of English. It can be any letter from AAA to ZZZ. This is decided according to the latest ongoing series. This number is determined by the department itself. The fourth digit of pan card number is also a letter of English. But, it indicates the status of the cardholder. In this- it could be the fourth digit…
P- Single Person
F-Firm
C- Company
A- AOP (Association of Persons)
T- Trust
H-HUF (Hindu Undivid Family)
B- BOI (Body of Individual)
L- Local
J- Artificial Judicial Person
G- Is for Government
Fifth digit made up of the first letter of the name
The fifth digit of pan card number is also an English letter. This digit pan is the first letter of the cardholder’s name. It just depends on the holder. It is noteworthy that only the last name of the holder is seen. The PAN card then consists of 4 numbers. These numbers can be anything from 0001 to 9999. These numbers of your PAN cards represent the series currently running in the income tax department. Its last digit is an Alphabet check digit, which can be any letter.
Where is pan card required
Pan card makes it easier for you to transact various financial transactions. This allows you to open a bank account and demat account. It is also necessary for the sale and purchase of the property. In fact, pan card is also required to file taxable salary as well as income tax returns. Since pan cards have names and photographs, it also acts as identity proof. Even if your address changes, the PAN number doesn’t change.
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