5 fascinating details of your PAN card! Each letter, number possesses a significance
New Delhi: Permanent Account Number (PAN) is a ten-digit unique alphanumeric number issued by the Income Tax Department. The laminated plastic card popularly known as PAN card is an important financial document.
Every person has a business or profession with total sale, turnover, or gross receipts that are likely to exceed Rs 5 lakh in any previous year has to obtain a PAN card. Additionally, every person who wants to carry on a specified financial transactions in which quoting of PAN is mandatory must also obtain a PAN card.
However, the ten-digit unique alphanumeric number is not just a random number. Each letter and number of your of your PAN card possesses a significance. The ten-digit unique alphanumeric number has several details pertaining to you.
Here are 5 fascinating details of your PAN card
1.A PAN card is usually a combination of your details. Here is an example of a typical PAN, say the number is “BFDPS8169K”. The First three characters i.e. “BFD” in this mentioned PAN are alphabetic series running from AAA to ZZZ.
2. Fourth character of PAN i.e. P in the above PAN represents the status of the PAN holder. P stands for Individual. So if you are an individual PAN Card holder, the third letter of your pan will be P. Meanwhile, for other entities, F stands for Firm, C stands for Company, H stands for Hindu Undivided Family, A stands for association of persons, T stands for TRUST, B body of individuals, L for local authority, J for artificial juridical person and G stands for government.
3. Fifth character i.e. “S” in the above PAN represents first character of the PAN holder’s last name/surname. For example if your name is Reema Sharma, the 5th character in your PAN number will be S.
4. Next four characters i.e. “8169” in the above PAN are sequential number running from 0001 to 9999.
5. Last character i.e. “K” in the above PAN is an alphabetic check digit which is based on a formula which takes into account the first nine digits.