Do you Know PAN card 10 Dogit Number meaning

What is PAN Card?

 PAN card number is a unique number composed of alphabets and numbers which is given by the Income Tax Department of India.

 PAN card is an important document as an Indian citizen. The Indian Income Tax Department (Income Tax Department) can know the financial information of any person with the help of this document. PAN Card is required for many jobs including government, private jobs or post office, bank. The 10 numbers in PAN card are called Permanent Account Number.

Do you know the meaning of this 10 digit number of PAN Card??

According to the official interpretation, the details information about any person can be known through this number. And each of these numbers has a different meaning!

PAN card à  BAYPM 2362K   

The first three letters of the first five alphabets are "BAY", which is AAA to ZZZ and is given by the Income Tax Department of India.

BAYPM 2362K

The fourth letter "P" represents the status of the person in the PAN Card.

"P" represents individual.

"C" represents the company.

"H" represents Hindu Undivided Family (HUF).

"A" represents Association of Persons (AOP).

"B" represents Body of Individuals (BOI).

"G" represents Government Agency.

"J" represents Artificial Juridical Person.

"L" represents Local Authority.

"F" represents Firm/Limited Liability Partnership.

"T" represents Trust.

BAYPM 2362K

Fifth character "M" of PAN represents the first character of the PAN holder's last name/surname in case of an individual. In case of non-individual PAN holders fifth character represents the first character of PAN holder's name.

BAYPM 2362K

Next four characters i.e. "2362" are sequential numbers running from 0001 to 9999

BAYPM 2362K

Last character, i.e. "K" the tenth character is an alphabetic check digit

Who has to obtain PAN? PAN is to be obtained by :

•  Every person if his total income or the total income of any other person in respect of which he is assess able during the year exceeds the maximum amount which is not chargeable to tax. 

• A charitable trust who is required to furnish return under Section 139(4A)

•  Every person who is carrying on any business or profession whose total sale, turnover, or gross receipts are or is likely to exceed five lac rupees in any year

• Every person who intends to enter into specified financial transactions in which quoting of PAN is mandatory

• Every non-individual resident persons and persons associated with them shall apply for PAN if the financial transaction entered into by them during the financial year exceeds Rs. 2,50,000.