PAN Registration - The Complete Guide
PAN refers to Permanent Account Number, which is issued by the Income Tax Department for all taxpayers residing in the country, be it an individual, a partnership, or a limited company. It is a 10-digit alpha-numeric unique number that also acts as identity proof.
Why should a business apply for a PAN Card?
In India, it is mandatory for all the businesses that are generating profit to get a PAN Card as it is required for quoting all the financial transactions of the company, invoices, and other registrations. The PAN Number helps in keeping the track of tax flow of your company. Even if you are an entrepreneur and are not eligible to pay tax, still you need to apply for PAN Card. Additionally, here are the following reasons why you should fill PAN card application form:
The IT Department tracks your tax-related transactions and documentation with the PAN Number
For foreign companies PAN Card is mandatory, or else the government can charge you the highest possible tax rates
Assist in clearing the payment of your invoices without deduction, filing of tax returns, remittances, and much more
The government has the right to charge you 30% or more of your invoiced payments in case you do not have a PAN Card
If you need a TRN (Tax Registration Number), a PAN is a must.
Procedure to Apply for PAN Card
A business can either apply for a PAN Card Online or Offline. The procedure for each of them is given below:
Documents Required for Pan Card
For a foreign company
How can we simplify the process of getting a PAN Number?
Amidst the incorporation of a business, it is strenuous to get involved in all these registration processes. Nevertheless, to save your time as well as efforts, we at Munimbhai accomplish the complete process on your
Our service structure features end-to-end fulfillment under the guidance of our expert.