It is to be quoted during all the financial transactions of the company as well as in the invoices and other registrations.PAN registration enables the department to link all transactions of the person with the department such as tax payments, TDS/TCS credits, returns of income/wealth, specified transactions, etc. PAN Registration was introduced to facilitate linking of various documents, including payment of taxes, assessment, tax demand, tax arrears, etc. relating to any person to facilitate easy retrieval of information and to facilitate the matching of information relating to investment, raising of loans, and other business activities of taxpayers collected through various sources. The government has also announced that all the PAN applications should be furnished in the new forms as prescribed by the Income Tax Department with effect from 8 April 2012. The applicants are supposed to submit their “Application for allotment of new PAN” in the revised Form 49A only. The PAN application is applicable to INDIAN citizens only and the foreign citizens are supposed to submit their “Application for allotment of PAN” in the newly notified Form 49AA only.
The PAN regsitration serves as a valid identity proof like other proofs such as voter cards, aadhar card, etc. it is accepted by many government and financial institutions as identity proof.
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