PAN stands for Permanent Account Number and it is a card that stores all the financial transactions online and it is a 10-digit number that is issued by income tax department. It is issued under section 139A. It is a proof of citizenship and it can be applied by a foreigner also.
It contains 10- digit number and first 5 letters are capital letters and last four are numbers. First 3 numbers are combination of letters from AAA to ZZZ.
A = association of persons
B = individual bodies
F = films
G = government officials
H = HUF
J= Judicial person
P = proprietor
F = liability partnerships
And 5th character is a sur name or his name starting letter and last character is a letter used for special purpose
PAN Card application Types:-
Allotment through 49A:- this is issued to whom they never applied for PAN card and involves PAN allotment.
Correction in PAN:- This is used for some of minor corrections in PAN card such as name , address and DOB and produce any legal document for changing
Allotment of Pan for foreigners is issued under 49AA
Applying for PAN card:-
Visit official portal of NDSL and choose 49A option in that and fill your basic details
After filling click on submit button and after that it will ask a possessing fee
After that it will generate an acknowledgement number which is usedfor tracking purpose
One should carry required documents and passport size photo for completing your details
You get your card 15 days after applying
Features of new PAN card:-
It contain colour photo graph and QR code and camera of 12Mp can read that code
It can be readable by special app in play store
Not only new cards old cards are also valid.