Tax Identification Number

In India, TIN is officially called Permanent Account Number (PAN). The legal framework governing the allotment and utilization of PAN (Permanent Account Number) in India is primarily established under Section 139A of the Income-tax Act, 1961, and further detailed rules are specified in Rule 114 of the Income Tax Rules, 1961. Here are some key points regarding PAN:

Here are some key points regarding PAN:

• Issuance: PAN is a ten-digit alphanumeric number issued by the Income Tax Department either upon application or through allotment without an application to individuals or entities.
• Applicability: PAN is not mandatory for all residents or nationals; however, it is required for individuals or entities with taxable income.
• Permanent Identifier: Once PAN is allotted, it remains the same throughout the individual's or entity's lifetime.
• Application Process: To apply for PAN, individuals or entities can submit applications to either UTI or NSDL, who process PAN applications on behalf of the Income Tax Department.
• Purpose: PAN is primarily used for income tax purposes, serving as a unique identifier for tax-related transactions.