Unelma Platforms - Permanent account number (PAN)

Some of our legal advisers and researchers are working hard to get us our permanent account number also called as PAN number.  

PAN is a code that acts an identification for those who pay Income Tax. The PAN is mandatory for a majority of financial transactions such as opening a bank account, receiving taxable salary or professional fees, sale or purchase of assets above specified limits etc.; especially high-value transactions.

The primary purpose of the PAN is to bring a universal identification to all financial transactions and to prevent tax evasion by keeping track of monetary transactions, especially those of high-net-worth individuals who can impact the economy.

The PAN is unique to each individual and is valid for the lifetime of the holder, throughout the country. An important point to note would be that once issued, the PAN is not affected by a change of address.

It is also compulsory to quote PAN in all documents pertaining to the following financial transactions:- 

(a) sale or purchase of any immovable property valued at five lakh rupees or more; 

(b) sale or purchase of a motor vehicle or vehicle, [the sale or purchase of a motor vehicle or vehicle does not include two-wheeled vehicles, inclusive of any detachable side-car having an extra wheel, attached to the motor vehicle;] 

(c) a time deposit, exceeding fifty thousand rupees, with a banking company ; 

(d) a deposit, exceeding fifty thousand rupees, in any account with Post Office Savings Bank;

(e) a contract of a value exceeding one lakh rupees for sale or purchase of securities; 

(f) opening a bank account; 

(g) making an application for installation of a telephone connection (including a cellular telephone connection); 

Here is one of our so-called PAN number: 607036318. 

For those who want to verify our permanent account number, you can simply search our PAN number to the Government site address and verify that we are paying our fair share of taxes.