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Financial transactions involving large amounts are right now impossible without PAN details. PAN card is a very important source of information for all financial transactions and the Income Tax Department uses PAN to keep a track of your transactions.
But have you ever thought about how the 10-digit PAN is generated? Did you also know that the fifth letter of your PAN is first letter of your surname.
Here we take a look at The Income Tax Department keeps your data on record only by surname. Let us know what is the complete information related to PAN card and Permanent Account Number printed on it? And what is the meaning of the 10 digits written on the PAN card.
Monitoring takes place from tax to credit card
PAN is a 10-digit special number, which comes as a laminated card. The Income Tax Department issues this to those who apply for a PAN card. After the PAN card is created, all the financial transactions of that person are linked to the PAN card of the department. Tax payments, credit card financial transactions are all under the supervision of some departments.
The Income Tax department uses a special process to assign a PAN. Each PAN card with 10 digits is made up of numbers and letters. In this, the first five characters are always letters, then the next four characters are numericals and then one letter.
What is the meaning of the number written on PAN card?
The first three characters on the PAN card indicates an alphabetic series. The fourth character of PAN number indicates the category of taxpayer. If you are an individual taxpayer, then the fourth character of your PAN card will be P.
Here’s a look at what the fourth letter signifies:
P-Individual
F-Firm / Limited Liability Partnership
C-Company
A-AOP (Association of Persons)
T-Trust
H-HUF (Hindu Undivided Family)
B-BOI (Body of Individual)
L-Local
J-Artificial Judicial Person
G-government agency or government
Fifth digit is first letter of surname
The fifth digit of the PAN card number is also of English letter. This digit PAN is the first letter of the cardholder’s surname. It just depends on the holder. Only the last name of the cardholder is seen in it. After this, the PAN card has four numbers. These numbers can be anything from 0001 to 9999. These numbers on your PAN card represent the series that is currently running in the Income Tax Department. Its last digit is an alphabet check digit, which can be any letter.