What is the meaning of the number entered on the PAN card, check it like this while sitting at home
New Delhi. Without a PAN number, transactions above Rs 50,000 cannot be done. It is very important to give PAN card to open an account in the bank. But do you know who issues it, and what is the meaning of the 10 digit number recorded on the PAN card. You can get information about this 10 digits very easily from the smartphone. For this, an app has to be installed in the smartphone.
Apart from this, you can also understand the meaning of these numbers with the help of Paytm’s website. PAN card is issued by the Income Tax Department. It is also called Permanent Account Number.
What are the types of PAN card
There are two types of PAN card. Indian citizens fill form number 49A to get it done. Foreign citizens can also get a PAN card, for this they will have to fill form number 49AA. A separate PAN card has been made for doing transactions in the name of any company. Which is also called business PAN card in simple words. It is not necessary to be an adult to get a PAN card. Minor youth or students can also fill the form online and offline and get it within 1 week only.
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What is the meaning of 10 digits recorded on PAN card
There are 10 digits and letters in total on the PAN card. It always has 5 characters in the beginning. After this it consists of four digits, there is a letter at the end. All the numbers and letters have different meanings. According to the Income Tax Department, the fourth letter gives information about what you are. P means Individual. Similarly C – Company, H – Hindu Undivided, A – Union of People, B – Body of Individual, T – Trust, L – Local Authority, F – Firm, G – Government Agency, J – Judicial.
Name hidden in PAN number
The fifth letter in the number entered on the PAN card is the first letter of the surname. For example, if someone’s name is Ballu Kumar, then the fifth letter will be K. After this there are 4 random numbers. In the end there is an alphabet. Information about the loan is available from the PAN card. Bank officials can find out very easily about the PAN number not having an account in other banks. Using the PAN number, you can also check the credit score with the help of the website and Paytm app.