PAN Card for Individuals
A PAN card for individuals is used to keep track and link all financial transactions that attract tax, with the IT department calculating the total taxable amount due on the basis of this data.
PAN Card for Companies
A PAN card for organizations is similar to that for individuals, with the exception that there is no photograph on the physical PAN card. Also in lieu of the date of birth mentioned on individual PAN cards, the date of registration of the company/organization is mentioned.
PAN for foreign citizens in India
PAN is an important document for foreign citizens also, who wish to undertake business in India or wish to invest in India. Procedure to obtain PAN is same as applicable for Indian citizens. However, the application is required to be filled using Form 49AA meant for foreign citizens and submitted at any of the authorized PAN Service Centre
The IT Department calculates the amount of tax the company/organization is required to pay through its various transactions, all of which now require quoting the PAN card.