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Permanent Account Number (PAN) is a code that acts as an identification for individuals, families and corporate (Indian or Foreign), especially those who pay Income Tax. It is a unique, 10-character alpha-numeric identifier, issued to all judicial entities identifiable under the Indian Income Tax Act, 1961. An example number would be in the form of ABCDE1234J. It is issued by the Indian Income Tax Department under the supervision of the Central Board for Direct Taxes (CBDT) and it also serves as an important proof of identification.

It is also issued to foreign nationals (such as investors) subject to a valid visa and hence, it is not acceptable as a proof of Indian citizenship.

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 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 India. An important point to note would be that once issued, the PAN is not affected by a change of address.

Structure And Provisions
  • Income Tax PAN card is issued under Section 139A of the Income Tax Act.
  • The PAN structure is as follows: AAAPL1234C: First five characters are letters, next four numerals, last character letter.
  • The first three letters are sequence of alphabets from AAA to ZZZ.
  • The fourth character informs about the type of holder of the card. Each holder is uniquely defined as below:
    • A - Association of Persons (AOP)
    • B - Body of Individuals (BOI)
    • C - Company
    • F - Firm
    • G - Government
    • H - HUF (Hindu Undivided Family)
    • L - Local Authority
    • J - Artificial Juridical Person
    • P - Individual
    • T - Trust (AOP)
    • K - Krish (Trust Krish) this is nowhere in Income Tax form as well as not known to any person in income tax office
  • The fifth character of the PAN is the first character
    • of the surname or last name of the person, in the case of a "Personal" PAN card, where the fourth character is "P" or
    • of the name of the Entity, Trust, society, or organisation in the case of Company/ HUF/ Firm/ AOP/ Trust/ BOI/ Local Authority/ Artificial Judicial Person/ Govt, where the fourth character is "C","H","F","A","T","B","L","J","G".
  • The last character is an alphabetic check digit.
    In recent times, the DOI (date of issue) of the PAN card is mentioned at the right (vertical) hand side of the photo on the PAN card if issued by NSDL and will not be mentioned if issued by UTI-TSL.
    The central government has introduced a new online service called "Know Your PAN" to verify or validate new and existing PAN numbers.
    Failure to comply with the provisions of Section 139A of Income Tax Act, penalty of Rs.10,000/- for each default is payable u/s.272B to the Assessing Officer.

Use of PAN

Quoting the PAN is mandatory when filing Income Tax returns, tax deduction at source, or any other communication with Income Tax Department. PAN is also steadily becoming a mandatory document for opening a new bank account, a new landline telephone connection / a mobile phone connection, purchase of foreign currency, bank deposits above Rs.50,000, purchase and sale of immovable properties, vehicles etc.

Prescribed PAN Application Forms

There are two types of PAN applications:

Application For Allotment of PAN:

This application should be used when the applicant has never applied for a PAN or does not have PAN allotted to him.

FORM 49AA: To be filled by foreign citizens.

Application For New PAN Card Or/And Changes Or Corrections PAN Data:

Those who have already obtained the PAN and wish to obtain the new PAN card or want to make some changes/corrections in their PAN data, are required to submit their applications in the following form prescribed by ITD:


The same form(49A/49AA) can be used by Indian as well as foreign citizens. A new PAN card bearing the same PAN but updated information is issued to the applicant, in such a case.

What is Motor Insurance?

Motor insurance (also known as auto insurance, or vehicle insurance), is an insurance policy purchased for private or commercial vehicles to provide financial shield against any loss or damage. Vehicles like cars, trucks, motorcycles, scooters, tractors and other road vehicles can be covered under the motor insurance policy.

How does motor insurance help the owner of the vehicle?

The primary objective of motor insurance policy is to provide:

  • Financial aid to the owner of the vehicle in case of unfortunate events. Basically, it provides financial shield against any damage incurred to the insured vehicle due to natural or man-made perils.
  • Liability cover, which could arise due to the damages incurred to the third party property, vehicle due to the collision or accident.
  • Liability cover against the bodily injury or accidental death of pedestrians, passengers of the other vehicle, etc.
  • Theft of the insured vehicle.

Classification of Motor Insurance

For purpose of insurance, motor vehicles are classified into 3 broad categories:

  • Private Cars
  • Private Two Wheeler: Motor Cycles, Motor Scooters, Bikes, etc.
  • Commercial Vehicles: Goods and Passenger carrying vehicles - Rickshaws, Taxis, Cabs, Buses, etc.

Based on the categories, the motor insurance premium varies. However, we will focus on private motor vehicles - private cars and two wheeler.

Certificate of Motor Insurance

The certificate of insurance is accepted by the police authorities, R.T.O and other public authorities as valid only if it is issued by the insurance company, and must be provided as proof of Insurance, if and when required.

Why to Buy Motor Insurance Policy?

It is Mandatory for all plying vehicles on Indian roads as per the Motor Vehicles Act, 1988.

The Motor Vehicles Act passed in 1939, which was amended in 1988, and again in April 2017 (passed by Lok Sabha awaiting passage in Rajya Sabha and by the President), ensures the road safety of the people.

Unfortunate incidents like road accidents cause bodily injury, and more than often it leads to the permanent disability of the victim. Not to forget, it may also cause accidental death of the pedestrians, passengers of the other vehicle.

Prior to the implementation of the Motor Vehicles Act, these victims were not compensated, because the vehicle owners did not have the resources to pay any compensation to the victim.

And for this very reason - to safeguard the interests of road accident victim, having a motor insurance was mandated. This is done as third party motor insurance have been mandated.

However, the insurance against the loss or the damage of the own vehicle not mandatory.

But the insurance for the third party liability arising out of the plying motor vehicles in public places is mandatory.

Without having third party motor insurance policy, you may have suffered a financial hit, and possibly, get into legal matters.

Hence, it is advisable to all the vehicle owners to have a motor insurance policy. And to protect from digging a hole in your pocket, one must also buy own damage coverage plan.

Types of Motor Insurance Policies

Be it a private car, a two wheeler, or a commercial vehicle, there are two types of Motor Insurance Policies.

Third party motor insurance: To provide liability cover. This motor policy applies uniformly to all vehicles, whether Private Cars, Commercial Vehicles, Motor Cycles or Motor Scooters, etc. with certain exclusions.

Comprehensive motor insurance policy: Package or Comprehensive policy offer cover for own damage of the insured vehicle and also third party liability cover.

Comprehensive motor policy applies to all Private Cars, Commercial Vehicles, Motor Cycles, Scooters, etc. with certain exclusions as per the vehicle and usage.

What is Covered Under Motor Insurance Policy?

Let's dive-in to know what's covered under a motor insurance plan

  • Third party Liability Motor Insurance Covers:
    The liabilities, which requires a third party insurance, are as follows:
    • Any liability incurred by the insured vehicle in respect of bodily injury, disability, or death of any person - pedestrians, passengers of other vehicle, and including owner of the goods or his authorized representative.
    • Liability incurred due to the loss or damage to any property of a third party.
    • Liability incurred due to the bodily injury, disability, or death of any passenger of a public vehicle.
    • Liability arising under Workmen's Compensation Act, 1923 due to the respect of death or bodily injury of:
      - Paid driver of the insured vehicle
      - Conductor, or ticket examiner
      - Workers, carried in a goods vehicle
    • Liability arising due to the bodily injury or death of passengers of another vehicle.
  • Comprehensive Motor Insurance Policy Covers:
    • Liability to Third Parties:

      With the comprehensive policy for your vehicle, all the liability incurred to the third party is covered. Liability arising due to the bodily injury or death of any person, and any loss or damage incurred to the third party property due to the insured motor vehicle.

      Damages incurred to the insured vehicle due to the following perils:
      - Fire, explosion, self-ignition or lightning.
      - Burglary, house breaking or theft.
      - Riot and strike.
      - Earthquake (fire and shock damage).
      - Flood, hurricane, storm, inundation, cyclone, hailstorm, frost.
      - Accidental external means.
      - Malicious act.
      - Terrorist activity.
      - Transit by road, rail, inland waterway, lift, elevator or air.
      - Landslide /rock slide.
      Personal Accidental Cover Under the Motor Insurance Policy

      Personal Accidental Cover is mandatory for the vehicle owner. Personal Accident cover is a financial aid to the motor vehicle policyholder. In case of unfortunate accident, where the owner-driver suffers a permanent disability or dies, the compensation is paid by the insurance company. It is compulsory for all the vehicle owners to get a personal accidental cover. Moreover, there are other optional PA covers for passengers and pillion riders. Let's see more details on PA cover under motor plan.

      (a) Personal Accident Cover for Private Cars:
      - Compulsory PA cover for owner-driver: The motor insurance policy comes with the coverage of Rs. 2 lakh for the owner-driver of the insured car on paying the premium of Rs.100.
      - Optional PA cover for co-passengers: You can get personal accident cover for named and unnamed passengers with a sum insured of Rs. 2 lakh per occupant on the premium of Rs.100/person.
      - Optional Legal Liability cover for Paid Driver: Under Workmen`s Compensation Act, 1923, compensation will be paid. The optional paid driver PA cover comes at Rs.50.
      Personal Accident Cover for Private Two Wheeler:
      - Compulsory PA cover for owner-driver: The motor insurance policy comes with the coverage of Rs.1 lakh for the owner-driver of the insured two wheeler on paying the premium of Rs.50.
      - Optional Pillion Rider PA cover: You can get personal accident cover for named and unnamed passengers with a sum insured of Rs.2 lakh per occupant on the premium of Rs.100/person.
      What is NOT Covered under the Motor Insurance Policy?

      There are few exclusions under the Motor insurance policy:

    • Any damages incurred when the policy is not active or lapsed
    • When damage is caused deliberately
    • Cost of consumables
    • Consequential loss
    • Any wear and tear due to ageing
    • Any mechanical or electrical breakdown
    • Damages arising due to driving without a legal and valid license
    • Damages arising due to driving under the influence of alcohol or drugs
    • Loss or damage incurred while driving outside India
    • Loss or damage due to radioactive or nuclear-related activities
    • If the vehicle is used for purposes other than the permitted use, for example, commercial use, your claim will be rejected.

What is Income Tax Return?

Income Tax Return is a proof that you have paid your income tax. It contains details about your annual income and the amount of tax you have paid. Every year, Indian citizens who earn taxable income have to file Income Tax Return (ITR). Filing ITR will help you in getting a refund in case you pay more tax than what you are required to pay. If you fail to file your ITR, you might have to pay penalty or face legal consequences.

ITR Filing Due Date A.Y. 2021-22 (F.Y. 2020-21) :

The due date for filing ITR for 2021-2022 for Individuals/Body of Individuals (BOI)/Hindu Undivided Family (HUF) /Association of Persons (AOP) is 31st December 2021. Individuals whose accounts need to be audited must file their IT Returns by 31st MARCH 2022.

Benefits of Filing Income Tax Return Online

Though it might be a tedious process to keep a track of every nifty detail needed in order to file the proper details for the Income Tax Return, it actually helps a lot when it is done in the earnest and ahead of time, preferably, online -

  • Online filing of returns ends by July 31 or every financial year, and being a month or two in advance in filing the income tax returns actually ensures one encounters lesser traffic and the entire process goes much smoother.
  • Creating a favorable financial history: Online filing of the income tax returns actually creates a history of your financial records with the tax department in a much faster and easier way. This history is favored by a lot of organizations, be it financial or otherwise, whom you might have a business relationship with in the future.
  • Creating a favorable financial history- Online filing of the income tax returns actually creates a history of your financial records with the tax department in a much faster and easier way. This history is favored by a lot of organizations, be it financial or otherwise, whom you might have a business relationship with in the future.
  • Proof of financial record - Having an ITR-V form is always handy, since one can readily furnish the same as a proof for any kind of financial liability or opening a line of credit.
  • To carry forward losses - If you do not file returns, you will not be able to carry forward capital losses (short-term or long-term), if any, in a financial year to be adjusted against capital gains made in the subsequent years.
  • Visa processing - If you are traveling overseas, foreign consulates ask you to furnish ITR receipt of the last couple of years at the time of the visa interview, says Rao. Some embassies may ask for ITR receipts of previous three years, while some others may ask for the most recent certificate.
    This is especially true if you plan to travel to the US, UK, Canada or Europe, not so stringent for South East Asia or Middle East. "Producing ITR receipts show that one has some source of income in India thus, strengthening your case as someone who will not leave the country for good but will return," explains Rao.
    When traveling to foreign countries, whether on a business or leisure trip, experts suggest you always carry income-related proofs along - salary slip, Form 16 and ITR receipts. Consulates specify these requirements in most cases.
  • Buying a high life cover - Buying life cover of Rs 50 lakh or Rs 1 crore has become commonplace. However, these covers are available against your ITR documents to verify annual income. "Life insurance companies, especially LIC, ask for ITR receipts these days if you opt to buy a term policy with sum insured of Rs 50 lakh or more," says Sankla.
    The sum insured one can get with a term cover depends on many factors one of which is the income of the insured. If an insured does not have a very high salary, he doesn't need a higher insurance cover.

Government Tender

Experts say that if one plans to start their business and need to fill a government tender or two for the same, they will need to show their tax return receipts of the previous five years. This again, is to show your financial status and whether you can support the payment obligation or not.
However, this is no strict rule. It may vary depending on the internal rules of the government department. Even the number of ITRs required can vary.

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