Types of PAN Cards
All taxpayers, either individual or Company, Trust, NGO, Partnerships and foreign firms must have a PAN Card.
What does a Personal PAN Card mean?
If you are a person paying income tax, you must have a PAN Card to keep track of your financial details, and to link your transactions for tax assessment. The Income Tax Department can easily calculate taxes you owe the government.
What does the company or other entity PAN Card mean?
This PAN Card is similar to the individual’s PAN Card. There will not be a photograph or a date of birth on this card. But there will be a date of registration of the company.
PAN Card for Foreigners in India
If you need to do business in India, you must have a PAN and be given a PAN Card. The application process is the same as for the above but Form 49AA must be filled in. All kinds of enterprises which are similar to Indian ones must get a PAN Card for foreign citizens.
Since you must quote your PAN card for all financial dealings, the Income Tax Department can easily calculate the taxes due.