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Apply NowIt is a must for Indian citizens to present certain documents to verify their identity. A PAN card is a common identity document which can come handy in many situations.
PAN stands for Permanent Account Number. It is an alphanumeric, 10-digit identification number unique to every individual. It is issued by the Income Tax (IT) Department of India and contains a PAN number and the cardholder's name, date of birth, and photograph. Banks and other institutions use PAN cards to verify an individual's identity and offer different banking products.
A PAN card is needed in the following situations:
If a person who does not have a PAN Card engages in these activities, they must file a declaration in Form 60.
You can apply for a PAN card online or offline. Here is how you can do it online:
The offline process is not as convenient, but you can exercise the option if you want to. Follow the below steps to apply for a PAN card offline:
A PAN card is a vital document you need for almost everything. Fortunately, it is easy to apply for and receive a PAN card. The online process is easier and less time-consuming than the offline method.
Since the PAN is unaffected by changes in address or job profile, it can be used forever as a form of identification.
Depending on the type of taxpayer, the Government of India issues different types of PAN cards to the citizens. Following are the type of PAN cards usually issued by the Indian Government.
PAN card issued to citizens is different from those issued to companies and business entities. For instance, the PAN card for citizens consists of a PAN number, name, parent’s name, photograph, signature, date of birth, hologram, and a QR code. The PAN card issued to an organisation consists of a PAN number, the company’s name, date of registration, hologram and QR code. It does not contain a photo or signature as it does in a PAN card for citizens.
Again, based on the type of applicant, different sets of documents are required as per Form 42A and 42AA. The following are the required documents to apply for a PAN card.
You can easily apply for a PAN card online by visiting the UTITSL portal or the NSDL portal and get your e-PAN card within a couple of hours. You must the application and processing fee at the time of PAN card application. The cost of getting a PAN card is as follows.
For taxpayers and individuals availing of various financial and government services, a PAN card is an important document. It helps the governing body to track all monetary transactions happening in the country. In fact, it is required while filing income tax returns, receiving tax returns, and other communications from Income Tax Department. Along with being an important identity proof, a PAN card has several uses and benefits as mentioned below.
PAN is a crucial document so individuals and entities performing financial transactions must have it. According to Section 139A of the Income Tax Act, the following taxpaying entities must hold a PAN card.
ITBAN-PAN (Income Tax Business Application-Permanent Account Number) is a recently launched program to track all the payments made through a PAN card. It helps tax authorities to track and calculate taxes on all monetary transactions made using a specific PAN card.
All financial transactions such as acquisitions, liquidations, mergers, dissolution, and amalgamation of PAN can be tracked where a specific PAN card is used. All existing PAN information and the database have also been transferred to ITBAN-PAN.
If an individual falls under the taxable income slab and does not hold a valid PAN card, it would event to a –
To make corrections or update your PAN card details online, follow the quick and easy steps mentioned below.
A PAN card consists of an alphanumeric code unique to each PAN card. The first 3 characters are random alphabets starting from AAA to ZZZ followed by a fourth alphabet that denotes the status of the applicant as mentioned below.
The fifth character is an alphabet that denotes the first letter of the applicant’s last name (in the case of an individual applicant). If the applicant is a non-individual, the fifth character is the first letter of the cardholder’s name. The next 4 characters are numbers running from 0001 to 9999 and the 10th character is an alphabet check digit.
PAN card and Aadhar linking is a necessary process to be undertaken for availing financial services and benefits from various organisations. The e-KYC process is mandatory for all banking and financial transactions and PAN card helps both consumers and the Government to make KYC easy and convenient for the following reasons.
Once issued, a PAN card is valid for a lifetime. The Permanent Account Number remains the same for an individual for the entire lifetime.
Yes, you can correct your PAN card details by visiting the official portal of NSDL. After entering all the correct details, pay the processing fee to complete the update request.
No, you cannot hold more than one PAN card. Holding multiple PAN cards is a punishable offence and you can be charged a penalty of ₹10,000 under Section 272B of the Income Tax Act 1961.
When applying for a fresh PAN card, you must an application fee depending on your citizenship and residence.
Yes, after the successful application, you will receive a 15-digit acknowledgement letter.
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