PAN card application
Get New PAN card of individual, Partnership firms, Minor, Trust or make correction
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Brief explanation of PAN card and its importance
A Permanent Account Number (PAN) card is a unique 10-digit alphanumeric identifier issued by the Income Tax Department of India. It serves as a crucial identification document for individuals, firms, and companies for tax-related transactions in India. The PAN card is mandatory for carrying out financial transactions such as filing Income Tax Returns, opening a bank account, buying and selling property, making investments, and much more.
The importance of having a PAN card lies in its ability to simplify various financial transactions and make them more secure. The PAN card also helps in tracking tax-related activities of an individual, ensuring transparency, and reducing the risk of fraud.
Overall, the PAN card is an essential document for all individuals, firms, and companies conducting financial transactions in India, and its significance cannot be understated.
Eligibility for PAN Card Application
Let’s take a look at the eligibility criteria for PAN card application.
1. Resident Individuals:
Any individual who is a resident of India and falls under the following categories are eligible to apply for PAN card:
- Those who earn taxable income in India
- Those who are engaged in business or profession in India
- Those who have opened a bank account in India
- Those who own property or assets in India
2. Non-Resident Individuals:
Non-resident Indians (NRIs) and foreign nationals are also eligible to apply for PAN card if they meet the following criteria:
- Those who conduct business in India
- Those who earn taxable income in India
- Those who have a source of income in India
- Those who are investing in India
3. Companies and Entities:
All entities, including companies, partnerships, trusts, and associations, are required to obtain a PAN card. This is irrespective of whether they earn income or not.
4. Minors:
Minors can also apply for a PAN card, but the application has to be made on their behalf by their parents or legal guardians.
In addition to the above criteria, it is important to note that only one PAN card can be issued to an individual or entity. Therefore, if an individual or entity already has a PAN card, they cannot apply for another one.
Conclusion:
PAN card is a crucial document that serves as a unique identification number for taxpayers in India. The eligibility criteria for PAN card application is not too complicated and broadly covers all individuals and entities who have a source of income or do business in India. It is advisable for all eligible individuals and entities to obtain a PAN card as it is mandatory for various financial transactions and is also a valid form of identification.
Benefits of PAN card
1. Income Tax Return Filing:
The primary purpose of a PAN card is to enable an individual or entity to file income tax returns. The PAN card links all financial transactions to a single account, making it easier for the Income Tax Department to track income and tax liabilities.
2. Opening Bank Accounts:
PAN card is mandatory to open a bank account in India. Banks require a PAN card to comply with the Know Your Customer (KYC) norms set by the Reserve Bank of India. A PAN card is also necessary to open a Demat account for share trading.
3. Applying for Credit Cards:
PAN card is required to apply for credit cards. Banks check an individual’s credit history and credit score before issuing a credit card. A PAN card helps banks to verify the identity of the applicant and check the credit score.
4. Buying and Selling Property:
PAN card is mandatory for buying and selling property in India. The buyer and seller have to quote their PAN numbers while registering the property with the Registrar of Properties.
5. Applying for Loans:
PAN card is required to apply for loans, including personal loans, home loans, and car loans. The PAN card helps the bank to verify the identity and creditworthiness of the applicant.
6. Investing in the Stock Market:
- PAN card is mandatory for investing in the stock market. The Securities and Exchange Board of India (SEBI) has made it mandatory for all investors to have a PAN card to invest in the stock market.
7. Claiming Tax Deductions:
PAN card is required to claim tax deductions under Section 80C, Section 80D, Section 10, and other sections of the Income Tax Act. These deductions include investments in mutual funds, life insurance premiums, and medical expenses.
In conclusion, PAN card is an essential document for individuals and entities in India. It helps in filing income tax returns, opening bank accounts, applying for loans, and investing in the stock market. PAN card also helps in verifying the identity and creditworthiness of an individual or entity.
Process of Applying for a PAN Card:
1. Online Application:
To apply for a PAN card online, follow the steps given below:
Step 1:
Visit the official website of the Income Tax Department or NSDL or UTIITSL.
Step 2:
Click on ‘Apply for a new PAN card’.
Step 3:
Select the appropriate form, i.e., Form 49A or Form 49AA, depending on your status as an individual or entity.
Step 4:
Fill in the required details such as name, date of birth, gender, address, contact details, and other relevant information.
Step 5:
Upload the necessary documents such as identity proof, address proof, and proof of date of birth.
Step 6:
Make the payment using any of the available online payment options.
Step 7:
Submit the application and note down the acknowledgement number for future reference.
2. Offline Application:
To apply for a PAN card offline, follow the steps given below:
Step 1:
Download Form 49A or Form 49AA from the official website of the Income Tax Department or collect it from the nearest PAN card facilitation center.
Step 2:
Fill in the required details such as name, date of birth, gender, address, contact details, and other relevant information.
Step 3:
Attach the necessary documents such as identity proof, address proof, and proof of date of birth.
Step 4:
Make the payment through demand draft or cheque or cash.
Step 5:
Submit the application at the nearest PAN card facilitation center.
Documents Required for PAN Card Application:
The following documents are required for PAN card application:
1. Identity Proof:
Aadhaar card, passport, driving license, voter ID card, and any other government-issued identity card.
2. Address Proof:
Aadhaar card, passport, driving license, voter ID card, bank account statement, electricity bill, telephone bill, and any other government-issued address proof.
3. Proof of Date of Birth:
Birth certificate, passport, school leaving certificate, or any other government-issued certificate.
PAN card fees and payment options
Applying for a PAN card involves payment of a fee, which may vary based on the type of application and mode of payment. In this article, we will discuss the PAN card fees and payment options.
PAN Card Fees:
The PAN card application fee depends on the mode of application and the type of applicant. The fees for various PAN card application types are as follows:
- Application for New PAN Card or Changes or Corrections in PAN Data: For Indian citizens, the fee for a new PAN card or changes/corrections in PAN data is Rs. 110. For foreign citizens, the fee is Rs. 1,020.
2. Reprint of PAN Card: The fee for reprinting a PAN card is Rs. 50 for Indian citizens and Rs. 959 for foreign citizens.
Payment Options:
The payment of PAN card application fees can be made through various modes, including:
- Online Payment: Applicants can make online payment through the NSDL or UTIITSL websites using a credit/debit card, internet banking or UPI.
- Demand Draft/Cheque: Applicants can also pay the fee using a demand draft (DD) or cheque. The DD or cheque should be in favour of NSDL or UTIITSL and must be sent along with the PAN application.
- Cash Payment: Cash payment can be made at the NSDL or UTIITSL offices. The applicant must visit the office with the required documents and pay the fee in cash.
Conclusion:
PAN card fees are reasonable, and payment options are user-friendly, which makes it easy for applicants to apply for a PAN card. Applicants can choose the mode of payment that is convenient for them and proceed with the application process. It is essential to keep in mind that the application process is incomplete without payment of fees, and the application will not be processed until the fees are paid. Therefore, it is important to complete the payment process at the earliest to avoid any delays in receiving the PAN card.
Checking PAN card application status
After applying for a PAN card, it is essential to track the status of the application to know whether it has been processed or not. The Income Tax Department of India provides various ways to check the PAN card application status.
Here are the different methods to check the status of a PAN card application:
1. NSDL Website:
The National Securities Depository Limited (NSDL) website is the official website for PAN card application. After submitting the PAN card application, one can visit the NSDL website and click on the “Track PAN/TAN Status” option under the “Services” section. Then, the applicant needs to enter the 15-digit acknowledgment number and submit it. The status of the PAN card application will be displayed on the screen.
2. UTIITSL Website:
The UTI Infrastructure Technology and Services Limited (UTIITSL) is another authorized website for PAN card application. The applicant can visit the UTIITSL website and click on the “Track PAN Card Status” option. Then, the applicant needs to select the type of application (New PAN/Change Request) and enter the 15-digit acknowledgment number. After submitting the details, the status of the PAN card application will be displayed on the screen.
3. SMS Facility:
The Income Tax Department also provides the facility to check the status of the PAN card application through SMS. The applicant needs to send an SMS in a specific format to the designated number to get the status update. The format of the SMS is “NSDLPAN (15-digit acknowledgment number)” and send it to 57575. After sending the SMS, the applicant will receive a message containing the status of the PAN card application.
4. Call Center:
The applicant can also call the PAN/TAN call center of NSDL or UTIITSL and provide the acknowledgment number to the representative to get the status update.
It is essential to check the PAN card application status regularly to know the progress of the application and any updates required from the applicant’s end. It also helps to avoid any delay in the issuance of the PAN card due to missing documents or any other reason.
Timeline for receiving PAN card
After applying for a PAN card, it usually takes around 15-20 business days for the card to be dispatched to the address mentioned in the application form. However, the timeline for receiving the PAN card may vary depending on several factors such as the accuracy of the information provided in the application, location of the applicant, and processing time taken by the authorities.
It is important to note that the PAN card will be sent to the communication address mentioned in the application form. Therefore, it is advisable to provide the correct and complete address details to avoid any delay or inconvenience in receiving the PAN card.
Conclusion:
In conclusion, PAN card is a crucial document that is mandatory for various financial transactions in India. Applying for a PAN card is a simple process that can be done both online and offline. The required documents for PAN card application include identity proof, address proof, and proof of date of birth. It is important to ensure that all the details provided in the application are accurate to avoid any discrepancies in the future.
