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PAN CARD: EVERYTHING YOU WANNA KNOW ABOUT IT

PAN CARD_ EVERYTHING YOU WANNA KNOW ABOUT IT - (A)

A permanent account number (PAN) is a ten-digit alphanumeric identifier which is issued by the Indian Treasury in the form of a laminated “PAN card” to any “person” who requests it or to whom the ministry has assigned a number without prompt.

A PAN is a unique identifier that has been issued to all identifiable legal entities under the Indian Income Tax Act of 1961. Income Tax Act. It is issued by the Indian Income Tax Office under the supervision of the Central Direct Tax Council (CBDT) and also serves as an important form of proof of identity.

Eligibility

The PAN card is issued to individuals, businesses, non-resident Indians or people who pay taxes in India.

PAN types

Individually

HUF undivided family

Company

Signatures / associations

Trusts

Society

Foreigners

Documents required

PAN requires two types of documents. Proof of address (POA) and proof of identity (POI). Two of the following documents must meet the criteria.

Individual candidates:

POI / POA-Aadhaar, passport, voter registration card, driving license

Undivided Hindu family:

An affidavit issued by the head of the HUF with details of the POI / POA

Company registered in India:

Certificate of registration issued by the company registrar

Signatures / Companies (LLP):

Registration certificate / Limited Liability Company and company certificate issued by the commercial register.

Trust:

A copy of the trust deed or a copy of the registration number issued by a commissioner to a charity.

Business:

Registration certificate number of the registrar or charity commissioner of the cooperative

Foreigners:

Passport

PIO / OCI card issued by the Indian government

Account statement of the country of residence.

Copy of NRE bank statement in India

The cost of PAN

The cost of the PAN card is Rs. 110 or Rs. 1,020 (approximately) if the PAN card is to be shipped outside India.

HOW TO APPLY FOR PAN?

Visit the official PAN – NSDL / UTIITSL website

Fill in the form with your contact details.

Send the necessary documents.

Pay the processing fee.

PAN will be shipped within 15 days

How to update/modify the details of the PAN?

PAN can be updated with the following steps:

Go to the NSDL website and select the PAN Update section

Select the “Correction” option in the existing PAN data

A copy of the supporting documents (POI / POA) is required.

Advantages of a PAN card

  1. Presentation of IT returns

All individuals and organizations subject to income tax are required to submit their IT returns. A PAN card is required for the submission of computer statements. This is the main reason why individuals and other businesses request one.

  1. Proof of identity

The PAN card serves as a valid proof of identity. In addition to the voter card, the Aadhaar card, the PAN card is also accepted by all financial institutions and other organizations as proof of identity.

  1. Tax deductions

One of the main reasons to buy a PAN card is for tax reasons.

If the company or the person has not linked the PAN number to their bank account and the annual interest income from savings exceeds Rs 10,000 / -, then the bank would deduct 30% of the TDS instead of 10%.

HOW TO CHECK PAN CARD STATUS?

On the official website, you can check the status of the PAN by selecting the type of request and entering the confirmation number. It can also be tracked on the UTI website using an application coupon number or a PAN number.

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