PAN (Permanent Account Number), is a unique 10-digit alphanumeric number identity allotted to the taxpayer by an Assessing Officer of the Income Tax Department under the supervision of the Central Board of Direct Taxes. PAN is issued in the form of a laminated card.
Purpose of PAN CARD
i. It is useful as an identity proof.
ii. PAN is mandatory for financial transactions, return of income, all correspondence with any income tax authority and challans payments due to Income Tax Department.
iii. It is mandatory for economic or financial transactions notified from time-to-time by the Central Board of Direct Taxes.
iv. transactions like sale and purchase of immovable property or motor vehicle or payments to hotels for bills or payments in cash, of amounts above Rs. 25,000/-
v. PAN is mandatory for obtaining a telephone or Mobile connection.
vi. PAN is useful for opening a bank account
vii. PAN is useful for applying Credit and Debit Cards.
viii. PAN is useful for Insurance Payment.
Who require PAN :
• The assesses or tax payers or persons who require to furnish a return of income, even on behalf of others, must obtain PAN.
• The person carrying on a business or a profession whose total sales, turnover or gross receipts are or is likely to exceed five lakh rupees in any previous year.
• The person, who intends to enter into financial transaction where quoting PAN is mandatory.
How to Apply for PAN Card :
In order to improve PAN related services,
Income Tax department has authorized UTI Technology Services Ltd (UTITSL) to set up and manage IT PAN Service Centers in all cities and towns.
For convenience of the people in big cities, UTITSL has set up more than one IT PAN Service Center.
How can I get PAN card PDF?
The steps involved to download e-PAN card with your PAN and Date of Birth are: Step 1:Visit the download e-pan NSDL portal. Step 2:Enter the details which are required on the form such as date of birth, PAN and Captcha code. Step 3:Click on ‘submit’ and download the e-PAN for free.
Is it safe to give PAN card details?
The Income Tax Department has also issued warnings to all PAN cardholders in the country to be careful while sharing their PAN details. If you share your PAN details casually, you make yourself vulnerable to identity theft. Miscreants may make fake transactions in your name, keeping you completely in dark about it.
What documents are required for PAN card?
Documents required to apply for a PAN card online
- Elector’s photo identity card.
- Ration card having photograph of the applicant.
- Driving license.
- Arm’s license.
- Aadhaar card issued by the Unique Identification Authority of India.
Is PAN card must for bank account?
New Account in a Bank or Post Office – It is mandatory for every individual to provide a self-attested copy of their PAN cards to open an account in a bank or post office. However, this rule is not applicable to Basic Savings Bank Deposit Accounts (BSBDA), which includes zero balance savings accounts such as Jan Dhan
Who can apply for PAN card?
All Indian citizens having the source of income and valid proofs (as prescribed by the Income Tax Department) are eligible to apply for PAN card. Obtaining a PAN card or Permanent Account Number is mandatory for every tax payer or the person who needs to file an income tax return on behalf of self or others.