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PAN is a unique identification number assigned to those who pay tax.
It is a computer-based system that assigns a unique identification number to every Indian tax paying person. All the information of a person is recorded against a single PAN number.
PAN is shared across the country and hence no two tax paying persons can have the same PAN.
You can apply for PAN Card online by NSDL as well as through the UTIISL (UTI Infrastructure Technology and Services Limited) website or by applying at any of the district level PAN agencies. A signed Form 49A along with the identity proof and address proof of the applicant is required.
Moreover, you can apply PAN (duplicate) if you lost or misplaced the card. The individual who has to apply PAN Card can track the status of PAN application via the acknowledgement number furnished by NSDL.
Following are the list of the documents which are required:
Pan Card
Adhaar card
Driving license
Voters identity card
Photo ID card
Ration card having photograph of the candidate
Arms license
Pension card
There are two types of forms for a PAN Card-
Form 49A– Form 49A is the PAN Card Application form for all Indian citizens, NRI, Companies, firms, NGO (Non-Governmental Organisations), partnership firms, local bodies, trusts etc.. PAN cards for minors and students have to be applied by submitting Form 49A as well.
Form 49AA-
FORM 49AA is to be submitted by foreign nationals who are pay tax in the country.
Firms, Limited liability companies, trusts, Body of Individuals and Association of Persons registered outside India have to submit these forms when they apply PAN card for tax purposes in India.
OCI (Overseas Citizen of India) and NRE (Non-Resident Entity) individuals will have to apply for a PAN card using this form.
Choose Form 49A for Indian citizens (including NRE/NRI/OCI individuals)
Fill details in the online form, like full name, address, date of birth, gender, telephone number, income details etc.
On filling the form, submit it and pay the processing fee
Print the page with the 15 digit acknowledgement and sign in the space provided.
Affix passport sized photographs on the acknowledgement, proof of identity and proof of address documents and Demand Draft (if you are paying through DD).
And sent to the NSDL office by post within 15 days of submitting the online application. And then PAN card will be sent to the given address within a period of 15 working days.
PAN information needs to be mandatorily furnished while registering a business
Taxpayers need to input their PAN when paying income tax
A lot of financial transactions require PAN information. Some of these transactions are:
Sale or purchase of property (immovable) which is valued at Rs.5 lakh or above
Sale or purchase of a vehicle except for a two-wheeler
Payments that are made towards hotels and restaurants and which are above Rs.25,000
Payments made in connection with travel requirements to other countries. The amount in this case if it exceeds Rs.25,000, then an individual needs to quote his/her PAN
Making payments of more than Rs.50,000 towards bank deposits in a bank
Acquiring bonds by paying an amount equal to or greater than Rs.50,000
Purchase of jewellery and bullion also require PAN information of the purchaser to be furnished if the Payments made for more than Rs.5 lakhs
Any purchase of mutual fund schemes
Any amount more than Rs,50,000 used for purchasing shares
Any payment of more than Rs.50,000 made towards acquiring an insurance policy needs PAN information of the policyholder
To Remit money out of India
Pan information is required for transfer of funds from NRE to NRO account
Those people can apply PAN who falls under any of the following categories.
Following are the taxpaying entities that are required to have a Permanent Account Number as under Section 139A.
Any person who has paid tax or is liable to pay tax to the Income Tax Department
Any person who is carrying out a business or professional practice which earns a yearly turnover of Rs,5,00,000 or more in the previous year of assessment
All kinds of trusts in the country
Importers and exporters who are liable to pay any form of tax or duty charges as per the Income Tax Act or as per any other law, currently in force
If your income falls into a taxable bracket, and not having a PAN card then there are some conditions:
30% tax on your earnings and wealth, as stipulated by the Income Tax Department of India.
you will be unable to purchase a motor vehicle, buy immovable property worth over Rs. 10 lakh, and open an account with any bank in the country among other activities.
Businesses too will be charged TDS at a 30% and will be unable to conduct a large chunk of their activities since quoting PAN has now become mandatory for everything from purchasing land in India to rendering any sort of professional services in the country.
If you misplace the PAN card or lost then you can get the duplicate PAN card, the steps below should be followed in order to procure a duplicate PAN card.
You must visit the official web portal of NSDL and apply for a ‘PAN Change Request’ form and fill in all the details.
If you wish to get the new card without changing the previous details of your PAN card then after filling all details, they should not select any box on the left of the margin.
As long as there are no changes to be made in the PAN card, their address will be updated in the database of ITD based on the address provided in the form.
After this submit the document of your identity proof i.e. passport or Adhaar number, a document for address proof such as Voter’s ID or utility bill, along with proof of issuance of PAN number such as a photocopy of the damaged/lost PAN cardand submit the form.
A nominal fee will have to be paid online either through credit card/debit card or net banking after which they will receive an acknowledgement through which they can track the status of their application.