PAN Card in India

PAN Card in India

PAN card in India – PAN or Permanent Account Number is the most essential part for us in India. It means to identify different taxpayers in India. The PAN card contains unique 10 digits identification alphanumeric numbers, assigned in India for most of the Indians who pay tax. The PAN card is an electronic-based system through which all tax-related information for a company or a person is recorded against a single PAN card number. PAN number acts as a key feature for the storage of data and information. When the PAN card is allotted to an entity, it is too provided by the well-known department that is the Income Tax Department. PAN Card is a primary card that has a PAN as well as the date of birth, name, and photograph. With these copies, the card can be submitted as proof of all identities. PAN Card is a one-time process and there is no need to apply it again. If once your PAN card is approved is valid for lifetime.

Apply for PAN card

For instant PAN cards apply, it can in both ways, online and offline. For online process there are official websites that can be used for it, that are:

  • UTIITSL
  • NSDL

This is an online PAN Service that can be applying for making a PAN card. There is an offline service also for PAN cards apply by visiting at any district level of PAN agencies. Here are steps to apply online for PAN card, the steps are:

  1. Visit the PAN card official website that is NSDL/ UTIITSL, www.onlineservices.nsdl.com.
  2. Fill the PAN card application form.
  3. After that submit the documents that are required.
  4. Pay the processing fees.
  5. Then lastly PAN card will be posted with 15 days.

To update a PAN card or edit PAN card details follow these steps:

  • Visit the official website of NDSL and select the update Pan Card section.
  • Then select the “correction” option in that existing PAN data.

For the offline process of PAN card registration, just follow these steps:

  • Get the PAN card application form from the authorized PAN center.
  • Fill the form, attach all required documents and submit along with the processing fee.
  • And then, the PAN card will send to the provided address. 

Types of PAN 

  • Individual
  • HUF (Hindu undivided family)
  • Company
  • Firm / Partnerships
  • Trusts
  • Society
  • Foreigners

Advantage of PAN card

  • Since for PAN card service, it contains information like Name, photograph, and age. As it can be used throughout the country as valid identity proof.
  • The PAN card is the best possible way to keep a track of your Tax payment. Otherwise, it might require paying it for multiples times till your tax payment is not verified.
  • PAN card unique for every person, it is impossible to misuse for tax avoidance or other unethical means.
  • PAN cards can be used for the benefits of utility connections such as electricity, telephone, internet, and LPG. 

PAN card eligibility

  • Any person who has a paid tax or reliable to pay tax on the Income Tax department. This will be decided based on tax slabs. 
  • A person who is pursuing with their professional or business practices which earns a yearly turnover of more than Rs. 5 lakhs in any years of assessment.
  • Exporter or importers are reliable to pay any form of tax or duty charges as per the income tax act or as prevalent law.
  • All types of charitable organizations, trusts, and associations.
  • Pan card issued for individuals, non-residence Indians, companies or anyone who pays taxes in India.

The need for PAN card

The PAN card is a unique identification number that allows each tax-paying organization of India with the following proofs:

  • Identity proof
  • Address proof
  • Mandatory of filing taxes
  • Registration of business
  • Phone connections
  • Gas connection
  • Eligibility to open and operate a bank account
  • Financial transaction
  • Mutual funds- Pan card is important for completing e-KYC for mutual fund investments
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Author: financial ullu

Financial ullu - A Financial platform that share all updates regarding Insurance, loans, financial advises.

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