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Everything you need to know about PAN Card

Permanent Account Number (PAN) is a ten-digit alphanumeric identifier, issued by the Income Tax Department to identify a taxpayer whether an individual, Hindu undivided family, or a company. All existing taxpayers or persons who are required to file a return of income must have a PAN. Here are the answers to all your queries on the PAN card.

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Everything you need to know about PAN Card

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  1. Everything you need to know about PAN Card www.indialends.com

  2. What is a PAN Card? PAN Card is abbreviated as Permanent Account Number. It is a unique identification number assigned to an individual who pays taxes in India. It is issued under the Indian Income Tax Act, 1961 by the Indian Income Tax Department under the supervision of the Central Board for Direct Taxes (CBDT). Basically, a PAN Card is an electronic system in which all the tax-related information of a person or company is recorded against a single PAN number. Hence no two tax-paying entities can have the same PAN. Why do you need a PAN Card? Here you can learn about the PAN Card uses- To file IT returns: All individuals and organizations subject to income tax are required to file their IT returns. So, for this, you will need a PAN Card. This is the main reason why everyone applies for it. 2. To apply for a loan: You would also need this important document while applying for any credit product such as a loan or credit card. It is one of the important documents which banks ask the applicants to submit to approve their loan application.

  3. 3. To open a savings/current bank account: You can easily open a savings/ current bank account if you have a PAN Card. 4. To deposit cash above Rs. 50,000: RBI has mandated that if you are depositing cash above Rs. 50,000 at one go, then you have to furnish your PAN Card details. 5. To invest more than 50,000 in bank FDs: If you want to invest more than Rs. 50,000 in a bank in the form of Fixed Deposits, then also you would need to give your PAN Card details. It is because TDS is being deducted by the bank on the interest gained through FD. 6. For currency conversions: Bank institutions and money exchange bureaus also require your PAN card details for currency conversion. 7. To apply for government ID proofs: This card also works as an important identity proof. So, you can also use this while applying for other Government identity proofs. Eligibility 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 a PAN card. Obtaining a PAN card or Permanent Account Number is mandatory for every taxpayer or the person who needs to file an income tax return for themselves or on the behalf of others. www.indialends.com

  4. What is the validity of the PAN card? PAN Card is valid for the entire lifetime as PAN number does not change even if you update any information. Documents required for PAN Card application- PAN requires two types of documents. Proof of address (POA) and Proof of Identity (POI). Any two of the following documents should meet the criteria- • Individual Applicants- POI/ POA- Aadhaar, Passport, Voter ID, Driving License. • Hindu Undivided Family- An affidavit of the HUF issued by the head of HUF along with POI/POA details. • Company registered in India- Certificate of Registration issued by Registrar of Companies. • Firms/ Partnership (LLP)- Certificate of Registration issued by the Registrar of Firms/ Limited Liability Partnerships and Partnership Deed. • Trust- Copy of Trust Deed or a copy of the Certificate of Registration Number issued by a Charity Commissioner. www.indialends.com

  5. • Society- Certificate of Registration Number from Registrar of Co-operative Society or Charity Commissioner. • Foreigners- Passport, PIO/ OCI card issued by the Indian Government, Bank statement of the residential country, Copy of NRE bank statement in India. PAN Card-Fees and Charges For New PAN Card- Applicants who reside in India need to pay a small fee of Rs. 101 including 18% of GST. The Government has imposed a uniform fee for all the PAN applications which have a communication address within the country. Fees may vary, depending on the use of mode for making the payment. For making changes or reprint in your existing PAN Card- In such a case, the applicable charges are Rs. 110 inclusive of GST. This fee is charged only in the case if the communication address is within India. Rates may differ if the communication address is overseas. www.indialends.com

  6. How can you fill your PAN Card application? There are two different ways in which you can fill the application for your PAN Card i.e. Online or at NBSP; the NSDL website or by applying in any PAN agencies at a district level by visiting at the agency through offline mode. There are two forms for PAN application- one for Indian citizens, 49 A and other one is 49AA, for foreigners. You can also apply for a new PAN Card or reprint and correct the existing one. For this, you would need to submit a set of required documents while making the application. However, you should know that the application form for new PAN and reprint of PAN is different. Once the user makes any of the above PAN card applications then he/she can easily track PAN's status with the help of acknowledgement number furnished by NSDL. I hope the above information will guide you in the right way when you wish to get a PAN Card. Visit to get more information about Pan Cards Via IndiaLends- https://indialends.com/pan-card/what-is-pan-card www.indialends.com

  7. Thank you

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