What is PAN – PAN Card Income Tax
Welcome to our new article “What is PAN – PAN Card Income Tax” which is most important not only for income tax purpose but also it is mandatory in every field nowadays. While you are driving, Driving License(DL) is must necessary . Like that When you are going file Income tax return , you must required a PAN Card.
Before introducing PAN card there was GIR (General index register) which was used for the income tax assessment purpose in India. This GIR is given by the assessing officer to the assessee which deals details about the assessing officer..
Then in 1972, PAN card was introduced for the very first time in India. It is replaced the GIR which is approved by the government of India under section 139A of the income tax act 1961.
Meaning of PAN
PAN stands for “Permanent Account Number”. It is a laminated card which is issued by the income tax department. It contains 10 digits Alpha-numeric numbers which is called PAN card number. For ex: AB2434NDSM.
Each number and letter is unique to each other persons such as individual, HUF, company, firm, BOI/AOP, etc. It also contains a facial picture of the card holder With date of birth and date of card issued. There is a hologram logo which is a symbol of security for PAN cards.
PAN card is used in every field but mostly in case of income tax department purposes. The most needy things are PAN card for the Income Tax Department. No one can make more than one PAN card because that is illegal and the government and income tax department may take necessary action against that person.
Address proof is more important that it has seen in every card, ID, form etc. but here address proof of persons doesn’t mention. So that it can’t create any problems to persons who live whether inside or outside of the state.
Every person ,assessee or tax payer who is required to furnish income tax return must obtain a pan card. If a person files income tax of another person’s, then he/she also must obtain a pan card. Income tax is mandatory for all who are going to the income tax return file or any other activities /communication to the income tax department.
Nowadays, it is mandatory for all who are going to open a bank account, SIM card purchased, foreign currency transfer and payment made to foreign company online. Etc. A pan card is also required at the time of amount deposited more than Rs. 50,000.
PAN card apply can be done by anyone on the prescribed application form along with prescribed documents and some fee. Nowadays PAN card apply online is the trend rather PAN card apply offline.
There are mainly two types of application form which has to be submitted at the time of allotment of a new pan card. PAN card Form 49A is to be filled by Indian citizens and PAN Card form 49AA ( form 49AA for NRI) is to be filled by foreign citizens.
PAN Card Income Tax
Features of PAN card
- Name of the cardholder
- Father’s name
- Date of Birth
- PAN(Permanent Account Number )i.e. 10-character alphanumeric
- Hologram logo of the Government of India.
- Tag of the Income Tax Department
- Laminated card
Requirement of PAN card form Online Apply
- If you are Indian citizen, you should use PAN card – Form 49A
- If you are Foreign citizen, you should PAN card – Form 49AA
- Form 49A – Download PDF
- Form 49AA – Download PDF
Steps for PAN card Online Apply in INDIA
You should apply for PAN card in Income tax department official website by following steps.
Step 1: Go to the NSDL official website, for Login
- If you are Indian citizen, Select new PAN (form 49 A)
- If you are a foreign citizen, Select new PAN card (form 49AA)
Step 3: Select the categories of PAN card
Step 4: Fill the personal details
Date of birth-
Step 5: Enter the given captcha code and click submit
Step 6: A token number will be generated
- You should click on the link to continue with your PAN application
Step 7: A new page will appear which will show you 3 options.
- Submit digital e-kyc and e-sign
- Submit scanned image and e-sign
- Forward application documents physically
Step 8: After selecting the option, fill your details
Click next to proceeds
Step 9: You should your personal details
Date of birth
Click next to proceeds
Step 10: You will required to fill your area code, AO (Assessing officer), range code, and AO number
- Click next
Step 11: Select the document that you have submitted as address proof & age from the drop down menu and fill the required detailed
- Click submit
Step 12: After upload all required documents, it will direct to payment page
- You have to choose one payment method from many online methods
- The application fee for PAN card is Rs. 115.90 excluding bank charge if any,
- If you have chosen to send physical documents instead of e-kyc, e-sign, then you will have to pay Rs. 110.
Step 13: After payment you will be required to go aadhaar authentication process
Step 14: You will receive an email acknowledgement from NSDL about the application status.
Step 15: Your PAN card will be couriered to you after application has been processed.
Step 16: Keep the acknowledge number with you for security
PAN card Download Online in INDIA
PAN card download can be done through online which is known as ePAN . and You can download it through Income tax Department Govt. India official website i.e. (www.incometaxindiaefiling.gov.in) or it can be also downloaded from NSDL (National Securities Depository Limited ) and UTIITSL (UTI Infrastructure Technology And Services Limited ) portal online.
Those applicants who had applied for PAN through the NSDL portal, they can download ePAN from the same portal. Downloaded of ePAN may be free of cost by all new applicants or applicants within one month or 30 Days of the issuing of PAN card. But download through UTIITSL charges an additional fee of Rs. 8.26 (including taxes) through online for download.
Download PAN card Online: Click Here
PAN card correction form Download Online
PAN card plays very vital role in the context of Income tax and if you the lost your PAN card then you should submitted a copy of FIR to the income tax department online along with the following given for. Apart from that, if You want to changes and correction PAN card then you should request for a new pan card by filling of this following PAN Card Form and send it to the income tax department.
Download form: Click Here
Reprint PAN card in India
PAN card holder who has applied latest PAN application through NSDL can avail this facility from Income tax department. The Download of e-PAN card cost is free, if PAN allotted or changes confirmed by Income Tax Department in last 30 days
Charges for dispatching:-
- For dispatching of PAN card within India (inclusive of taxes) – Rs 50.00
- For dispatching of PAN card outside India(inclusive of taxes) – Rs 959.00
It will be dispatched the latest address available with Income Tax Department.
Advantages and Uses of PAN in India:-
Uses of PAN card is very relevant in every fields but mostly benefitted Income Tax purpose.
1. Income tax return:-
All persons who are eligible for income tax purposes are mandatory to have a PAN card. It is required when filing of income tax return.
2. Identity proof:–
It uses valid identity proof other than aadhaar card, voter id, driving licenses etc.
3. Income tax refund:–
Sometimes tax deductions at source deduct from income more than actual tax which he /she has to return . For that purpose a PAN card must link to his/her bank account .
4. Tax deduction:-
If the pan card is not linked with the bank account then the interest of TDS will be 30% instead of 10%.
5. Opening bank account:-
It is mandatory for all to obtain a pan card during the time of opening a new bank account.
6. Openings Demat account:–
PAN card is mandatory for all at the time of opening a Demat account.
7. Selling and purchase of immovable property:-
Pan card is mandatory during the time of purchase and selling of immovable property/assets like land and building having 10 lakh or more.
8. Deposit money above Rs. 50,000:-
Pan card is required when any person is going to deposit money of Rs. 50000 or more at the bank.
9. Purchase of goods and services: –
it is required when purchase and selling of goods and services more than Rs. 2,00,000.
10. Bill payment: –
PAN card is mandatory for payment of bills amounting to more than Rs. 50,000 or more in hotels and restaurants.
11. Annual deposit:–
Deposit money more than Rs. 5 lakhs or more in bank, NBFC, post office, cooperative bank etc. are required to furnish PAN card.
12. Foreign travel:-
If cash payment is to be made more than Rs. 50,000 during foreign travel then the pan card details is must required
13. Payment made to foreign company online:-
Pan card is mandatory at the time of payment made to foreign company online.
In Which Transactions, PAN is Mandatory ?
- Sale or purchase of any immovable property amounting to 10 Lakhs or more.
- Sale or purchase of a motor vehicle or vehicle (other than two wheeler vehicles).
- When money deposited exceeds Rs. 50,000 in a bank or post office in India.
- At the time of telephone connection
- Payment in cash for purchase of bank drafts or pay orders or banker’s cheques amounting to more than Rs. 50,000.
- A contract of a value exceeding 1 lakh for sale or purchase of securities.
- Opening of a bank account, In case of a minor, minor students. It needed a PAN of Father, Mother or guardian etc. in case of not having PAN he/she has to fill the form no. 60 as declaration.
- Payment to hotels and restaurants against their bills for an amount exceeding Rs. 50,000
- Payment in cash in connection to travel to any foreign country of an amount exceeding Rs. 25,000 at any one time. (except travel to Bangladesh, Bhutan, Maldives, Nepal, Pakistan or Sri Lanka or travel to Saudi Arabia for Haj or travel to China on Pilgrimage to Kailash Mansarover.)
- During the application for the issue of credit card or debit card.
- Payment made Rs. 50,000 or more to any Mutual Fund investment .
- Payment made amounting to Rs. 50,000 or more to a company for acquiring shares issued by company.
- Payment made amounting to Rs. 50,000 or more to a company or an institution for acquiring debentures or bonds issued by it;
- Amounting to Rs. 50,000 or more payments made to the Reserve Bank of India for acquiring bonds issued by it.
- Amounting to Rs. 50,000 or more payments in a year as life insurance premium.
- Payment to a dealer amount of 5 lakhs or more at any one time and amounting to Rs. 5 lakhs or more for purchase of jewellery.
- Any purchase or sale exceeding amounting to Rs. 1 Lakh.
Who are exempted from PAN ?
The provisions of Section 139A are not applicable to the following conditions
1. Persons who have agricultural Income alone and who make declaration in Form No. 61
3. Central Government, State Government
4. Any person who has not been allotted PAN/GIR No. and who makes payment in cash should file a simple declaration in Form No. 60 mention all the particular transaction
Who can obtain PAN card ?
- Every person whose total income exceeds the exempted limit or the income of the person if his total income exceeds the amount which is not chargeable to tax.
- A charitable trust who is required to furnish income tax return under section 139(4A)
- Every person who is carrying any business and profession and whose total turnover exceed Rs. 5, 00,000 in a year
- Every importer or exporter who is required to obtain import or export code
- Every person who is entitled to receive any income after deduction of tax at source
- Any person who is liable to pay excise duty in India.
- Any person who is liable to pay custom duty in India.
- Person who issue invoice under rules 57AE requiring registration of central excise rules, 1944
- A person who is liable pay services tax
- Any person who is register under the central sales tax act or the general sale tax law the state or union territory
- Any person who relating to any financial transaction in which quoting of pan card is mandatory
From the above discussion, it can be concluded that a PAN card Income Tax is mandatory for the purpose of income tax return in India either through offline or online e filing. But nowadays it is necessary for almost all fields that are bank, immovable goods purchase, Demat account, and many more etc. Thus, it is most important to know about PAN card and PAN Card Form Online Apply which will be benefited to you.
- PAN card Status by Name and Aadhaar number in Mobile(PAN card Check)