Wednesday, 24 June 2015

Indian Pan Card FAQs

What is a PAN card?

The PAN stands for Permanent Account Number and consists of 10 figures, which are alphanumeric in nature.
PAN card thus is a laminated card issued to the taxpayers (or the ones who plan to pay tax) by the Income Tax Department of India.

Visit this link for: Pan Card Status Check

What Do We Need a PAN Card For?

Having a PAN card becomes necessary if you are taxpayer and wish to file an ITR or Income Tax Return. The PAN card becomes indispensable if you are a regular tax payer and wish to avail benefits of the Indian financial/banking sector.
The government then has made it strict to mention the 10 digit PAN on all the challans, to be paid to the Income Tax Department.

The Central Board of Direct Taxes has been issuing timely notifications about using PAN card on all the documentations done in the name of financial transactions. Thus, if you indent to buy/sell anything which involves a cash transaction worth more than or equal to Rs. 25,000, it is mandatory to quote the PAN and other details.

PAN card also comes handy while one travels abroad, as all the hotel/shopping bills exceeding 25,000 in Indian rupees can only be made when you produce your PAN card copy or just the PAN.

Moreover, PAN is required when you get your telephone connection and also, while investing an amount equal to or more than Rs. 50,000 in FD or RDs.
Thus, PAN card is of immense value to everyone who gets involved in any of the above.

Does Income Tax Department Checks If the PAN is quoted on the Above Said Transactions?

No, the Income Tax Department though does not keep a direct check. But, it is obligatory for the person involved in the transactions to quote the PAN for each one of them. Else, there can be serious punishments/fine.

Can I File Income Tax Return Without a PAN?

No, it is not possible to file ITR without a PAN.

How Is PAN verified?

The PAN can easily verified by the concerned authority using the verification facility available on the website of Income Tax Department.

Who ALL Should Have A PAN card?

All the taxpayers or assesses should have a PAN card. Even the person filing ITR on behalf of someone else, is bound to have one.
If anyone wishes to carry out any financial transaction which requires quoting PAN, then the person or the body will have to get a PAN in their name.
The assessing officer holds all the power to allot PAN card to anybody if he wishes to or has a written request for the same.

Is it possible to hold more than one PAN card?

Owning more than one PAN card in your name is considered illegal as per the law.

How and Where Can One Apply For a PAN Card?

The Income Tax Department of India has given the authority to UTIISL for the management and setting up of IT PAN service centers. These PAN Service centers are located in all the cities, towns, etc. wherever in India; there is an Income Tax Office.

There are more than one center in the same city for the convenience of the people. There are similar TIN facilitation centers too.
One can apply for PAN card by filling the form 49A. This form can also be downloaded from our website of Income Tax Department. This form is then to be duly filled, accompanied by some identity and addresses proof, is then submitted with the PAN Service center.

Can a PAN card Application Be Made on Plain Paper?

No, the PAN card application can only be made using the form 49A.

From Where All Can I Obtain the 49A form?
You can literally obtain the form 49A from any source, irrespective of the fact that it is a government authorized center or not.

Can I Apply for PAN card Online?

Yes, you very well can. Any application form for PAN card can be made using the internet. Any other changes, i.e. change in name, address, etc. can also be done online only.

What is TATKAL facility?

TATKAL is to obtain your PAN card quickly. You can apply for your PAN online and make a payment using the ‘nominated’ credit card and all is done. You will get your PAN within a weeks’ time.

How find the location of my nearest IT PAN Service Center?

The information on any of the IT PAN Service Center can be obtained from the Income Tax Office near your place. Or one can also use the online resources, like the Income Tax Website to locate one.

The above questions will help you understand how crucial it is to have a PAN card in India and then, it is really easy to get one for yourself. There is plenty of information available on how can one apply for a PAN card.

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