Every citizen in India is required to have a PAN card. A PAN card is an Indian national document (for Indian citizens) just like any other type of document like Voter Id card, Aadhar Card, etc. PAN card can be used for many major tasks.
What is PAN Card?
PAN is an abbreviation of ‘Permanent Account Number’ and it is supervised by the income tax department of India. The IT department assigns a 10 Digit (alphanumeric) unique number to every citizen who is a taxpayer. The PAN card consists all the basic information like date of birth, photograph, name, number, etc of a person and other types of information.
What details are linked with the PAN card?
The PAN card keeps the account of financial activities of a person. It includes all the basic information like DOB, number, photograph, name, etc. it has a lifetime validity as it is completely unaffected by any sort of changes in address, job profile.
What are the types of PAN cards?
There are multiple types of PAN cards available with different purposes.
- PAN card for organizations and companies
- PAN card for Cooperative Societies and Trusts
- PAN card for Individual taxpayers
- PAN card for business units or partnership firms
Who is eligible for a PAN card?
As per Income Tax Act, there are certain categories for Indian residents to become eligible to obtain PAN card.
- Self-employed professionals or businessmen whose annual turnover is Rs. 5 lakh or more
- Individuals who are liable to pay tax or who pay tax
- Individuals who are into import and export activities
- Registered associations, organizations, trusts
For NRIs (Non-Resident Indians), PIOs (Person of Indian Origin), OCIs (Overseas Citizens of India), cardholders, and foreigners who fall under the purview of the Income Tax Act of 1961 are eligible to apply for a PAN card. Furthermore, parents can apply for a PAN card on behalf of their minor children.
Where can we use a PAN card?
Apart from the basic usage off Income Tax Returns, PAN card can be used for multiple purpose like identity documentation, returns on income, claim on income tax returns, to open a bank account for real estate purposes, to acquire a loan, for fixed deposits, purchase of goods and services, foreign exchange, etc.
How to apply for a PAN card?
To apply for PAN card there are both online and offline options available.
Via Online Process:
Visit the official website of NSDL or UTIITSL, then locate and select PAN application form. Fill the form properly and submit it with required (listed / asked) documents along with a passport size photograph. Now pay the applicable fee and your PAN card will be delivered to your registered address within 15 days.
Via Offline Process:
Visit the nearest PAN centre and fill the PAN application form with all the mandatory details along with 2 passport size photographs. Now, submit the application. Your PAN card will be delivered to your registered address within 15 days.
Some Frequently Asked Question (FAQ)?
- Can I obtain 2 PAN cards?
No, you cannot hold more than a single PAN card.
- What is the validity period of a PAN card?
It is a lifetime valid document.
- Can I reissue my PAN card, If I lose it?
Yes, you can submit the application for a duplicate PAN card.
- Is it Mandatory to issue a PAN card?
Yes, it is compulsory for every Indian citizen to issue a PAN card for themselves.
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It is mandatory for every Indian citizen to have a PAN card. We hope that our article has provided you the information that you were looking for. To know more about interesting facts and articles keep reading our articles and keep following us.