A Permanent Account Number (PAN) card is a document issued by the Indian Income Tax Department. It is a 10-digit alphanumeric code that is used for identification purposes.
PAN cards are necessary for financial transactions such as opening a bank account, filing income tax returns, etc.
If you are a resident of India and do not have a PAN card, you can apply for one by following the steps in this article.
What is a PAN Card?
Permanent Account Number (PAN) is the identity of individuals, companies, and taxpayers who register with the Indian Income Tax Department. It is a 10 digit alphanumeric code that extensively used for conducting all types of financial transactions which include filing Income Tax returns, making payments, to open bank accounts and many other categories.
This PAN card is the most important form of identification in the country and the Income Tax Department holds the responsibility of issuing PAN cards to all the eligible citizens.
It is important to note that, if PAN is not intimated by a person at the time of financial transactions worth Rs. 50,000 or more, then it can attract a penalty of up to Rs. 10,000. Hence, not being in possession of a PAN card can be costly.
Who is eligible for a PAN Card?
Anyone who wishes to legitimately submit a financial transaction to the Income Tax Department of India is eligible to apply for a Permanent Account Number (PAN) card. This includes individuals, companies, and entities.
To be eligible for a PAN card, the applicant must be a citizen of India, or similar legal entities such as trusts, LLPs, partnership firms and more.
Foreign citizens, such as tourists and students with an adequate proof of address can also apply for a PAN card, provided they have essential documentation such as a valid passport, visa, and other documents.
Additionally, a person who has already been allotted a PAN card and is seeking a duplicate copy can also apply for a new one. It is recommended to have a PAN card even if one is not required to pay taxes. It is a helpful source of identification while conducting any kind of financial activities or transactions in the country.
The Application Process
The application process for PAN card is quite simple and straightforward. One needs to fill the 49A application form, if applying for Indian citizens, and 49AA form, if applying for foreign nationals. Along with that, certain documents and the applicable fee must be submitted for the application to be successful.
The fee for PAN card application is usually Rs. 97 for online filing. There’s a processing fee of Rs. 9.95 involved in the application process. The payment can be made through an online gateway such as UPI, debit/credit card, or net banking.
After the payment is made and the form is successfully filled and submitted, the acknowledgment form will be generated. This acknowledgment form must be kept safe, as it will be needed in order to check the PAN card application status. The PAN card status can be checked in the short space of 10 to 15 days.
Receiving your PAN Card
After you have applied for your PAN card, your application will be sent to the NSDL processing centre, where it will be verified. After the verification is complete, the NSDL will generate your PAN card and send it to your address.
The PAN card is usually sent within 15-20 days via post and you can track the status of your PAN card as well. If you have opted for the e-PAN option, you can download the digital PAN card from the NSDL portal and it will be sent to your registered email address.
The PAN card will include your photograph, signature, name, PAN number, father’s name and the date of birth. Save the PAN card in a secure location and keep a record of the PAN number for future use.
Frequently Asked Questions
Q: How do I check the status of my PAN card application?
A: You can check the status of your PAN card application on the NSDL portal. To check the status, enter your application coupon number, date of birth and captcha code in the relevant fields and click on the ‘Submit’ button.
Q: How long does it take for the PAN card to be dispatched?
A: It takes up to 15-20 days for the PAN card to be dispatched to your address. You can also opt for the e-PAN option to receive the digital PAN card in your registered email address.
Q: Is the PAN card permanent?
A: Yes, the PAN card is permanent and valid for life. If there is any change in your personal information, you need to update it by filling the Change or Correction in PAN Data form. Once the updated form is processed, you will receive a new PAN card.
The permanent account number or PAN card is a unique 10-digit alphanumeric identifier issued by the Income Tax Department of India. It is necessary for any individual or entity to have a PAN card if they wish to file their taxes or if they wish to make any sort of investment. Applying for a PAN card is a simple and straightforward process that can be done online or offline. It can take up to 15-20 days for the PAN card to be dispatched to your address, or you can also opt for the e-PAN option to receive the digital PAN card in your registered email address. The PAN card is permanent and valid for life, so it is important to make sure all the details mentioned on it are accurate and up to date.