PAN card, everybody heard this name before.. but is it anybody knows what it is and what are the advantages you have for using this PAN card and why you actually need this PAN card..?? about all this aspects i will discuss in this article. to get complete info about this read the article completely.
PAN card, when we expand it becomes Permanent Account Number, any individual or company or family who are paying tax to Government of India for them a unique identification number is given to pay the tax amount. for every tax payer this card is must. along with the PAN card, now a days Government of India brought Aadhar card, it is also having a unique identity number by which each and every person was identified with this digital card as like PAN card gives the identity for tax payer with the unique number.
PAN card also looks more or less like your credit or debit cards of various banks, however it has your photo, full name and unique identity number in it. before the introduction of the PAN card there was a another type of number assigned to the tax payers. it is called as GIR number. it has some drawbacks so Government of India wanted to come out with the solutions for that and released the new system called PAN and it was extended under the tax act section of 139A.
PAN card, when we expand it becomes Permanent Account Number, any individual or company or family who are paying tax to Government of India for them a unique identification number is given to pay the tax amount. for every tax payer this card is must. along with the PAN card, now a days Government of India brought Aadhar card, it is also having a unique identity number by which each and every person was identified with this digital card as like PAN card gives the identity for tax payer with the unique number.
PAN card also looks more or less like your credit or debit cards of various banks, however it has your photo, full name and unique identity number in it. before the introduction of the PAN card there was a another type of number assigned to the tax payers. it is called as GIR number. it has some drawbacks so Government of India wanted to come out with the solutions for that and released the new system called PAN and it was extended under the tax act section of 139A.
PAN number is the electronically generated number which consists of combination of alphabets and numbers, and across the country every person having different number, while paying income tax one should produce that number and file the tax, so that government can keep a track with this unique number.
This PAN card is issued by the Department of Tax, Government of India. anyone can avail this card either online or offline mode through the official online government portal. in all the cases PAN consists of 10 digit number with alphabet combination in capital letters for better understanding. however PAN card is available for both individual and for corporate, for individual it is printed with the person name on it and for corporate PAN card the company name will be mentioned on the card.
With this PAN number, the tax department keeps an eye on the tax payers and money transaction by the PAN holder. there is a provision to issue this PAN card to NRI persons also.
The PAN card is mandatory to all the tax payers and one of the best thing about this PAN card is it is for life time, there is no need for any renewal or etc. however you can reapply if any correction is needed on PAN card, otherwise you can use this same card throughout your life time and the PAN is also unaffected if you change the residing place.
Every district and Taluk tax office is authorized to issue the PAN card, they will collect the form and can issue the PAN card if they found everything is right in the application and one can apply through online mode also. the PAN card issuance authorities are NSDL and UTISL.
PAN is very important you make huge transactions or while you receive any sort of nonexempt earning from the third party or buying mutual funds, shares, applying for loans or receiving salary from the organisation or for applying VISA / Passport etc. and it also becomes the identity proof of any persons, that is you can directly use this as a identity card in some cases.
You may think that if you loose your PAN card then what happens..?? for this also solution is there, you can reply for the card by using NSDL or UTIITSL port and reply for the same by filling 49-A form if you are Indian, in case if you are NRI then you can fill up the 49AA form. once fill that you can directly pay the required amount in same portal and can finish the application. after the application through online port you need to send the hard copy by saving the application along with the required documents. once it reaches to income tax department, they will go through it and if they find everything is okay, then they will issue the pan card in your name.
If you don't have PAN card then you cannot transfer or transact the amount more than 10 lakh with single transaction, along with it you cannot even open the bank account anywhere in India.
So friends this is all about the PAN card, hope you got an clear picture about the PAN card now. if this article is really helpful don't forget to comment in the below comment section.
You may think that if you loose your PAN card then what happens..?? for this also solution is there, you can reply for the card by using NSDL or UTIITSL port and reply for the same by filling 49-A form if you are Indian, in case if you are NRI then you can fill up the 49AA form. once fill that you can directly pay the required amount in same portal and can finish the application. after the application through online port you need to send the hard copy by saving the application along with the required documents. once it reaches to income tax department, they will go through it and if they find everything is okay, then they will issue the pan card in your name.
If you don't have PAN card then you cannot transfer or transact the amount more than 10 lakh with single transaction, along with it you cannot even open the bank account anywhere in India.
So friends this is all about the PAN card, hope you got an clear picture about the PAN card now. if this article is really helpful don't forget to comment in the below comment section.
Hello, my name is Ananth Ram. I'm Research Scholar by Education, Entrepreneur by Profession, Blogger by Interest, YouTuber by Passion...
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