The importance of PAN Card has grown over the period of time, and today it is an essential part of any financial transaction.
Unfortunately many in our country, especially in towns and villages don’t know its importance and don’t have it.
PAN stands for “Permanent Account Number” which is issued in the form of a laminated card. It is a ten-digit alphanumeric number, allotted by the Income Tax Department of India as a unique identification of each tax payer and each set of numbers differs for the individual, HUF, company, etc.
Why PAN Card is required?
According to Indian Income Tax Department rules PAN Card is mandatory to file income tax return on all categories of taxable income by any Indian citizen.
Permanent Account Number allotted in PAN Card is essential for the following circumstances :
- Opening bank account in India by any resident or non-resident of India.
- For bank deposit over Rs. 50,000/-.
- Opening demat and trading account in Indian stock market.
- To purchase any securities more than Rs. 1,00,000/-.
- Cash payment for purchase of bank drafts, pay orders or banker’s cheque for a total amount of Rs. 50,000/- or more in a day.
- Deposits exceeding Rs. 50,000/- with Post Office Savings Banks.
- Cheque deposits over Rs. 50,000/-.
- Applying for a telephone connection including cellular phone.
- Purchase or sale of any immovable property in India of more than Rs. 5,00,000/-.
- Purchase or sale of cars.
- A payment in cash for Hotel, Restaurants and travel expenses more than Rs. 25,000/- at any one time.
- TDS returns to income tax department, etc.
Pan Card Application Form :
Application form form PAN Card can be easily download from NSDL website. You can also download Request For New PAN Card Form Or/ And Changes Or Correction In PAN Data.
Application for PAN should be made in prescribed form (Form 49A) and submitted in any of the I-T PAN Service Centres set up and managed by UTIISL across the country.
NSDL Website – https://tin.tin.nsdl.com/pan/index.html
Pan Card Verification :
For verification of pan card Permanent Account Numbers (PAN), Income Tax Department (ITD) of India has authorized National Securities Depository Limited (NSDL) to launch an online PAN verification service for verification of PAN by authorized entities.
Know your PAN Number :
You can know your PAN Card Number or check it by visiting https://incometaxindiaefiling.gov.in/knowpan/knowpan.jsp
After visiting the above mentioned URL, you need to enter your first name your, sir name and your date of birth and then submit query. Once you do that you will get your PAN Number on screen.