Permanent Account Number (PAN) Registration is a 10- digit alphanumeric unique identifier issued by the Income Tax Department. Any company incorporated in India and doing business here will have to mandatorily get a PAN Card. It is to be quoted during all the financial transactions of the company as well as in the invoices and other registrations.PAN registration enables the department to link all transactions of the person with the department such as tax payments, TDS/TCS credits, returns of income/wealth, specified transactions, etc. PAN Registration was introduced to facilitate linking of various documents, including payment of taxes, assessment, tax demand, tax arrears, etc. relating to any person to facilitate easy retrieval of information and to facilitate the matching of information relating to investment, raising of loans, and other business activities of taxpayers collected through various sources. The government has also announced that all the PAN applications should be furnished in the new forms as prescribed by the Income Tax Department with effect from 8 April 2012. The applicants are supposed to submit their “Application for allotment of new PAN” in the revised Form 49A only. The PAN application is applicable to INDIAN citizens only and the foreign citizens are supposed to submit their “Application for allotment of PAN” in the newly notified Form 49AA only.
The PAN regsitration serves as a valid identity proof like other proofs such as voter cards, aadhar card, etc. it is accepted by many government and financial institutions as identity proof.
Every company registration regardless of being public or private are required to open a bank account in the name of the company for which submission of a PAN card is mandatory. Also under the government’s Jan Dhan Yojana, a person having a PAN card can open a zero balance account.
Every person who is eligible to pay income tax is supposed to file income tax returns and for that such person is an artificial entity has to obtain the respective PAN registration.
Any person who is depositing cash exceeding Rs. 50,000 with the bank or any post office department or for purchasing any bank drafts or pay order is required to submit PAN registration details mandatorily with the respective institution. For the sale of any immovable property valuing above fifty lakhs is required to have a PAN card.
The very firsts step is to apply in Form 49A along with the category and the title of the applicant and enter all the necessary details and submit the form.
The applicant is required to submit the required fee for further procedure.
The applicant shall print the application form and attach all the required documents along with passport size photo and his or her signature,.
The applicant has to submit the signed form to the NSDL/UTI office address. Without the same, the application might not be complete.
In the final step, the applicant will receive the soft copy of the PAN Card on the mail id and a physical copy shall be delivered within 15-20 days on the given address.
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All the existing taxpayers or persons who are required to file a return of income must have a PAN. Any person who intends to enter into any financial transactions where PAN is mandatory must also have a PAN. Contact us Now.
No, having more than one PAN is illegal and may attract a penalty of up to Rs. 10,000. Therefore it is advisable not to hold more than one PAN.
Yes, it is compulsory for those who have to file an income tax return.
Yes, according to section 139AA of the Income-tax Act, every person who has a PAN as on July 1, 2017, is required to link PAN with the Aadhar Card.
Yes, it is possible. If you wish to surrender your PAN then you need to visit your local Income Tax Assessing Officer with a request letter to cancel your PAN.
No, there is no such additional fee to apply for PAN online.