What is PAN card?
PAN represents Permanent Account Number. It is a unique number which is to be quoted in tax return and other financial transactions such investments and property sale/ purchase.
In nutshell it's used as an Identification document and is issued to all tax payers who accrue income in/from India.
What does it reflects?
A PAN card carries your name and a photograph. Besides this you also find your Father’s Name and your Date of birth with signatures at end. There is a ten digit number (called as PAN) written on this card which is a unique number, so two persons cannot hold the same PAN.
Why is it important?
This is the most important concern of all the readers.
A PAN card is required for filing tax returns. It also serves as Photo ID Proof. But apart from this we also need PAN Card for other purposes. Some of them can be:
It is compulsory to give the PAN card number when you buy or sell immovable properties in India.
If you buy banker’s draft, pay orders and cheques you require PAN card.
If you buy shares or debentures exceeding the value of Rs. 1 lakh, you need to supply the PAN card.
PAN card is necessary to make any deposits exceeding Rs. 50,000
PAN card is also necessary for initiating a bank account, starting a demat account or applying for a credit card.
During purchase of automobiles.
PAN card is required if you travel abroad, as all the hotel/shopping bills exceeding 25,000 in Indian rupees can only be made when you produce your PAN card copy.
Where to go and how to get a Pan card?
You must be worrying how apply for PAN? It has become very easy to get a PAN.
You can also apply it online and get it done yourself.
Just follow these easy steps:
You can contact a reliable PAN agent broker internationally who submits applications directly to UTI or NSDL; through its offices and centers in US, UK, Canada and Australia.
Once such agency firm is: http://www.PanCardNri.com
OR you can directly visit https://tin.tin.nsdl.com/pan/
Receive forms, fill and submit them online. Form 49A is used for Indian Citizens and Form 49AA for Foreign citizens (including a OCI and PIO). Kindly read instruction carefully before you fill this form.
Get 15 digit acknowledgement number. Save this acknowledgment and also get a print for further communication.
Now send this acknowledgement to NSDL in Pune within 15 days of the online application date, along with a few documents such as a proof of address and a proof of identity. The envelope must be carrying the words ‘APPLICATION FOR PAN – Acknowledgement Number’.
Do not forget to attach two recent colored photographs with white background (size 3.5 cm x 2.5 cm) and also provide signatures wherever necessary.
What is the fee?
There are two options:
If communication Address is within India
(a). The fee for processing PAN application is 96.00 ( 85.00 + 12.36% service tax).
(b). Payment can be made either by
Credit Card / Debit Card
If communication Address is outside India (overseas)
(a). The fee for processing PAN application is INR. 971.00 (Application processing charges of INR. 85.00 + Dispatch Charges INR. 771.00) + 12.36% service tax.
(b). Payment can be made only by way of Credit Card / Debit card or Demand Draft payable at Mumbai.
The process of changing or correcting the details of your existing PAN card is similar to the process of applying for a new PAN card. Just visit the above mentioned site and you will find the options for the same.
Hope, all your doubts are clear and your mind is at rest after gathering this handful knowledge.
A few last words!
In order to save your time, you can engage some service agents near your place. They provide you all the services including Change in Name or address. They charge very nominal commission and provide timely services. So, this will save you from many activities and tensions.