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What is Permanent Account Number (PAN)..?

Hello Friends welcome to needsofpublic.com, in this article I will explain about PAN card. The Full form of PAN is Permanent Account Number.

It means of identifying various taxpayers in the country or Permanent Account Number. It is an is a 10-digit unique identification alphanumeric number

The PAN system of identification is a computer-based system that assigns unique identification number

to every Indian tax paying entity. Through this method, all tax-related information for a person is recorded

against a single PAN number which acts as the primary key for storage of information.

Anybody who earns a taxable income in India, including foreign nationals who pay taxes here (be it retail, services or consultancy) that had total sales,

turnover or gross receipt exceeding Rs 5 lakh in the previous financial year.

When PAN is allotted to an entity, PAN Card too is given by the Income Tax Department. While PAN is a number, PAN Card is a physical card that has your PAN as well as name,

date of birth, and photograph. This card can be submitted as proof of identity or Date of birth.

HOW TO APPLY ONLINE & OFFLINE?

Use ‘Form 49A’ or ‘Form 49AA’ as applicable to you. You can find the location of PAN card offices in any city from the websites of the Income Tax Department

or National Securities Depository Limited (NSDL). You will need copy of proof of Id and address.

You can also apply online through websites of the I-T Department or NSDL. If you are applying online, the processing fee can be paid via net banking, credit card or

debit card. After that you can Track the status of your application online.

Required Documents for PAN Card :

For Individual Applicants : Identity Proof

*Election Voter ID

*Aadhaar Card

*Driving license

*Original Bank Certificate Or Bank Passbook

*Any photo ID card, issued by State or Central Government or a Public Sector Undertaking

For Individual Applicants : Address Proof

*Bank account statement

*Electricity bill

*Credit Card statement

*Post office account passbook

*Postpaid mobile phone bill

*Phone or broadband connection bill

*Domicile certificate issued by the Indian Government

*LPG or piped gas connection bill

*Gas connection bill

*Aadhaar Card

For Individual Applicants :Date of Birth Proof

Pension Payment Order

Passport

Matriculation Certificate

Driving License

Domicile Certificate issued by the Indian government

Uses and Benefits of Having PAN Card

*To avoid deduction of tax at higher rate than due

*Any mutual fund purchase

*Payment exceeding Rs 5 lakh for purchase of bullion and jewellery

*Sale or purchase of immovable property valued at Rs 5 lakh or more

*Sale or purchase of a vehicle other than a two wheeler

*Payment in cash an amount exceeding Rs 25,000 in connection with travel to any foreign country

*To avoid deduction of tax at higher rate than due

*Deposit exceeding Rs 50,000 with any single banking institution in 24 hours.

*To remit money out of India

*It can also be used as an essential document for tax-related matters.

*PAN card can be used to avail utility connections like electricity, LPG, internet, telephone connections and so on.

Validity Of PAN Card.

PAN obtained once is valid for life-time of the PAN-holder throughout India. It is not affected by change of address or change of Assessing Officer etc.

However, any change in the PAN database (i.e. details provided at the time of obtaining PAN) should be intimated to the Income Tax Department by furnishing

the details in the form for “Request For New PAN Card Or/ And Changes or Correction in PAN Data”.​

Can a person hold more than one PAN?

A person cannot hold more than one PAN. If a PAN is allotted to a person, then he cannot apply for obtaining another PAN.

A penalty of Rs. 10,000/- is liable to be imposed under Section 272B of the Income-tax Act, 1961 for having more than one PAN.

If a person has been allotted more than one PAN then he should immediately surrender the additional PAN card(s).

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