PAN is a computerised system that records all of a person’s or a company’s tax-related information under a single PAN number. This serves as the primary key for data storage and is used by everyone in the nation. As a result, no two tax-paying entities may share a PAN.
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PAN Eligibility
Individuals, businesses, non-resident Indians, and anybody else who pays taxes in India receive a PAN Card.
PAN Card – Types
- Individual
- Firms/Partnerships
- Society
- Hindu Undivided Family
- Foreigners
- Trusts
- Company
Documents needed for PAN
| Individual Candidate | Passport, Aadhaar, Voter ID, and Driver’s License are examples of POI/POA. |
| HUF | A HUF affidavit signed by the HUF’s head, coupled with POI/POA information |
| Trust | A copy of the issued Certificate of Registration Number or Trust Deed |
| Partnerships or Firms | Partnership Deed and Certificate of Registration issued by the Registrar. |
| Registered company in India | ROC issued certificate of registration. |
| Foreigners | Bank statement of the resident country Passport Indian Government issued PIO/OCI cardNRE bank statement copy in India |
| Society | Registration Number Certification issued by Charity Commissioner or Co-operative Society Registrar |
PAN Card – Cost
PAN cards cost Rs. 110 or Rs. 1,020 (roughly) if they are being sent outside of India.
How to Apply for a PAN
You may apply for PAN online or in person.
- Visiting the PAN – NSDL/UTIITSL official webpage.
- Fill out the form with your information.
- Please provide all of the needed papers.
- The processing charge must be paid.
- Within 15 days, PAN will be sent.
How do I change/update my PAN information?
The following steps can be used to update your PAN:
- Select the update PAN area on the NSDL website.
- In current PAN data, select the “Correction” option.
- A copy of the supporting documentation (POI/POA) is necessary.
What to Do and What Not to Do When Filling Out a PAN Update Form
- Only capital characters are allowed on the form.
- To update, fill in all of the fields.
- For any updates, a mobile number is required.
- Fill out the form in the local language as well as English that was spoken at the time of enrollment.
- Ensure that the form is only filled out with current and relevant information.
- Salutations such as Mr/Ms/Dr/ Mrs should not be there when writing a name.
- Self-attesting supporting papers, be sure to include your name, signature, and thumbprints.
- Only relevant papers that support the needed change should be attached.
- The application will be denied due to incorrect information and a lack of supporting documentation.
Have you misplaced your PAN card?
Don’t panic if you’ve misplaced your PAN card. You may get a duplicate PAN card offline or online. Log in to the UTIITSL or NSDL website, fill out Form 49-A (if you are an Indian resident) or Form 49-AA for foreigners, then pay for a duplicate PAN card online. Within 45 days, the PAN will be delivered.
Is the PAN card good for a certain period of time?
The PAN is valid for the rest of your life.
Application and Transaction Tracking for PANs
The Income Tax Business Application (ITBA) now includes a tracking feature for transactions involving a PAN for tax reasons.
What is the purpose of PAN?
PAN is a one-of-a-kind identifying number that allows any tax-paying firm in India to:
- Identity Verification
- Proof of Address Is Required When Filing Taxes
- Business Financial Transactions are recorded.
- Possibility of opening and operating a bank account
- Connection to the phone
- Connection to the gas supply
- To complete e-KYC for mutual fund investments, you’ll need your PAN.
For income tax returns filed on or after September 1, 2019, the union budget 2019 proposes that taxpayers utilise Aadhaar instead of PAN. The federal budget 2019 proposes that an income-tax officer can assign a PAN to a taxpayer who files a return using Aadhaar.
PAN for e-KYC
The connection of a PAN to an Aadhaar number is required for e-KYC and verification in order to get services and benefits from service providers. Many service providers demand PAN for e-KYC, and it has significant benefits for both the end-user and the government. This is why:
- Paperless– The e-KYC procedure is paperless, allowing a service provider to simply and efficiently maintain papers.
- Quick — A PAN cardholder may communicate information with a service provider over a secure channel in minutes, avoiding the need for extended wait times that physical paperwork would typically entail.
- Secure — Information communicated between the user and the service provider is protected by tamper-proof digital documents delivered over secured channels. These papers cannot be faked or used without the permission of both the service provider and the PAN cardholder.
- Authorized —The data supplied by e-KYC is authenticated, making it lawful and acceptable to all parties engaged in the transaction.
- Cost-effective and time-saving —The whole system is paperless and online, eliminating the need for physical information transfer.