Permanent account number is ten-digit alpha numeric number provided by the income tax department. This card is linked with all financial transactions and accounts of an Individual in order to prevent any tax invasion or fraud. The main purpose of PAN card is usually for the filing of ITR. PAN has been introduced by the income tax department for the overseas citizens, PIOs and NRIs as well so that the regulation of any transaction, payment, loans or mutual funds can be easy. Income tax has direct and easy access to all the links and transactions of the PAN holder.

WHO HAS TO OBTAIN PAN?

The personal account number has to be obtained by –

  • Any citizen whose total income or whose income in respect of which he is assessable during the year exceeds the amount which is not chargeable to tax.
  • Any citizen whose income or gross receipts or turnover, who owns a business or any other profession, is more than 5 lakhs per annum.
  • PAN is required by a person who wished to engage any such transaction where PAN is mandatory.
  • A charitable trust is required to furnish return under section 139(4A).
  • Any Non-resident Indians (NRIs) or persons related to them such their family members are required to obtain PAN card when their yearly inco9me exceeds the amount of Rs. 2,50,000.

HOW TO APPLY FOR PAN?

UTI infrastructure technology and services limited (UTITSL) and National securities deposit limited (NSDL)has been authorized by the income tax deportment to manage the application of Personal account number and for the same purpose multiple officed and centers are being managed by NSDL and UTITSL in any major cities of India.
The PAN ap0plication can be made online as well as offline. A person who wishes to apply for PAN should fill the application form 49A. If the applicant is Indian citizens and NRIs they need to fill Form 49A and if the applicants are foreigners and foreign entities the form number 49AA has to be filled. Along with the form the appropriate amount fees and the related documents have to be submitted as well. he charges for applying for PAN is Rs. 93 (Excluding Goods and Services tax) for Indian communication address and Rs. 864 (Excluding Goods and Services tax) for foreign communication address. After the payment the applicant is required to submit the required documents to UTITSL and after the receipt of the documents the PAN application will proceed,
According to section 139AA every person who is eligible to obtain Aadhar card is required to fill in the Aadhar number in PAN application from wit effect fro9m 1st July, 2017. If any person who doesn’t have the Aadhar card but the application is in motion can also fill the enrolment ID of Aadhar application form. The application for PAN by any company which is not registered with the company’s act will have to apply under Spice-INC-32. The same has been stated under sub section 1 of section 7 of the said act. A resident has to apply for PAN card under for 49A whereas an NRI person who are citizens of another country have to apply under section 49AA.
The following documents are required for the application-

  • Applicants are needed to attach two colored photographs.
  • Any prescribed document for proof of address.

Individuals are allowed to make any request for Chage/correction in PAN dat. The same request can be filled in under the “request for new PAN carder/ A Changes or correction in PAN data.” One person is not allowed to hold more than one PAN card. If the contrary is found the person will be liable to rs.10,000/- under section 272B of the income tax act, 1961. If the person by any chance has been allotted more than one PAN card, it the duty of that individual to surrender the additional PAN card.

INSTANT PAN

A new feature has been incorporated by the Income tax department on the e-filling portal which will allot a PAN card number to the assessed (one is who is liable to pay taxes to the government on the basis on income earned) on the basis of the Aadhar card number of the assessee. To obtain a PAN card number through this procedure the following conditions need to be fulfilled-

  • The assessee should not have been allotted with A PAN before.
  • The Aadhar card should be linked with mobile number.
  • The assessee should be above the age of 18 on the date of application of the PAN Card.
  • The comepletebirht of date of the applicant should be resent on the Aadhar card.