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A Permanent Account Number (PAN) card is a unique 10-character alphanumeric identifier issued by the Income Tax Department in India. It serves as a vital proof of identification and is necessary for various financial transactions, such as filing income tax returns, opening a bank account, buying or selling assets, and more.This is shared across the country and hence no two people on tax-paying entities can have the same PAN.
A PAN card (Permanent Account Number) is a unique 10-character alphanumeric digit issued by the Income Tax Department of India to individuals, companies, HUF and other entities. It is used for tracking financial transactions and to help prevent tax evasion. The PAN card includes basic personal details like:-
Through your PAN number, the Income Tax Department keeps an eye on all your transactions that require your PAN Card, like depositing money in your Fixed deposit account over Rs 50,000 once, buying, selling, or renting a property in India, etc. The PAN card is also required for opening a new bank account, filing income tax returns, and conducting financial transactions above a certain limit. The PAN card is valid for a lifetime and is unique to each individual, company, HUF, or other entity that holds it.
| Topic | Information |
|---|---|
| Authority issuing PAN | Income Tax Department, Govt. of India |
| PAN Customer Care Number | 020 – 27218080 |
| Inception of PAN Card | 1972 |
| Validity Of PAN Card | Life Time |
| Cost of PAN Card | Rs. 110 |
| Number Of Enrolments | 25 crore (approximate) |
To understand the significance of each character in your PAN card, let’s take an example—ABCPP1234F.
Breaking it down:
Individuals, companies, non-resident Indians, or anyone in India are eligible to apply for a PAN card.
PAN number creates your identity in front of the Income Tax Department. The department identifies you with a 10-digit number mentioned on your PAN Card. From filing returns to paying taxes to get refunds and for all the communications with the Income Tax Department, PAN is a prerequisite. The Income Tax Department mandates you to have PAN Card in the following circumstances-
Well, not only the Income Tax Department but other institutions also require quoting of pan mandatorily in the following specified transactions:
1. Opening:
2. Applying for:
3. Payments to:
4. Sale or purchase of
5. Time deposits with a banking company, post office, Nidhi Company or any NBFC of the amount exceeding Rs. 50,000 in a day or Rs. 5 lakhs in a year
6. Payments in cash:
7. A cash deposit of Rs. 50,000 or more with any bank during one day;
8. Payment for travel to any foreign country or purchase of foreign currency for an amount exceeding Rs. 50,000;
Here's a list of commonly accepted documents:
Please note that you need to submit self-attested copies of these documents along with your PAN card application form. Additionally, the originals should be available for verification at the time of submission.
You can apply for a PAN card either online or offline. Here are the steps for both methods:
Online Application: Online application cne be made by both NSDL website or UTIITSL website.
After applying for a PAN card, you can track the status of your application online through the NSDL or UTI website by using the acknowledgment number. It typically takes around 15 to 20 days to receive your PAN card.
Furthermore, the Finance Minister had officially launched the "Instant PAN" facility. It is now possible to get an instant PAN card by quoting your Aadhaar number in just a few minutes. This facility can be availed free of cost. Read more here.
People can apply for a PAN card by filling out Form 49A or Form 49AA.
In the case of a company that has not been registered under the Companies Act, 2013, the application for allotment of Permanent Account Number (PAN) may be made in FormNo.INC-7 specified u/s 7(1) of the said Act for company incorporation.
To update your PAN card details online via the NSDL (Protean) portal, follow these steps:
NSDL Mailing Address:
NSDL e-Gov at Income Tax PAN Services Unit,Note: Fees for the correction or update of PAN details are applicable.
For PAN card update via the UTIITSL portal, follow the steps below:-
To update your PAN card details online via the UTIITSL portal, here are the steps with some additional information:
Upon completion of these steps, your PAN correction/update request will be processed. Typically, it takes around 15 days for the PAN correction/update process to be completed. You will receive a text message on your registered mobile number once your updated PAN card is dispatched via post.
Note: Make sure to double-check all the information provided in the form before submission to avoid any delays or errors in the update process. It's also advisable to retain a copy of the filled-out form and the documents submitted for your records.
By following these steps, you can update your PAN card offline through either NSDL (Protean) or UTIITSL.
In case, if you contravene any provision relating to Section 139A i.e. PAN, then you will be liable for a penalty amounting to Rs. 10,000/- per default u/s 272B of the Income Tax Act, 1961. The contraventions can be any of the following:
If your PAN is inoperative because you missed linking it with Aadhaar by the deadline i.e. June 2023, you can still proceed with filing your income tax return. However, the verification process will not be done using Aadhaar OTP. Instead, you can use alternative options such as generating Electronic Verification Code (EVC) via net banking, ATM, or other prescribed methods.
It's essential to note that the process of filing income tax returns remains the same even if your PAN is inoperative. You can simply log in to your account on the income tax e-filing portal and follow the steps outlined for filing income tax returns. This typically involves navigating to the e-file section, selecting the option for income tax return filing, and proceeding with the necessary details and documentation. However, ITR filed with an inoperative PAN will not be eligible to claim refund or interest on such refunds. For claiming refund, aadhar and PAN linking is mandatory.
In any such case, where you have applied for a PAN card and wondering where it is, simply just track the status of your PAN card with the help of the acknowledgment number issued at the time of applying for a PAN or consult our experts.
No if you have more than one PAN, surrender it immediately to the income tax department. A penalty of Rs. 10,000 can be imposed or legal action can be taken in such a case.
Yes, you can apply for a PAN on behalf of the following persons:
In case you have lost your PAN card, you need to apply for re-issuing or re-printing of your PAN card by submitting a valid ID, address, and DOB proof along with an attested photocopy of the old PAN card. Remember, do not apply for a new PAN card altogether.
Also, if you think it’s a long and tedious process, you can easily apply for a duplicate PAN card. Applicants can ask the Income Tax department, which is responsible for issuing PAN cards, for a duplicate copy in a virtual or physical form. Read more here.
You can download a PAN card soft copy (e-PAN card) through the NSDL portal with your Acknowledgement number as well as your PAN and date of birth
ITR filing is mandatory for all including minors. And when the income of the minor child exceeds Rs 2,50,000, which is chargeable to Income Tax, he cannot quote PAN of his parents or guardian and will be required to have his own PAN card. The Income Tax (IT) department has not mentioned any age limit to apply for a PAN card. Thus, even minors are eligible to apply for a PAN card.
The first three characters of PAN are alphabetic series between AAA to ZZZ. For instance, the beginning of your PAN could be BSN or AOZ; it is selected randomly.
The 10th letter in the PAN is the alphabetic check digit, and it is generated through a formula of other numbers.
Yes, totally. Other ID proofs such as Aadhaar Number Cards, Driving License, Passport, etc., are issued to only Indian citizens. At the same time, a PAN card can be issued to non-citizens/foreigners too who have dealt in specified transactions stated above, as it is not proof of Indian Citizenship.
No mobile number is not mentioned on the face of the PAN card. However, if you want to update the mobile number registered with the department, you can do so by logging into your account on the income tax website.
Log onto the Income Tax Department e-Filing website. Click on the 'Verify Your PAN details 'hyperlink from the 'Quick Links' Section. Enter the PAN, Full Name (As per PAN), and Date of Birth, and Choose the 'Status' as applicable. Enter the Captcha as in the image and click on 'Submit' to verify your PAN details.
If you want to know your Permanent Account Number (PAN) after the card is lost, the best thing to do is visit https://www.incometax.gov.in/iec/foportal/. Click on ‘Know Your PAN’. Fill in the details asked for. Click on ‘Submit.’ Enter the OTP sent on the mobile number. Click on ‘Validate’, and then the screen will appear with all the details required.
The option to interchangeably use Aadhaar and PAN card for filing Income Tax Return is just an additional facility. It will facilitate those who do not have PAN cards but are willing/liable to file ITR. This new provision in no way will replace a PAN card with Aadhaar. Instead, the income tax department will suo moto (without receiving the application from the assessee) issue a PAN card in such cases.
As per the Income Tax law, holding two PAN is not allowed. Therefore, if you are holding Two PAN, you must surrender one PAN. PAN can be surrendered online or offline. Also, you must write a letter to your assessing officer regarding the surrender of the PAN.
No. A change in address is just a change in your jurisdiction and assessing officer, and no application for a new PAN is required in such a case. Only the change in address must be intimated to the income tax department for successful updation of their database for future correspondence.
No, the procedure for applying for a PAN is the same for every individual, whether an Indian citizen or a Foreign citizen. The only difference being Form 49AA is to be filled and submitted through an authorized representative at any authorized PAN center instead of Form 49A. However, you may find the online mode of application easier and more convenient, which provides for online payment of fees using various options.
