PAN (Permanent Account Number) is a unique10-digit alphanumeric code issued by the income tax department through which crucial information regarding an individual’s tax-paying abilities and income status can be tracked.PAN card is valid for a lifetime and is majorly assigned to those paying taxes. The IT department maintains a record of the same and is a vital ID Proof that is compulsory to open a bank account, apply for a debit or credit card, apply for a loan, open an FD (Fixed Deposit) or an RD (Recurring Deposit), pay for insurances and for any other financial transaction initiated by the individual.
PAN card can also be availed by companies and partnership firms and is mandatory for everyone filing for income tax refunds. Anyone, minors, students, NRIs can avail the PAN card and link it with their bank accounts for its beneficiary elements.
TIN-NSDL (Tax Information Network – National Securities Depository Ltd.) is an appointed entity by the Income Tax Department, Government of India which eases the application process of PAN Card from the comfort of your home. Whether the request is related to a new application of PAN Card or an application to make amendments in an existing PAN Card, TIN-NSDL is always at its best service in assisting the public of India in their services.
Let us understand the entire procedure of applying for PAN Card Online through TIN-NSDL:
Application Forms available/to be used:
Different types of PAN card
PAN card can be availed by any individual of any age and sphere, any company, trust, business firm, in short, any entity. However, it needs to be noted here that the variants of Form 49 provided and issued by the government are to be used for a variety of purposes. here we can briefly list out the types of PAN cards that can be availed.
- PAN card for Individuals
- PAN card for Non-Resident Individuals or People of Indian Origin
- PAN card for Foreign Companies/Corporates paying tax in India
- PAN card for Indian Companies/Corporates
- PAN Card for Overseas Citizens of India (OCE) and Non-Resident Entities (NRE)
Importance of PAN Card
While we all know by now that it is mandatory to hold a PAN card majorly for filing tax refunds, let us now dwell on some of the other key uses and advantages of the PAN card.
- Filing Tax Returns
- Business Registration
- Financial Transactions
- Utility Connections
- Opening Bank Accounts
PAN Card Eligibility
In accordance with the section 139A of the income tax act, the following entities are mandated to get assigned a PAN card:
- Any individual who has or is liable to pay tax to the Income Tax Department.
- Any individual carrying out a business or any professional practice which brings to him a yearly turnover of more than Rs 5 lakh or more during any of the years of assessment.
- Any and all kinds of charitable organisations, trusts and associations.
- As per the Income tax act or any other prevalent law, any importers and exporters liable to pay any form of tax.
A tentative amount (*Standard T&C apply) of Rs. 107 (including tax) for dispatching the PAN card anywhere in India and Rs. 994 for dispatching the PAN Card outside India needs to be paid as fees for applying for a new/modified PAN Card.
The payment can be paid using net banking, mobile banking using debit or credit card or by simply drawing a demand draft towards NSDL – PAN, Mumbai.
Supporting Documents Required as per rule 114(4) of Income Tax Rules, 1962:
To apply for a new PAN Card:
- For Indian citizens (individuals):
- Identity Proof – Photocopy of any one of the Government-issued identity documents like Aadhaar Card, Voter ID, Arm’s license, Pensioner card with the individual’s photograph.
- Address Proof – Photocopy of any one of the following: Electricity bills, Landline bills, Broadband bills, Passport, Driving License, Matriculation Certificate, Aadhaar card, Domicile Certificate issued by the Government.
- Date of Birth Proof – Photocopy of any one of the following documents: Birth Certificate issued by the Municipality or any authorized authority, Matriculation Certificate, Passport, Driving License.
- Aadhar Card Copy (If mentioned as a proof document)
- For Non-Indian Citizens (individuals):
- Identity Proof – Photocopy of the Passport, PIO, OCI Cards issued by the Government of India, other national or citizenship Identification Number duly attested by the ‘Apostille’ or Indian Embassy or High Court or even the Consulate where the applicant is situated.
- Address Proof – Photocopy of the Passport, PIO, OCI card issued by the Indian Government, NRE bank account statement in India, Registration certificate issued by the FRO, VISA granted, appointment letter from any Indian company, bank account statement of the applicant’s residential country.
In case of modifications/corrections:
- PAN Card copy or an allotment letter
- Proof of the change that has been requested – example, change of name, change of father’s/husband’s name, change of date of birth, etc.
Important Points to consider while filling the form:
There are relevant factors to be taken into consideration while filling the form; otherwise, the request can be terminated by the authorities:
- No Abbreviations should be used in the name (except middle name)
- No prefixes should be used like Shri, Dr, Col, etc.
- In case of an application for a special case who is a minor or a psychologically weak person, RA details – Representative Assessee should be attached
- Proof of Identity, address, and date of birth should carry the exact same details as specified in the application form without any variation.
Steps to apply for a PAN Card Online – using TIN – NSDL:
A PAN card can be applied via two ways, the convenient and popular online method, and the alternate way for those inaccessible to the internet, the offline method.
We in the next few steps will discuss the process of online application of PAN cards.
Step 1 – Visit the official website of TIN-NSDL – https://www.onlineservices.nsdl.com/paam/endUserRegisterContact.html, and the individual should go to the services section and click on the PAN section. For off line – https://www.tin-nsdl.com/downloads/pan/download/Form49A_NSDL%20e-Gov_01.06.16.pdf
Step 2–Fill in the relevant details on the form as asked keeping the captcha code as asked and other relevant details. Then click on Submit
Step 3– The Next Page will ask for important information which should be kept handy before filling the form:
- Relevant Documents to apply for a PAN Card (as discussed above) using e-KYC or e-Signatures.
- Enter details regarding contact details, address, and source of income of the applicant
- Vital details about the Assessing Officer (AO) to understand the tax jurisdiction the applicant qualifies for (info found on the website itself)
- Upload identity ad KYC documents, photograph, signature, and click on Submit.
Step 4 – The required payment needs to be paid, and the mobile number needs to be verified using an OTP.
Step 5 – A receipt will be issued, which carries the 15-digit acknowledgment number (which needs to be noted). The same should be posted to the NSDL office via post/courier after signing it.
How to track PAN Card Application Status?
The 15-digit acknowledgment should be properly noted down as this will help the applicant in tracking the status of the PAN card through:
- TIN Website – https://tin.tin.nsdl.com/pantan/StatusTrack.html
- SMS to 57575 (NSDLPAN 15-digit track. no.)
- E-mail at email@example.com
- Contact their Call Centre at (020) – 2721-8080
- Fax queries at (020) – 2721-8081
- Write at the physical address of TIN-NSDL
What are the details held in the PAN card?
The PAN not just manages the financial statuses but also works as an identity proof holding the very generalized and basic information like:
- Name of the cardholder
- Name of the cardholder’s father
- Date of birth
- PAN number (unique 10-digit alphanumeric computerized code)
- Signature of the cardholder
- Photograph of the cardholder.
PAN Card is a vital document that is held accountable for almost all of the transactions made by an individual. It is mandatory for the taxpayers to have access to a PAN card. In many cases like TDS and other tax-related scenarios, anyone inaccessible to a PAN card needs to pay higher rates and miss out on the various advantages offered by the organisation. It also falls under the duty of all responsible citizens to have transparent transactions and help the government from tax frauds.