Pan Card or Permanent Account Number, is a unique 10-character alphanumeric identifier assigned by the Indian Income Tax Department to individuals, companies, and other entities that pay taxes in India. The PAN card serves as proof of identification and is required for several financial transactions, including opening a bank account, applying for loans or credit cards, filing income tax returns, and purchasing or selling property. The PAN card contains the individual's name, photograph, date of birth, and PAN number. It is considered a crucial document for conducting financial and investment activities in India.
Why Pan Card required in India?
The PAN card is required in India for a variety of financial and tax-related transactions. Here are a few reasons why a PAN card is required in India:
Tax identification: The PAN card serves as a unique identifier for individuals and entities that pay taxes in India. It helps the government to keep track of tax payments and ensure that everyone pays their fair share of taxes.
Opening bank accounts: A PAN card is required for opening a bank account in India. Banks use the PAN number to verify the identity of the account holder and to comply with KYC (Know Your Customer) regulations.
Filing tax returns: Individuals and entities that earn income in India are required to file tax returns. A PAN card is necessary to file tax returns and to claim tax refunds, if applicable.
Conducting financial transactions: Several financial transactions, such as buying or selling property, opening a demat account, or investing in mutual funds, require a PAN card as proof of identity.
In summary, the PAN card is an essential document for conducting financial and tax-related transactions in India and serves as a means to ensure compliance with tax laws and regulations.
Is There Pan / Tan is same?
PAN (Permanent Account Number) and TAN (Tax Deduction and Collection Account Number) are not the same.
PAN is a unique identification number assigned to individuals and entities that pay taxes in India. It is a 10-digit alphanumeric number that is used for tax-related purposes, such as filing income tax returns, opening bank accounts, and conducting financial transactions.
On the other hand, TAN is a 10-digit alphanumeric number that is used by individuals or entities who are responsible for collecting and deducting taxes at the source. It is used for depositing tax deducted at source (TDS) and for filing TDS returns.
In summary, while both PAN and TAN are unique identification numbers used for tax-related purposes in India, they have different functions. PAN is used for tax compliance and financial transactions, whereas TAN is used for TDS compliance.
Document Required To Apply for Pan Card
To apply for a PAN card in India, you will need to submit the following documents:
Proof of identity (POI): This can be any government-issued document that contains your name, date of birth, and photographs, such as a passport, Aadhaar card, driving license, voter ID card, or a photo ID card issued by the Central or State Government.
Proof of address (POA): This can be any document that contains your residential address, such as a passport, Aadhaar card, driving license, voter ID card, utility bill (not more than 3 months old), bank account statement, or a registered rent agreement.
Proof of date of birth (PODOB): This can be any document that provides your date of birth, such as a birth certificate, school leaving certificate, matriculation certificate, or a passport.
If you are a foreign national applying for a PAN card, you will need to submit a copy of your passport as the proof of identity and proof of address.
In addition to the above documents, you will also need to provide a recent passport-size photograph and the application fee for processing your PAN card application. You can apply for a PAN card online through the NSDL or UTIITSL websites, or offline by submitting the required documents at a PAN application center.
Fees For Apply for Pan Card in India
The fees for applying for a PAN card in India can vary depending on whether you are applying online or offline, and whether you are an Indian citizen or a foreign national. As of September 2021, here are the fees for PAN card application in India:
For Indian citizens:
- If applying online through NSDL or UTIITSL website: Rs. 115 (inclusive of GST).
- If applying offline by submitting a physical application form: Rs. 110 (inclusive of GST).
For foreign citizens:
- If applying online through NSDL or UTIITSL website: Rs. 1,180 (inclusive of GST and dispatch outside India).
- If applying offline by submitting a physical application form: Rs. 1,180 (inclusive of GST and dispatch outside India).
It's important to note that the fees are subject to change, so it's always a good idea to check the official NSDL or UTIITSL websites for the latest fee information before submitting your application.
To apply for a PAN card in India, you can follow the steps mentioned below:
- Visit the official website of the Income Tax Department of India, which is https://www.incometaxindia.gov.in/Pages/default.aspx
- Click on the 'Register Yourself' button on the homepage, if you haven't already registered.
- If you have already registered, log in to the website using your user ID and password.
- Once you are logged in, click on the 'Apply for PAN' option under the 'Quick Links' section on the left-hand side of the screen.
- A new page will open, and you will be required to fill in the PAN application form. Enter all the details correctly, including your name, address, date of birth, email ID, phone number, etc.
- You will also need to upload supporting documents such as a copy of your ID proof, address proof, and a passport-sized photograph.
- After filling in the form and uploading the documents, submit the application online.
- You will be redirected to a payment page where you can pay the application fee. The fee for a new PAN card application is Rs. 115 (excluding GST).
- Once the payment is made, you will receive a 15-digit acknowledgment number.
- Take a printout of the acknowledgment and sign it.
- Attach a copy of the acknowledgment, along with the supporting documents, and send it to the Income Tax Department's processing center at the address mentioned on the acknowledgment.
Alternatively, you can also visit the nearest TIN facilitation center or any authorized agent to submit the PAN application form physically. In this case, you will have to fill in the form, attach the supporting documents, and pay the application fee at the center itself.
How much time will take to pan card making
The time taken to make a PAN card in India depends on the mode of application and other factors such as the completeness and accuracy of the information provided, the verification of the documents submitted, and the workload of the processing center.
If you apply for a PAN card online, the process generally takes around 15 to 20 working days from the date of submission of the application. You can track the status of your application using the acknowledgment number provided to you at the time of application.
However, if you have opted for physical submission of the PAN card application, it may take longer to process, up to 30 to 45 working days from the date of submission.
It's important to note that these timelines are indicative and subject to change depending on the workload of the processing center and the accuracy of the information submitted. It's advisable to keep checking the status of your PAN application regularly on the official website of the Income Tax Department or through the helpline numbers provided.
