In India, one of the most important cards for any citizen to perform any activity is the permanent account number or PAN. Whether you want to buy a car or property or even open a bank account, PAN is one necessary ingredient in all of them. A permanent account number is a common card that links a person and keeps track of all activities performed by him. PAN is issued by the Income tax department of India.
Without a PAN card, a resident individual cannot perform any important activity in India. Therefore, let us understand how to apply for a PAN card online, for a smooth and easy flow of business, payment of tax, and performing other functions.
But, before we understand how to apply for a pan card online, we must understand why we require a PAN card and its importance and benefits.
PAN card was initially issued by the income tax department of India to keep track of all financial transactions performed by an individual or an entity, to prevent or detect tax evasion. A PAN card serves as a link for all these functions performed by an individual.
Even for the most basic functions, a PAN card is necessary, some of the few transactions which require a PAN include:-
1. For purchasing a new vehicle
2. To apply for a credit card
3. For payments of more than Rs.50,000 made in cash
4. When opening an account or investing in a financial service.
5. Fixed deposits also require PAN information for deposits extending RS.50,000
6. A PAN card is mandatory for purchasing jewelry beyond Rs.5,00,000
7. PAN information is mandatory for submitting to cellular companies for a new mobile or phone connection.
There are just a few transactions for which having a PAN card is mandatory. There are many other transactions for which having a PAN card is compulsory.
Other than the compulsory or necessary circumstances, having a PAN card can also be beneficial. Some benefits and advantages of owning a PAN card are as follows:-
If you want to open your own business in the future, having a PAN card is mandatory. As per the norms laid down by the government of India, every business requires a Tax registration number (TRN) to trade and file returns of income. The only way to obtain that is through a pan card.
One of the primary purposes, why individuals own PAN cards, is for a tax deduction. A PAN card is an easy way to find out the tax bracket into which an individual falls. E.g. if an individual does not earn more than Rs.2,50,000 then he is exempt from paying tax as per the provisions of the income tax act
Any person eligible to pay income tax is also eligible to file returns as per the provisions of the income tax act. For this, having a PAN card is essential.
A Pan card is compulsory for purchasing foreign currency amounting to Rs.50, 000 or higher. Therefore, with the help of a PAN card, an individual can easily purchase foreign currency of a greater volume.
These are a few important benefits that an individual can attain with the help of owning a PAN card. Without a PAN card, the above transactions cannot be achieved. Now let us move forward toward how to issue a pan card online.
Assuming you’re applying for a PAN card for the first time, you need to fill out forms 49A or 49AA, depending on whether you’re an Indian citizen or a foreign citizen. The following steps for first-time PAN applicants are as follows.
Step-1: Visit NSDL’s website online PAN application
Step-2: Selection of your application type, 49A (Indian citizen) or 49AA (foreign citizens) or changes or corrections in PAN
Step -3: Select your category, it might be individual, Body of individuals, Association of persons, Artificial judicial person, and local authority.
Step-4: Fill in the title/first name, middle name, last name, date of birth/Incorporation date/formation date in DD/MM/YYYY, email ID, mobile number, and Captcha code, and submit.
Step 5: You will be directed to the next page, where you will be given an acknowledgment with a token number. Click on “continue with PAN application form” on the next page
Step-6: You will be directed to choose from 49A or 49AA, where you are required to fill in more personal information
Step 7: Select how you want to submit your documents.
Step-8: On the same page, indicate the documents you want to submit as proof of identity, address, and date of birth. Confirm the declaration, place, and date of application. Review and submit the form. Make sure you make no mistakes in this step.
Step 9: After clicking on proceed, you will be directed toward the payment option, choose the required method, either demand draft or online payment through the bill desk.
Step 10: If you have chosen the Demand draft, you will have to prepare a DD draft before the process, as you have to provide the DD number, date of issue, amount, and name of the bank from where the DD is generated
Step-11: If you choose the bill desk, you can make payment through net banking, debit card, or credit card
Step 12: Click on “I agree to terms of services” and proceed to pay. The PAN application fees will depend on whether you’re sending documents separately to protean eGov technological limited
Step-13: If you pay by using a credit card or debit card or via net banking, you will receive an acknowledgment receipt or payment receipt. Print the same
Step 14: Affix two recent photographs along with the acknowledgment receipt.
Note: Do not staple or clip the photos. Ensure that you sign across the photo that you attach on the left side of the receipt. Do not sign the photo on the right. Ensure that your signature is within the box provided. If you use your left thumb impression, ensure that it is attested by a gazette officer or a notary.
Step 15: After payment is confirmed, send supporting documents through courier to the protean eGOV technologies limited.
These are the steps involved in applying for a pan card online. Follow these to get easily and efficiently.
The PAN Card will be delivered by post to the communication address provided by you during the application process.
You cannot have more than one PAN Card as it is against the law. In case you have more than one PAN Card, you will have to get in touch with the concerned authorities and get any one of the accounts closed.
Yes, you will have to make a payment of Rs.93+ GST while applying for a PAN Card if you are a resident of India. If your PAN Card is to be dispatched outside India then you will have to make a payment of Rs.864 (Rs.93 + Rs.771 as dispatch fees).
No, without an Aadhaar card, you cannot apply for a PAN card. An Aadhaar card is mandatory to get a PAN card.
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