Business

7 Things to Know About PAN Card

A Permanent Account Number or PAN Card similar to an Aadhaar Card and a Voter Identification Card is necessary to complete a crucial task. Most of us know about permanent account number(PAN) cards and pan card details and their uses. Everyone must know some facts and pan card details about permanent account number(PAN) cards.

What is a Permanent Account Number(PAN) Card?

PAN is an acronym for Permanent Account Number. Every taxpayer in India gets an exclusive ten-digit number comprising numbers and alphabets from the Income Tax Department of India. Every Permanent Account Number is exclusive and distinctive from other people. 

Permanent Account Numbers(PAN) cards record an individual’s financial tasks. All types of payment require an individual’s permanent account number. The appearance of a Permanent Account Number(PAN) Card is a physical plastic card with an individual’s permanent account number, name, date of birth, and a photo of a person printed on the card. The Permanent Account Number is valid for a lifetime as the PAN number remains unaffected even if a person changes their job. The Permanent Number Card is proof of a person’s identity.

Eligibility Criteria for Permanent Account Number(PAN) Cards

The eligibility criteria for Permanent Account Number(PAN) Cards are as follows:

  • Indian residents who are in the import-export business
  • Working professionals who are self-employed
  • People in business or Entrepreneurs whose business turnover is more than five lakh or five lakh rupees.
  • Non-resident Indians 
  • Overseas Citizens of India
  • Person of Indian Origin
  • Parents and guardians can apply for a permanent account number(PAN) card on behalf of their children below the age of eighteen years.
  • Registered associations, local authorities, trusts, and organisations
  • Mentally challenged individuals need representatives while applying for a Permanent account number.
  • Companies registered with the Registrar of Companies
  • Artificial judicial person
  • Government-registered associate firms
  • Cardholders
  • Foreign nationals who come under the cognizance of the Income Tax Act of 1961
  • Firms. Companies and entities with no office in India need to submit their identity proof and address attested by the Indian Embassy or the Consulate of that country.

Forms of Permanent Account Number or PAN Card

The different forms of Permanent Account Numbers or PAN Cards available for specific reasons are as follows:

  • Permanent Account Number for business enterprises and associate firms
  • Permanent Account Number for coordinated trusts and societies
  • Permanent Account Number for people paying taxes individually
  • Permanent Account Number for organisations and companies

Uses of Permanent Account Number

In addition to Income Tax reasons, a few uses of permanent account numbers or PAN cards are as follows:

  • Open a Bank Account 

People can effortlessly open a bank account by submitting specific documents like pan card details.

  • For Purchasing Jewellery

People should submit their pan card details if the value of the purchased jewellery is above Rs. 500000.

  • Telephone Connections

People who want to purchase a new mobile connection should submit their pan card details to the telecom operator.

How to Apply for a PAN Card?

People eligible to apply for a PAN Card can download e pan card. The steps to apply for a PAN Card online are as follows:

  • Go to the official website of NSDL or UTIITSL.
  • Eligible people need to look for the application form for the PAN Card and fill up the form.
  • Submit the required documents and two passport-size pictures.
  • Pay the fee applicable for the application form.
  • Eligible people will receive the PAN Card at the registered residence address within fifteen working days.

The steps to apply for a PAN Card offline are as follows:

  • Eligible people must go to a PAN centre.
  • Fill out the application form with the correct details and submit two passport-size pictures.
  • Qualified people must submit the required documents and pay the application fee.
  • Eligible people will receive the PAN card within fifteen days of submitting the PAN application form.

Conclusion

A Pan Card is not just a plastic card. It consists of basic user information. The PAN card is designed with numbers, alphabets, and special characters. Every number, alphabet, and special character defines multiple things. The first five characters are uppercase letters, numbers, and alphabets.