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PAN Card
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What is a PAN Card?
- Permanent Account Number (PAN) is a ten-digit alphanumeric number, issued in the form of a laminated card, by the Income Tax Department. A typical PAN looks like "AABPS1205E". {Section 139A(7) Expln (b) and (c)}
Who should have a PAN and why ?
Every Resident Individual, NRI, Firm, Company, Trust and Society etc must obtain a PAN because:
- Income Tax Returns & Challans are not accepted by IT Dept without PAN.
- Credit of TDS is not given without PAN.
- PAN is compulsory in respect of the following transactions:
- Opening of Shares Trading and Demat A/c for Sale & Purchase of Shares.
- Investment of Rs 50,000 or more in a Mutual Fund, Shares, IPOs, RBI Bonds, Bank FD etc.
- Sale/Purchase of Immovable Property, Motor Vehicle etc.
- For obtaining a Telephone or Mobile connection.
- Cash payments of Rs 25,000 or more to hotels/restaurants or in connection with travel to any foreign country.
- For any other economic or financial transaction as notified by the CBDT.
- It is statutory responsibility of a person receiving any documents that require PAN, to ensure that PAN has been duly quoted in the document. A facility for verifying PAN is available on the website of the IT department for the purpose.
Requirements for obtaining a PAN Card
Conditions
- Application for a new PAN should be made only on Form 49A.
- Individual applicants should affix a recent, colour photograph (Stamp Size: 3.5 cms x 2.5 cms) on Form 49A.
- Female applicants, irrespective of marital status, should write only father's name in the PAN application
- Any one document listed in Rule 114 should be attached as Proof of Identity and Address.
- Designation and code of the concerned Assessing Officer of Income Tax department must be mentioned in Form 49A.
- Obtaining or possessing more than one PAN is against the law. {Section 139A (7)}
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Documents Required
ID Proof for Individuals
- Passport, Driving Licence, Ration Card, Voter ID Card, Bank Statement/Passbook, Credit Card Statement, Demat A/c Statement, Property Tax Assessment, Certificate signed by an MP/MLA/Councilor or a Gazetted Officer.
- In case the PAN applicant is a minor, any of above documents of any of the parents or guardian of such minor shall serve as proof of Identity;
- In case PAN application is made on behalf of a HUF, any of above documents in respect of Karta of the HUF will serve as proof of Identity.
Address Proof for Individuals
- Any one of the ID documents mentioned above OR Telephone Bill, Electricity Bill, Rent Receipt, Employer Certificate.
- In case the PAN applicant is a minor, any of above documents of any of the parents or guardian of such minor shall serve as proof of Address;
- In case PAN application is made on behalf of a HUF, any of above documents in respect of Karta of the HUF will serve as proof of Address.
ID & Address Proof for other Applicants
- Companies: Registration Certificate issued by the Registrar of Companies
- Firms: Registration Certificate issued by the Registrar of Firms /Partnership Deed
- Trusts: Trust Deed / Registration Certificate issued by Charity Commissioner
- Co-operative Societies: Registration Certificate issued by the Registrar of Co-operative Societies
- Others: Certificate issued by a Competent Authority
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What is the procedure for Applicants who cannot sign ?
- In such cases, Left Hand Thumb impression of the applicant should be affixed on Form 49A, at the place meant for signatures and get it attested by a Magistrate or a Notary Public or a Gazetted Officer, under official seal and stamp.
Should an NRI also obtain the PAN ?
- Yes. Any NRI entering into any economic or financial transaction that requires PAN must obtain one.
Can a Minor or incapable person apply for PAN?
- Yes. Section 160 of IT Act, 1961 provides that a minor, incapable and such other persons may be represented through a Representative Assessee. In such cases, application for PAN will be made by the Representative Assessee.
How to obtain a PAN Card ?
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