Why PAN card is important
The use of PAN card, from filing income tax returns (ITR) to the transaction of money, is now being used daily. Let us understand here that where the PAN is required.
Pan card is being discussed the most these days. Because, if you give wrong information of PAN, you can face a heavy penalty. Therefore, it is important to correct any kind of mistake in the PAN card.
Because PAN card is a very important document. First of all, it is important for you to know what a PAN card is after. PAN or Permanent Account Number is a 10 digit number that shows your financial states.
It is issued by the Income Tax Department. From shopping to filing income tax returns, the importance of PAN is very much today.
PAN card required for purchasing a vehicle:
If you are buying a vehicle for more than Rs 5 lakh or selling an old car or vehicle, then you have to give PAN card details. Apart from this, details have to be given at the time of telephone connection also.
Cash Deposite More Than 50000/-
Important when depositing more than 50 thousand banks: If you are depositing more than 50 thousand rupees in your bank account, then PAN is necessary for you.
Whether a bank account is current or current, a PAN card will be required. Also, if you apply for a debit card or credit card at a bank or other financial institution, then you will have to provide a PAN card.
PAN card is necessary to make a credit card: PAN card is also necessary for a credit card.
If you invest in securities and make a transaction of more than 50000 rupees, then the PAN number details have to be given. Apart from this, a PAN card is required at the time of foreign exchange, property, loan, FD, cash deposit, etc.
When you buy jewelry worth more than 5 lakh rupees, you will have to give PAN card details at the time of shopping in the shop.
For filling ITR: PAN card is also necessary for filing an income tax return. ITR cannot be filled without it.
The last date to file ITR with a late fee on March 31.
GUIDELINES-Allotment Of Instant PAN Through Aadhaar Based e-KYC
1. General scheme of Instant PAN allotment
This facility is for allotment of Instant PAN (on a near-real-time basis) for those applicants who possess a valid Aadhaar number. PAN is issued in PDF format to applicants, which is free of cost.
The applicant is required to type in her/his valid Aadhaar number and submit the OTP generated on the registered mobile number.
Once the process is complete, a 15-digit acknowledgment number is generated. Once the request is submitted, the applicant can check the status of the request at any time by providing her/his valid Aadhaar number and on a successful allotment can download the PAN.
The applicant will also receive a copy of the PAN in the e-mail id registered with the Aadhaar database.
2. The salient points of this facility are:
- The applicant should have a valid Aadhaar that is not linked to any other PAN.
- The applicant should have his mobile number registered with Aadhaar.
- This is a paperless process and applicants are not required to submit or upload any documents.
- The applicant should not have another PAN. Possession of more than one PAN will result in a penalty under section 272B(1) of the Income-tax Act.
3. How to apply for an instant PAN Card
- To apply for PAN, please visit the e-filing website of the Income-tax Department. (Url: www.incometaxindiaefiling.gov.in)
- Click the link- ‘Instant PAN through Aadhaar’.
- Click the link- ‘Get New PAN’.
- Fill in your Aadhaar in the space provided, enter the captcha and confirm.
- The applicant will receive an OTP on the registered Aadhaar mobile number; submit this OTP in the text box on the webpage.
After submission, an acknowledgment number will be generated. Please keep this acknowledgment number for future reference.
On successful completion, a message will be sent to the applicant’s registered mobile number and e-mail id (if registered in UIDAI & authenticated by OTP). This message specifies the acknowledgment number.
4. How to download PAN Card
- To download PAN, please go to the e-Filing website of the Income-tax Department. (Url: www.incometaxindiaefiling.gov.in)Click the link- ‘Instant PAN through Aadhaar’.
Click the link- ‘Check Status of PAN’.
- Submit the Aadhaar number in the space provided, then submit the OTP sent to the Aadhaar registered mobile number.
- Check the status of the application- whether PAN is allotted or not.
- If PAN is allotted, click on the download link to get a copy of the e-PAN pdf.
Read Also: Aadhar PAN Link