Pan is the code that acts as the identification for all the identification of all individuals, families and the corporate. It is very important for those who pay the Income Tax. PAN stands for Permanent Account Number which is the unique code characters alphanumeric identifiers that are issued to all the judicial entities that are identifiable under the Indian Income Tax Act 1961. PAN is in the form of A008113003. A PAN is issued by Income Tax Department under the supervisory of the central board of the Direct Taxes. PAN also serves as the important proof of anyone identification.
PAN is also issued to the foreign nationals such as the inventors’ subjects to the valid visa but it is not acceptable as the proof of the citizen of India.
Importance of PAN card
The PAN is very mandatory for the majority of your financial transaction like whenever you need to open an account in a bank or for receiving the taxable salary or the professional fees. For sale and purchase of the different assets that are above the specified limits. The main purpose of the PAN is basically to bring up the universal identification of all the financial transaction and to prevent the evasion of the Tax by keeping the complete track of all the mandatory transactions. It is basically for all those of the high net worth individuals who can completely impact the economy.
The PAN is completely unique for each of the individuals and it is valid for the period of the lifetime of the holder and is valid for throughout India.
Use of the PAN Card
Quoting the Pan is very mandatory when filling the Income Tax returns, deduction of the taxes at sources or any of the other communication with the Income Tax Department. PAN is becoming necessary day by day document for opening the new account in any of the banks. Without the PAN it is very difficult to open a bank account. For having a new landline connection or a mobile phone connection and purchase of the currency or in case anyone has to deposit a currency more than 50,000 or to purchase and sale of any immovable properties or the vehicles etc. PAN is very much required.
Obtaining the PAN
Obtaining the Pan is an option and is voluntary like the passport, Aadhar card, driving license. The use of the PAN is mandatory at the required places like for the High-value transactions. One can easily apply for the PAN by just submitting the prescribed PAN application to any of the Authorizes PAN agency of any of the district or can also be done throughout the online submission to the NSDL website along with the 2 recent passport size photos of the applicant along with the proof.
Downloading a Pan Card
Pan card Download is not possible online and there is not any of the Provision for it. In case there is a need of using the soft copy of the PAN card a person needs to scan the Pan card and can use it as a soft copy.
What does the PAN card hold
The PAN card holds the details of the individuals like that of name, date of birth, address, mobile number, fathers/ mother’s name and many more. For those who want to track the status of the PAN card after applying for it can obtain the details with the help of PAN card number, name and date of birth. Every applicant is going to be provided with an acknowledgement form once applied for the PAN card from the online portal. The tracking of the PAN card is done with the help of NSDL online portal by providing the name and date of birth of the individual. The national securities depository limited follows the complete reports and updates regarding the PAN card status and many more.
Checking pan card status with name and date of birth
The PAN card status can be tracked with the help of name and date of birth in case missed or lost. For executing the tracking of PAN card status with name and date of birth one must fill out the e-application form from the income tax department. Else can follow steps to check the PAN card status with name and date of birth.
- Visit the online website of the income tax department and search for the e-application form.
- Next enter into the home page and click on know your PAN and open it.
- You can check the details in the online form enter the name and date of birth in the required fields.
- After entering the details, you will be provided with a captche.
- Enter that and submit the page.
- Now you can check your details like name, surname, and date of birth, address and many more.
- You can also update or change the details that you want to remove or add as well with the help of necessary documents.
- After you are done with the work, log out from the online page.
Advantages of PAN card
PAN or the permanent account number is a unique 10 digit alphanumeric identity allotted to every tax payer by the income tax department under the supervision of the central board of direct taxes. This also serves as a kind of identity proof where the PAN number remains unaffected by change of address across India.
- The PAN is required to be quoted in the deed that is made during sale or purchase of any kind of immovable property which is valued at five lacs rupees or more.
- While you are selling or purchasing any kind of motor vehicles that have more than two wheels excluding detachable side car attached to the two wheelers then there is copy of PAN.
- The PAN is required to open bank account in both private as well as nationalised banks.
- These are necessary during the time deposit exceeding fifty thousand rupees.
- The PAN is also required to make payment in cash for purchasing of bank drafts or pay orders or bank cheques for an amount aggregating to 50,000 or more during any one day.
- The importance of PAN is emphasized during transaction that involves other financial instruments as like deposits more than 50,000 or an account with the post office saving banks.