Description

PAN Card

₹ 175/- (all inclusive)

  • Collection of required documents
  • Preparation and verification of Application
  • Handing the Application to Income Tax Authority
  • Sharing acknowledgment receipt

Documents Requirements

  • Address Proof

Copy of Aadhar Card or other address proof, in case of individual

  • Photograph

Two passport size photograph, in case of individual

  • Certificate of Incorporation

CoI in case of company and LLP

  • Agreement

Agreement in case of LLP and Partnership Firm

Procedure

Day 1 Collection

  • Collection of required documents

Day 2 Submission

  • Preparation and verification of Application
  • Handing the Application to Income Tax Authority
  • Sharing acknowledgment receipt

Day 3 – 10

  • Government processing time

Knowledge Portal

What is PAN Card ?

PAN or Permanent Account Number is a 10 digit alpha-numeric identity issued by the Income Tax Department of India. It is a unique account number allocated by the Income Tax Department, which is used to track and manage all the Income Tax assessee in India.

Although the PAN card application is voluntary, it must be obtained before engaging in certain transactions. For entering into a financial transaction exceeding a specified amount, quoting PAN is compulsory. Also, every business entity must apply for PAN card application within the 30 days of its formation or incorporation.

Advantages of PAN Card

1.Identity Proof

A PAN card contains an individuals name, age and photograph thus can be used a valid identity proof throughout the country.

2.Mandatory for filing ITR

For filing individual’s or businesses  ITR, quoting Permanent Account Number is a must. All the information filed is associated with PAN for faster assessment and processing.

3.Mention PAN in specified cases

Government has specified certain transactions where quotation of PAN is mandatory. Amount is specified for property transfer, bank deposit, payment of bills and more.

4.Compulsory for opening Bank Accounts

Every individual or business entrepreneur requires to open a savings/current bank account, needs to submit some specified KYC documents among which PAN is the most essential document.

Frequently Asked Questions

1.Who can apply for PAN?

All existing assessees or taxpayers or persons who are required to file a return of income, even on behalf of others, must have a PAN. Any person, who intends to enter into economic or financial transactions where quoting PAN is mandatory, must also have a PAN.

2.Who can apply on behalf of minor, lunatic, mentally retarded, deceased and wards of court?

Section 160 of IT Act, 1961 provides that a minor, lunatic, idiot, mentally retarded, deceased, wards of court and such other persons may be represented through a Representative Assessee.

In such cases,

  • In the application for PAN, details of the a minor, lunatic, idiot, mentally retarded, deceased, wards of court, etc. should be provided.
  • Details of representative assessee have to be provided in item 14 of the application for PAN.

3.Is it compulsory to quote PAN on ‘return of income’?

Yes, it is compulsory to quote PAN on return of income.

4.Do I need to apply for a new PAN when I move from one city to another?

Permanent Account Number (PAN), as the name suggests, is a permanent number and does not change.

Changing the address though, may change the Assessing Officer. Such changes must, therefore, be intimated to ITD so that the PAN database of ITD can be updated. One can intimate change in address by filling up the form for Request for New PAN Card or/and Changes or Correction in PAN data. This form can be submitted at any TIN-FC or online at NSDL e-Gov – TIN website.

5.Can I have more than one PAN?

No. Obtaining/possessing more than one PAN is against the law and may attract a penalty up to  10,000. Therefore, it is advisable not to obtain/possess more than one PAN.

6.Is it compulsory to link Aadhaar with PAN?

Section 139AA of the Income Tax Act states that every person who has PAN as on July 1, 2017 is required to link his/her PAN with his/her Aadhaar number. Section 139AA also requires mandatory quoting of Aadhaar while applying for new PAN and also while filing return.