What is PAN, How to Apply for New PAN

Applying for a new PAN can be a daunting task, but it’s important to know the ins and outs of the process. In this article, we’ll explore what PAN is and how you can apply for a new one. PAN, or Permanent Account Number, is a unique 10-digit code assigned by the Income Tax Department to all eligible assesses. It is used for the purpose of identification and is necessary for filing income tax returns. If you’re looking to apply for a new PAN, read on for more information about the process.

What is PAN

PAN is an identification number issued by the Indian government to any citizen, resident or non-resident, who pays taxes. It is a 10-digit alphanumeric number that is unique to each individual.

The main purpose of PAN is to track financial transactions and it is required for all financial transactions above Rs. 50000. It helps the government keep track of an individual’s income and tax liability.

Anyone can apply for pan card by filling out an application form and submitting it to the concerned authorities.

How to Apply for New PAN

If you’re looking to apply for a new PAN, there are a few things you’ll need to do. First, you’ll need to gather some basic information, including your full name, date of birth, and address. You’ll also need to have a recent photo of yourself and an ID document like a passport or driver’s license. Once you have all of this gathering, you can begin the application process by filling out an online form or visiting a PAN center in person.

When applying online, you’ll need to provide all of the required information and upload your documents. Once everything is submitted, you’ll usually receive your new PAN within 10–15 days. If you apply in person, you may be able to get your PAN on the spot. Regardless of how you apply, make sure to keep your new PAN safe and secure — it’s important personal identification that can be used for financial transactions and other purposes.

Uses and Benefits of Having a PAN Card

A PAN card is an important document for financial transactions in India. It is a 10-digit alphanumeric number issued by the Income Tax Department.

PAN Number is required for opening a bank account, filing income tax returns, making financial investments, etc. It is also required for transactions above certain threshold limits.

PAN card serves as proof of identity and can be used for various purposes such as:

1) To open a bank account: A PAN card is required to open a bank account in India. 2) For filing income tax returns: All taxpayers are required to quote their PAN on the income tax return forms. 3) For making financial investments: PAN card is mandatory for making investments in shares, mutual funds, bonds, etc. 4) For carrying out high-value transactions: PAN card is required for transactions above certain threshold limits such as buying or selling property, investing in company shares, etc. 5) For availing government benefits: PAN card may be required for availing government benefits such as subsidies, scholarships, etc. 6) As an identity proof: PAN card can be used as an identity proof for various purposes such as applying for a passport, opening a mobile phone account, etc.

PAN Card Eligibility

To be eligible for a PAN card, you must be a resident of India and have valid identity proof. You must also have valid income proof to show that you are required to pay taxes in India.

What happens if you don’t have PAN Card

If you don’t have a PAN card and need to file your taxes, you can do so by using your Aadhaar card. You will need to link your Adhaar card to your bank account and your Permanent Account Number (PAN). This can be done by visiting the Income Tax Department’s e-filing portal. Once you’ve linked your Aadhaar card to your PAN, you’ll be able to file your taxes without a PAN card.

Documents Required to apply for a PAN Card

To apply for a PAN card, you will need the following documents:

1. Proof of identity: This can be in the form of a passport, voter ID card, Aadhaar card, driving license, etc.

2. Proof of address: This can be in the form of a utility bill, bank statement, ration card, etc.

3. Passport-sized photographs: You will need two passport-sized photographs for your PAN application.

4. Application fee: The application fee for a PAN card is Rs. 107 (excluding taxes). You can pay this fee online or through challan at any authorized bank branch.