The process of PAN Card Registration is quick and easy.
1. The idea of Permanent Account Number is the distinct 10-character alphanumeric code provided to individuals, HUF, and business-firms in India and overseas.
2. Who grants PAN card? The Income Tax Department has assigned this authority to NSDL and UTI, who, on behalf of the IT department and under the supervision of CBDT, issue the PAN card.
3. Who is eligible to apply? Any individual, HUF, and all types of business entities. It is compulsory for individuals earning taxable income and required to pay Income Tax.
4. Duration of PAN card PAN Card remains valid for a lifetime unless you voluntarily surrender it to tax authorities. The creation of PAN is a one-time procedure that does not require renewal.
5. Where is PAN necessary? PAN is mandatory for filing income tax returns, opening a bank account, obtaining a loan, buying and selling property, foreign exchange transactions, bank deposits, and other financial services.
6. How can the PAN be verified? The government provides an online portal called Know Your PAN, where anyone can easily verify and authenticate the validity of PAN number.
The advantages of PAN Card generation are as follows:
1. Conveniently initiate your bank account: All banks and financial institutions now require a PAN card as a legitimate form of identification for opening both current and savings bank accounts.
2. Unobstructed business transactions: According to the 2010 amendment to the Income Tax Act, 1961, the government has made it compulsory for all companies to possess a PAN card.
3. Reclaim your IT Refunds and Rebates: In the event that the amount of Tax Deducted at Source (TDS) surpasses your actual income tax liability, you may be eligible for a refund. However, you can only receive these refunds from the Income Tax (IT) department if your TDS deductions are linked to your PAN and you dutifully file your income tax return.
4. TDS Rebate on savings deposits: If the annual interest earnings from your savings account exceed INR 10,000/-, the TDS deduction will only be 10% if you have a PAN card. Without a PAN card, the TDS deduction will be 20%.
5. Opening a dematerialized account: In order to open a dematerialized account, also known as a demat account, where your shares and securities can be held electronically, a PAN card is required.
6. Access to Loan Facilities: Banks and financial institutions will not provide any loan or credit facilities unless you possess a valid PAN card.
7. Buying and selling property: If you intend to buy or sell immovable property valued at more than INR 10 lakhs, you must provide your PAN card details.
By adhering to these requirements, you will be able to reap the benefits offered by PAN Card generation.
1. Submit the necessary paperwork and information on our online platform
2. Select the suitable package and make an online payment using the various available payment methods
3. Once the order is placed, our team will assign your application to one of our committed experts
4. Our proficient team will proceed with the filing and submission of the Pan card form 49A
5. You will receive an Acknowledgement receipt number with a distinct 15-digit code
6. The PAN card will be promptly delivered to your residence.
1. Passport-size photograph
2. Aadhaar Card
