What You Need to Know About Permanent Account Number (PAN) in India
Permanent Account Number (PAN) is a unique identifier allotted to individuals, firms and other entities by the Income Tax Department. It is a 10-digit alphanumeric number that serves as a proof of identity for taxpayers.
2. Who can apply for PAN ?
Any individual, firm, or entity who is required to pay taxes in India can apply for a PAN card. This includes salaried individuals, businesses, trusts, and non-profit organizations.
3. How to apply for PAN ?
You can apply for a PAN card online or offline. To apply online, you need to visit the NSDL website (www.nsdl.com) and fill out the application form. You will need to upload scanned copies of your identity proof and address proof. Offline, you can download the application form from the income tax department's website (www.incometaxindia.gov.in) and submit it along with the required documents to any authorized PAN center.
4. What are the documents required for PAN application ?
You will need to provide proof of identity and address when applying for a PAN card. Acceptable documents for identity proof include passport, driving license, voter ID card, and Aadhaar card. For address proof, you can use utility bills, ration card, or a letter from a government authority.
5. How long does it take to receive the PAN card ?
Once you have submitted your application, it usually takes 15-20 days to receive the PAN card. However, if you apply online, you can expect to receive the card within 7-10 working days.
6. What is the validity of PAN card ?
A PAN card is valid for a lifetime, and there is no need to renew it unless there are changes in your personal or business details.
7. How many PAN cards can an individual have ?
An individual can only have one PAN card. If you already have a PAN card and want to apply for another one, you will need to surrender your existing card before applying for a new one.
8. What are the consequences of not having a PAN card ?
If you are required to pay taxes in India but do not have a PAN card, you may face penalties and fines. You may also be unable to open a bank account or file income tax returns. Therefore, it is essential to obtain a PAN card if you are liable to pay taxes in India.
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