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ABOUT PAN CARD
Permanent Account Number is the unique 10-character alphanumeric code given to individuals, HUF, and business-firms in India and abroad.
Who issues PAN card?
The Income Tax Department has delegated this power to NSDL, who on the behalf of IT department and under the supervision of CBDT issues the TAN card.
Who can apply?
Any Individual, HUF and all kind of business entities. It is mandatory for the persons who earn taxable income, and are required to pay Income Tax.
Validity of PAN card
Pan Card is valid for the lifetime unless you surrender it to tax authorities. The generation of the PAN is one-time process requires no renewal.
Where PAN required?
PAN is mandatory for the filing income tax return, an opening of bank account, availing loan, buying & selling a property, foreign exchange, bank deposit and other financial facilities.
How to verify the PAN?
The government offers an online portal ‘Know Your PAN’, from where anyone can easily verify and authenticate the validity of PAN number.
BENEFITS OF PAN CARD
The benefits of PAN Card generation are as follows-
- Easily open your bank account: All banks and financial institutions mandatorily requires a PAN card as a valid id for an opening a current or savings bank account.
- No hurdle to any business transaction: As per the 2010 amendment to the Income Tax Act, 1961, the PAN card has been made mandatory by the government for all the companies.
- Claim your IT Refunds and Rebates: You might be entitled to a refund in case the amount of TDS exceeds the amount of income tax you are actually supposed to pay. You can get the refunds from IT department only if your TDS deduction linked to PAN and you duly file income tax return.
- TDS Rebate on saving deposits: If your annual earning of interest on your savings account exceeds INR 10,000/-, the TDS deduction will be only 10% in case you’re PAN card Holder, otherwise TDS deduction would be 20%.
- An opening of the demat account: PAN card is required for opening a dematerialized account also known as demat account, where all your shares and securities can be held in dematerialized or electronic format.
- Avail Loan Facility: Banks and Financial Institution do not provide any loan and credit facility unless you have valid PAN card.
- Buying & selling property: If you want to purchase or sell your immovable property which is worth more than INR 10 lakhs, you need to furnish your PAN card details.