Topyaps Logo

Topyaps Logo Topyaps Logo Topyaps Logo Topyaps Logo

Topyaps menu

Responsive image

Got A PAN Card Or Need One? Here’re 7 Things You’d Probably Need To Know

Updated on 8 July, 2016 at 11:43 am By

We are sure you’ve heard about PAN Card issued by the Income Tax Department of India; most of you might even have one, right? In fact, nowadays even while opening a bank account, PAN Card seems to be a necessity. However, do you know why this PAN Card is issued or why we should all keep a PAN Card handy for all the adult members of the family? Well, if you don’t, you needn’t worry anymore for this list brings to you all the details that you need to know about your PAN Card. Here you go—

7. Proof of Identification


Advertisement

PAN Card, issued by the Department of Income Tax, India, also doubles up as an important proof of identification, and can be used by a person in place of his/her voters’ ID card in case of matters related to identification. In general, it is a card issued under Indian Income Tax Act of 1961 to all the people who are entitled to pay taxes, or who have any form of bank account in their names. The 10 digit alphabet-numeric PAN card number is unique to all the holders of this card.

proof of identification

6. What’s the Major Use of the Card?

The primary use of the PAN Card is to identify and keep all your major financial transactions under one single whole so that they may be traceable while paying the Annual Income Tax and hence, prevent any kind of fraudulent activities or Tax Evasion. By issuing a PAN Card, you’re maintaining a thorough transparency for all the transactions made.

Major Use of the Card

5. What’s the Validity Period of this Card?

The best thing about this card is that it is valid throughout your lifetime. So, once this card is made, you’re not liable to renew it or make a new one. It is also unaffected by the change in your address.

validity

4. In What Kinds of Transactions Is It Applicable?


Advertisement

Well, any kind of bank transactions, shopping, house rents, jewelry purchases, payments at hotels and restaurants and payment of any kind of bills that exceeds Rs. 25,000 in cash or credit must be identified by the PAN Card. This saves a lot of Tax and without any effort, is viewed as legal purchases.

Shopping



Also Read: 5 Empowering Ways For Indian Women To Secure Their Financial Future

3. How Can you Obtain a PAN Card?

Like any Government Card, obtaining a PAN Card can be a bit irksome, but with the new and advanced techniques, it has become a lot easier nowadays. The best way is to fill up an Online Application Form; and, if that’s a bit troublesome, you may also download the form 49A, and submit to your nearest authorized PAN agency. In case you’ve submitted it online, simply take a print out of the submitted form and affix two passport sized photographs and the other necessary documents and send it across with a DD of Rs. 105 to the mentioned address.

In case, you want to change some misinformation in the PAN Card that you’ve received, just click the option Reprint at their website.

online form

2. What Are the Documents that you would need to Issue or reissue a PAN Card?

For a fresh PAN Card, you’d need a proof of identification which might be any one of the below written documents:

  • Bank pass book
  • Ration card
  • Passport
  • Driving license
  • Voter’s id
  • Water bill
  • Graduation degree
  • Certificate of Board Examination

Along with this, you would also be required to furnish a resident proof—both present and temporary Electricity bill—

  • Water bill
  • Credit Card
  • Gas bill
  • Pass Book Of Bank
  • Driving License
  • Telephone bill:

passport

1. Do NRIs Make a PAN Card as well?

Well, yes. NRIs or no, every Indians whose income is taxable must have a PAN Card issued. And any business personality with an annual turnover of more than 5 lakhs, must have a PAN Card. And, if any one wants to keep their adolescent children as the nominee of any kind of bank accounts or financial matters, PAN Card is a necessity for them too.


Advertisement

NRIs

Advertisement

Latest Stories

14 Creative Photography Tricks That You Can Use To Take Amazing Pictures

14 Creative Photography Tricks That You Can Use To Take Amazing Pictures


Saif Ali Khan’s Starrer Laal Kaptaan Leaked by Piracy Website Tamilrockers

Saif Ali Khan’s Starrer Laal Kaptaan Leaked by Piracy Website Tamilrockers


Weird Advertising Slogans And Taglines Which Are Not Easy To Digest

Weird Advertising Slogans And Taglines Which Are Not Easy To Digest


Bunch of Funny Non-Veg Jokes To Feed Your Head

Bunch of Funny Non-Veg Jokes To Feed Your Head


Telugu Movie ‘Sye Raa Narasimha Reddy’ Becomes The New Victim of Tamilrockers, Leaked Online

Telugu Movie ‘Sye Raa Narasimha Reddy’ Becomes The New Victim of Tamilrockers, Leaked Online


Advertisement

Most Searched

More From Business

Popular on The Web