PAN REGISTRATION

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PAN, which stands for Permanent Account Number, is used to open a bank account, to file your tax return, invest in financial instruments or conduct any finance-related activity. PAN Card contains the PAN and identity details of the cardholder. The Permanent Account Number search identifies the individual for taxation purposes and it contains all the relevant financial data of the individual in its storage. Knowing your Permanent Account Number is, therefore, a priority for many aspects of your financial life. So, let us figure out the complete details of this all-too-important card.

What are the benefits of a PAN Card?

  • Probably the most important time when a PAN card is necessary is during IT return filing.
  • Furnishing your PAN card can help you save on TDS since financial institutions deduct 20% more TDS on Rs.10000+ earned interest if PAN is not quoted.
  • Linking your bank account to PAN can help you claim a refund if TDS deducted is more than actual tax.
  • The PAN card is a mandatory identity proof required while opening a new bank account.
  • Buying and selling immovable assets like property and car worth more than Rs.10 lakh.
  • Financial transactions worth more than Rs.50000 mandate producing the PAN card.
  • If you are planning to make investments like those in mutual funds, bonds, and stocks, know how to apply for a PAN card at the earliest if you don’t have one already.
  • This identification document is indispensable for cash deposits over Rs.50000 in a day.
  • Payment of life insurance premiums crossing Rs.50000 in a financial year.

Proof of Identity

A PAN card is accepted as valid proof of identity anywhere in the country and, and is also considered as proof of age. It can also be used as proof of identity when making an application for a passport, voter ID, driving licence, electricity connection etc.

Trust and Goodwill

PAN Registration promote and build a feeling of trust and quality in the customers mind and it establish credibility.

FAQ on PAN Registration

  • What is a PAN Card?
    A PAN card is issued under the Income Tax Act, 1961 and it contains a unique 10-digit alphanumeric code. This code is computer-generated and is unique to the holder of the card and is valid for the lifetime.
  • Who can Apply for a PAN Card?
    The eligibility for a PAN card is not limited to individuals. Companies and partnership firms can also avail a PAN Card and it becomes mandatory for such entities to have a PAN when they are filing their income tax returns. Even in case of individuals, minors, students and Non-Resident Indians can also apply for PAN Card online.
  • Is it mandatory to register PAN?
    Tax will be required to be deducted at a higher rate if PAN becomes inoperative. Besides these consequences, the person may find difficulties in doing other financial transactions such as with banks, as PAN is an important KYC criterion for these transactions.
  • What is the age for PAN registration?
    People frequently believe that a Permanent Account Number (PAN) is only available to those above 18. However, the Income Tax Department has not specified an age restriction for obtaining a PAN card. It means that even minors who are under the age of five can also apply for a PAN card.