PAN CARD

What is PAN CARD?


PAN stands for a Permanent Account Number which is a 10 digit alpha-numeric code generated by the Income Tax Department of India. The tax department has made it mandatory for everyone (including NRIs, PIOs & Companies) who wish to conduct any type of investments and financial transactions in India. Carrying business, filing or paying taxes, investing in India, buying a property, opening a bank or demat account, etc.. NOW require a PAN number.



Benefits of a PAN Card

• AN number acts as an Identity proof, showing your relation to India.

• Even if you don't file taxes in India, you should still have a pan card.

• Sale or purchase of immovable property valued at Rs 500,000 or more. If there are co-owners (buyer or seller), the PAN of both the owners will have to be mentioned. If a nominee holds the property, the PAN of the legal owner must be mentioned.
• The PAN should be disclosed in the document pertaining to purchase or sale of the property
• Sale or purchase of a motor vehicle requiring registration other than two-wheelers. This does not include vehicles running on fixed rails or special vehicles for use only in factories or in other enclosed premises or vehicles of less than four wheels with engine capacity of not more than 25 cc.
• A time deposit of more than Rs.50,000 with any banking company and deposit of more than Rs.50,000 with post-office savings bank. This requirement is not mandatory when investing in post-office National Savings Certificate or Kisan Vikas Patra, and the PAN will be required only if the time deposit exceeds Rs.50,000.
• Contract of sale or purchase of securities exceeding Rs.1 lakh in value, including shares, bonds, debentures, derivatives, units and government securities.
• Cash payment of Rs.50,000 or more for purchase of bank drafts, pay orders or bankers cheques during any one day.
• Cash payment exceeding Rs.25,000 in connection with travel to any foreign country (fare or purchase of foreign currency).
• Application for installation of telephone, including cellular telephone.
• Payment to hotels and restaurants against bills exceeding Rs.25,000 at any one time.
• Opening a bank account.
• Application for issue of a credit card.
• A cash deposit of Rs.50,000 or more with any bank during any one day.
• Payment of Rs.50,000 or more to a mutual fund for purchase of units or to a company for acquiring its shares or to a company/institution for acquiring its debentures/bonds or to RBI for acquiring bonds.
• Minor intending to open time deposit or bank account should quote the PAN of either father or mother or guardian in whose hands income is likely to be clubbed.

How could i get a PAN CARD?

            You could either get it from a Agent or apply online through the following link


https://tin.tin.nsdl.com/pan2/servlet/NewPanApp


         It will take 20 working days to get a PAN card. After apply online or do with a agent you will get a Acknowldegement Card.  
To Know your PAN status SMS NSDLPAN <space> Acknowledgement No. & send to 57575 to obtain application status 


What are the documents i need to get a PAN Card
        1. One Passport Size photo Graph
        2.  Proof of identity 
                (a)Electricity bill*
                (b)Telephone bill*
                (c)Depository account statement*
                (d)Credit card statement*
                (e)Bank account statement*
                (f)Rent receipt*
                (g)Employer certificate*
                (h)Ration card
                (i)Passport
                (j)Voter’s identity card
                (k)Property tax assessment order
                (l)Driving license
                (m)Certificate of address signed by a Member of Parliament or Member of Legislative     Assembly or Municipal Councilor or a Gazetted Officer.