Permanent Account Number Card commonly known as PAN Card is a very important document required by residents and citizens of India for tax purposes. It is also essential to be possessed by non-tax payers as a PAN card is required to complete various financial transactions.
PAN Card is basically a ten-digit alphanumeric number, issued in the form of a laminated card by the Income Tax Department of India.
Types of PAN Card Applications:
- Form 49 A
- Form 49 AA
- Form 49 A
Form 49 A is a PAN Card Application form meant for Indian citizens only to apply for PAN Card. This form is mentioned under Section 139 A of the Income Tax Act, 1961.
Indian citizens comprising of entities incorporated in India and non -incorporated entities formed in India can also avail for a PAN Card through Form 49 A.
This Form 49 A can be used for applying for a new PAN Card as well as modifying any information submitted previously in an existing PAN Card.
2. Form 49 AA
Form 49 AA is a PAN Card Application form meant for person who are not Indian citizens but can apply for PAN Card. This form is mentioned under Rule 114 of the Income Tax Rules, 1962.
Foreign citizens comprising of entities incorporated outside India and non -incorporated entities formed outside India can also avail for a PAN Card through Form 49 AA
Form 49 AA is almost similar to Form 49 A and contains the same requirements and details; in addition the following additional details are required to be mentioned:
For Individuals: Marital Status, citizenship status and occupation or professional details.
For Non-Individuals: Type of company incorporation, Gross Annual Income of Company in Indian National Rupees, Mode of Operation of company, Political affiliation of the applicant’s authorized signatories, Taxpayer Identification Number (TIN), stock exchange listing status etc.
All the details mentioned above need not be required for all person applying for PAN Card under Form 49 AA and differ from case to case basis.
Guidelines to be followed while filling the PAN Card Application Form
- Form must be filled in Capital letters.
- Form must be filled in English language only.
- Form must be filled in black ink only.
- All fields marked with asterisk (*) are mandatory to be filled.
- Form must not have any cancellations or overwriting.
- Full names must be used.
- Photographs must be affixed as required.
- Signature must be provided across the photo on the left side of the form in a manner that the portion of signature/impression is on the photo as well as the form.
- Document for Proof of address and identity must be enclosed along with the Form.
The Income Tax Department has introduces a new feature called e-PAN Card from which the users can instantly obtain a PAN Card online via their website: http://incometaxindiaefiling.gov.in./home
This feature is free of cost and is currently in its nascent stages.
Eligibility to avail e-PAN Card
e-PAN Card can be applied for only by Indian residents excluding people covered under Section 160 of the Income Tax Act.
E-PAN Card feature cannot be used by Minors, Hindu Undivided Families, firms, trusts, companies, partnership firm, Limited Liability Partnership (LLP) in order to avail a PAN Card.
E-Pan is generated based on the details entered in the Aadhar Card. Hence, to obtain e-PAN Card individuals should mandatorily hold an Aadhar Card.
PAN Card is a very important document required by citizens of India for tax purposes. It is also essential to be held by non-tax payers to complete various financial transactions. It is 10 digit number issued by the Income Tax Department of India. Company Vakil is one of the largest legal platform.for more details on this topic or any other topic visit Company Vakil.