What is a Pan Card?
A Permanent Account Number or a PAN is a code that is issued by the Department of Income Tax. It is a 10-digit number-and-alphabet combination which is unique for every individual. This number facilitates the department to monitor the financial activities of the holder. It also helps the Income Tax department to keep track of the tax paid or evaded by an individual. The first ever PAN card was issued in 1964. It is also issued to various foreign nationals and investors. The pan card status can be checked on the official PAN website.
The card is issued by the Indian Income Tax Department under the supervision of the Central Board for Direct Taxes (CBDT). The UTI Investors Services Ltd (UTIITSL) and National Securities Depository Limited (NSDL) are the authorized agencies to accept and process PAN application forms.
How can one check their PAN card status?
After applying for a PAN card, the status can be checked in 3 ways:
How to check PAN card status via UTI ?
STEP 1 : Visit the UTI website.
STEP 2: Enter your 15-digit Application Coupon Number.
STEP 3: Click on the ‘Submit’ button.
It takes 5-7 days after applying for the PAN card for the registration status to show up.
How to check PAN card status via NSDL?
The NSDL portal allows you to check your PAN card status 24 hours after registering.
STEP 1: Visit the NSDL portal.
STEP 2: Enter the 15-digit acknowledgment number.
STEP 3: Enter all the other required details in the prescribed format (name, date of birth etc)STEP 4: Click on ‘Submit”
How to check PAN card status via e-Mudra?
A reference number is required for checking PAN card status on the e-Mudra portal if applied through the same.
STEP 1: Visit the e-Mudra portal
STEP 2: Enter your reference number, date of birth and verify.
STEP 3: Click ‘Submit’
Why is PAN card necessary?
It is obligatory for an individual to declare his/her PAN in most transactions such as,
- opening a bank account
- receiving taxable salary or professional fees
- while making certain high-value transactions
- while buying a property over a certain limit
- while buying a car over a certain limit
- buying or selling shares or mutual funds
- applying for a visa/passport
- making payment of income tax or filing a tax return
- while applying for a bank loan.
Through it, the Income Tax department is kept in the loop of one’s income, property details, investment, and tax payment. It is illegal to evade tax. As a result, PAN acts as a proof of identification of a person with the government.
Are there any alternatives to PAN card?
There are several transactions, where the condition of filling the PAN card number can be excused, provided Form 60 is filled.
Non-resident Indians (NRIs) are allowed to fill Form 60 instead of PAN. However, it is always useful to have a PAN Card. This is especially true now as it is required even for trivial financial transactions such as paying a restaurant bill of over Rs. 25,000.
A PAN card is an important document of proof of identity, residence and is a required tool in today’s world of online transactions. Hence, everyone should apply for the same and keep a check on the pan card status.
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