PAN (Permanent Account Number) is a number by which a person can be identified. A PAN number is allotted by the Income Tax Department in fact it is comparable to a Social Security Card used in the U. T. Every person has a distinctive ten digit alphanumeric number that is written over a card with your picture.
A PAN card holds the same value for Indians as the pan card change for ALL OF US citizens. PAN translates to the Permanent Account Amount issued by the Revenue Tax Department of Indian under the supervision of the Central Board of Direct Taxes.
This identification number is a 10 digit string of alphanumeric characters. Every registered resident has a unique quantity with his or the woman personal details recorded against it. Unlike a Voter’s ID, this identification amount remains frequent even though you change your place of house. The card also has a photograph of the holder.
Why a PAN Cards? It was issued to avoid tax evasion. That keeps track of all taxable financial transactions which otherwise had chances of going unchecked. Just a legitimate citizen of India, including Non-Residential Indians, can apply for one.
This file is also regarded as an important identity proof along with other documents such as a Voter’s ID, generating license or a ration card.
The issuing is managed by a quantity of centers under the aegis of UTIITSL and NSDL. You can find one such center that is best to you. The names of authorized centers are listed on the Income Tax Division or National Securities Depository Limited (NSDL).
There, you will have to fill and submit the 49A form (Indian citizens) or 49AA form (foreign citizens). Another option available to you is an online registration. You are required to pay a minimum processing cost when submitting the application. You will also have to attach a few documents for address and identity proof. Individuals and organizations (such as Companies) can apply for a PAN cards. The details and supporting documents you will need to provide for both will differ.
If you have lost your PAN Card, there’s no need to get hassled. Presently there is an option to reprint it. The procedure is the same as applying for a new one. The only difference is that you select Changes or Modifications in PAN Card details. There is also the option to Reprint of PAN card. After making the changes, you can refill 49A as a reproduction PAN card application form.
If the PAN is written in all important documents, it would be easy to locate a person involved or a person with authority over the person involved. Each time a person has a PAN, the credit owed to him/her for paying taxes can be given quickly with them. When a PAN is entered in all bank dealings, the IT Department can have the ability to gain control over undisclosed dealings and unregulated transactions.
There is a Web-enabled tracking system that lets PAN people get into their details and find out the status of their PAN. Whatever step in the PAN development process your PAN is on, that will be displayed. This is very useful until your PAN card is delivered to you.
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