Know a few basic details about PAN Card
The PAN card is very essential for all the individuals especially those who have a definite income at the end of the year. The Permanent Account Number is an alpha-numeric combination and is issued to all individuals who come under the jurisdiction of the Indian Income Tax Act 1961. Permanent Account Number (PAN) card is issued by the Income Tax Department of the Government of India under the strict supervision of the Central Board of Direct Taxes (CBDT). It serves as a sort of identification number for an individual throughout the country. The PAN card along with your photo on it is a very important identity proof for you as a citizen of India. The PAN card is required to make any major financial transaction. It also helps the government to keep a track of the taxes paid by individuals and thus reducing the chances of tax evasion.
The Permanent Account Number follows a particular structure. Of the 10 alpha numeric combination, the first five consist of alphabets, the next 4 are numbers and the last one is again a letter. The unique PAN helps in identifying the assesse. The fourth character of the PAN is a letter which determines the type of assesse. The fifth character of the PAN is the first character of the name of the entity or society or the name of the person in whose name the PAN card is applied. Once issued, your PAN card is valid for the lifetime.
How to apply for your PAN card:
In the present world of hectic rush in one’s daily life, you hardly have the time to stand in the queue and collect your PAN Card Form . But the progress of internet has solved this problem. You can now sit at home and fill up your application form for the PAN card online. However if you find it difficult to fill up the details online, then there is nothing to worry about. You can download the application form and then fill it up and submit it at the required office. Although there are many sites that allow you to download the application form, however the official site is http://www.utiitsl.com. After filling it up, you have to submit the PAN Card Form at any of the branches of the UTI. The charge for applying the new PAN card is Rs.96. it is fixed by the Government of India and you can’t be charged more than this. Depending on the type of assessee you will be you have to download the PAN Card Form 49A or 49AA. You have to affix Rs.94/- worth processing coupon collected from any IT PAN service centre. After submitting your application you can even track the progress of your application by using the transaction ID given to you at the application. Credit card is not accepted for payment however you can use demand draft or cheque.
Documents required for making application
As is the case with almost all legal application, here also you are required to submit certain documents. The ITD only after verifying your documents and the details provided by you will process your application. The PAN Card Form 49A has the necessary documents listed in column 15 that are required to fill process your application. The documents needed are for the proof of identity of the individual or organization who has applied for the PAN card and also for the proof of address which you have filled in your application form. In case of a personal PAN card the documents for proof of identity are school leaving certificate, degree of recognized educational institution, bank account statement, ration card, passport, voter identity card, driving license issued by the union of India etc. Electricity bill, water bill, ration card, passport, driving license can however serve the dual purpose of identity proof as well as address proof. You can submit the copy of the above mentioned documents. It is advisable that the documents are attested by any Member of Parliament or Gazetted officer. In case of any company or organizing applying for the PAN card, some extra documents are needed to be submitted like the certificate of registration issued by registrar of companies, partnership deed or certificate issued by registrar of LLPs.
Correction to be made in your PAN (if required)
After you have received the PAN card and found out any discrepancy in any of the details supplied by you like the spelling of your name, father’s name, DOB, address etc, you can apply for correction. You will be issued a new PAN card after the necessary correction is made however the permanent account number remains the same.