Details About
PAN Card
What is a PAN Card?
Permanent Account Number (PAN) is a 10 digit alphanumeric number. It is issued by Income Tax Department of India and is in the form of a laminated card. There is no minimum age required for obtaining this Card. PAN Card act as identification for individuals, families, corporate bodies, especially those who pay income tax. PAN Card Registration is now required for various government policies. You have to make PAN Card Registration which can be made online and after successful verification of your online registration PAN Card will be delivered at your address.
The benefits of PAN Card
- Easily open your bank account: All banks and financial institutions mandatorily requires a PAN card as a valid id for an opening a current or savings bank account.
- No hurdle to any business transaction: As per the 2010 amendment to the Income Tax Act, 1961, the PAN card has been made mandatory by the government for all the companies.
- Claim your IT Refunds and Rebates: You might be entitled to a refund in case the amount of TDS exceeds the amount of income tax you are actually supposed to pay. You can get the refunds from IT department only if your TDS deduction linked to PAN and you duly file income tax return.
- TDS Rebate on saving deposits: If your annual earning of interest on your savings account exceeds INR 10,000/-, the TDS deduction will be only 10% in case you’re PAN card Holder, otherwise TDS deduction would be 20%.
- An opening of the demat account: PAN card is required for opening a dematerialized account also known as demat account, where all your shares and securities can be held in dematerialized or electronic format.
- Avail Loan Facility: Banks and Financial Institution do not provide any loan and credit facility unless you have valid PAN card.
- Buying & selling property: If you want to purchase or sell your immovable property which is worth more than INR 10 lakhs, you need to furnish your PAN card details.
Documents Required for PAN Card Registration Online
When you apply for the Online PAN Registration you have to submit the following documents:
1. For Individual and HUF
Proof of residential address, identity, and date of birth Like Aadhaar Card or Voter Identity Card or driving license or passport.
Passport size photograph
2. For other like Firm, Body of Individual, Association of Person, Company Partnership firm etc.
Copy of Certificate of registration of such body.
Copy of Incorporation documents like Memorandum of Association, Partnership deed etc.
Proof of address like a copy of the address of property paper if owned.