To conduct any financial transaction in India, it is necessary to have a valid PAN card. Read on to find out more about the PAN card, how to apply for it and track your application status.
What is a PAN?
The Permanent Account Number (PAN) is a 10-digit alphanumeric number given in the form of a laminated card by the Income Tax Department. A typical PAN reads this way: AFRPP1595D.
Why should I have a PAN?
If you are involved in any of these activities in India, you must have a PAN:
Filing of income tax returns, any correspondence with the Income Tax Department and filling of challans for any payment owed to the Income Tax Department.
Buying and selling immovable property and / or vehicles
Hotel bill payments or cash payments for amounts exceeding $625 while traveling abroad.
Getting a telephone / mobile connection
Making a fixed deposit with a bank or post office or depositing cash exceeding $1,250.
Investing in mutual funds for any amount
Opening a bank / demat account
How should I apply for a PAN?
To apply for a PAN, you have to fill out and submit the PAN application form 49A at any Income Tax PAN Service Center, along with a proof of your identity and address. The Income Tax Department has outsourced the work of receiving and checking applications to UTI Technology Services Ltd (UTITSL) and National Securities Depository Limited (NSDL).
You can also apply for a PAN online. Visit tin.tin.nsdl.com/pan/form49A.html on the NSDL website, or
utitsl.co.in/newpan_nri.html on the UTI website (for NRIs) to complete and submit the application form.
How soon will I get my PAN?
The Income Tax Department endeavors to send your PAN within 2 or 3 weeks, once your completed PAN application is received.
If I don’t get my PAN within the estimated time period, what do I do?
If you do not get your PAN within 2 or 3 weeks, you can get the status of your application on the website of the agency to whom you have submitted it.
For UTI, go to myutitsl.co.in/intra/web/pantrack.jsp, and for NSDL visit tin.tin.nsdl.com/pan/panstatustrack.html. Enter your application number and coupon number in the UTI website, or acknowledgement number or name and date of birth in the NSDL website. NSDL has also launched an SMS facility to help you track the status of your application.
PAN is a very important document for any financial transactions that you want to conduct in India so make it a high priority to obtain your PAN.
Have you ever tried applying for a PAN? How hard was it to get? Did you receive it within the stipulated time frame?