A permanent account number (PAN), is very important for a host of reasons. Today, you cannot file your tax returns without a PAN Card, nor can you undertake large transactions without a card.
Charges for making a PAN Card
Before understanding the charges on a PAN card, it is important to understand the ways in which we can apply for a PAN card. The first is the online mechanism, using the NSDLe-Gov-TIN website.
The second can be done physically, at the Tin Facilitation Centres, also called TIN FCs.
There are a number of TIN Facilitation cum PAN centres in the country and you can check the same, by clicking here
You can go to the nearest centre for checking the same.
The charges to make a PAN Card through the online application is Rs 107. The charges through the facilitation centres also remain the same.
In short, there is no difference in the charges that apply for a PAN card, if you make it directly or through visiting the FCs.
However, if you are staying abroad and want the same dispatched abroad, then the charges would be Rs 994, including service tax that is applicable on the same.
Why you need to apply for a PAN Card?
You need to apply for a PAN card for a number of reasons. The first is that you cannot file your income tax, without a PAN Card. Secondly, for any cash transaction above Rs 50,000 you would definitely need a PAN Card. Not only cash transactions, but, if you want to open a bank account or a demat account, you would need a PAN card.
Also, if you want to open a fixed deposit, whose value is more than Rs 50,000, you would need a permanent account number.
Not only that, large sized hotel bills etc., will also need a PAN Card. So, if you do not have one, it is best to apply for one.
Today, you cannot do without a PAN card and a Aadhaar card and both have become very essential.