Individuals who already have a valid Aadhaar card can now apply for an instant PAN under the current clause. In addition, as in other cases, applicants will not be asked to submit a lengthy application form. There will be no additional charges for the instant PAN, which will be published in PDF format. Individuals must enter their Aadhaar number and confirm their submission with an OTP sent to their registered mobile number. Once the validation process is complete, a 15-digit acknowledgment number will be issued. The individual can download the PAN in PDF format if the PAN has already been published. A copy of the PAN will also be emailed to the applicant's registered email address. The IT department's latest provision simplifies the procedure for citizens who already have their Aadhaar. The PAN card will now be given to the individual in a PDF format within 10 minutes using this new facility. To get a PAN Card in 10 minutes, follow the steps covered below.
Requisites to consider before applying for an instant PAN Card online
The following are the basic conditions that must be met for getting an instant PAN using Aadhar-based e-KYC:
- The individual must have a legitimate Aadhaar number that has never previously been linked to another PAN.
- The Aadhaar number of the individual must be linked to his or her registered mobile number.
- Individuals do not need to submit or upload any KYC documents because the instant PAN through Aadhaar facility is a paperless operation.
- Individuals before applying for an instant PAN Card make sure that he or she doesn't have more than one or more PAN Card. The provisions of Section 272B(1) of the Income Tax Act, 1961 will penalise individuals who have more than one legitimate PAN.
Steps to apply for an instant PAN Card online
By following the below-listed steps one can easily get a PAN Card online in 10 minutes:
- Visit https://www.incometaxindiaefiling.gov.in/home and under the 'Quick Links' section, click on 'Instant PAN through Aadhaar which will redirect to the instant PAN allotment page.
- Now click on 'Get New PAN' which will redirect you to the instant PAN request page.
- For PAN allocation, enter your Aadhaar number and the captcha code. Before confirming your request, double-check the necessary requirements. To receive the OTP on your registered mobile number, click on the 'Generate Aadhaar OTP' button.
- Once you've approved to verify your Aadhaar specifics with UIDAI, enter the Aadhaar OTP you got on your registered mobile number and click on the 'Validate Aadhaar OTP and Continue' option.
- You'll be now redirected to the PAN request submission section, where you'll need to check your Aadhaar specifics and consent to the terms and conditions. To submit a PAN request, click on the 'Submit PAN Request' option.
- Once you upload your Aadhaar specifics for validation, you will be granted an acknowledgment number. By entering your Aadhaar number, you can check the status of your PAN allotment.
How to check the status of instant PAN?
By following the below-covered steps you can check the status of your instant PAN request and also download your PAN successfully:
- Visit https://www.incometaxindiaefiling.gov.in/home and under the 'Quick Links' section, click on 'Instant PAN through Aadhaar'
- Now you will be redirected to the instant PAN allotment page where you need to click 'Check Status/Download PAN'
- Now enter your valid Aadhaar number and captcha code
- Click on 'Submit' and confirm your application by entering the OTP sent to your registered mobile number within the time frame mentioned.
- Now again click on 'Submit' in order to redirect to the next page where you can track the status of your instant PAN request.
- A PDF link to download your PAN will be generated within 10 minutes if your PAN allotment was effective. Your PAN is encrypted in a password-protected PDF file. To open the PDF file, enter your date of birth in the format 'DDMMYYYY' and you are done.
Essential uses of PAN Card that you need to know
- Commonly, the TDS withheld from a taxpayer's income exceeds the actual tax that he or she is required to pay. A taxpayer must have a PAN linked to his or her bank account in order to seek excess tax paid.
- To open a savings or current account, all public, private, and cooperative banks have made it obligatory for an individual or a business to have a bank account under its name which must be linked with his or her account.
- A PAN card is also required in order to open a Demat Account, which is required in order to keep shareholdings in dematerialized form.
- Any immovable property priced at ten lakh rupees or more must have the PAN mentioned in the deed.
- PAN Card is required for payments made of more than Rs. 50,000/- in international travel, including forex transactions.
- Deposits with the post office, co-operative banks, and non-banking financial companies will also require a PAN, for making deposits of Rs. 5 lakh or more per annum.
- PAN is required for payments of more than Rs. 50,000/- for hotel and restaurant bills.
- Any transaction involving the purchasing or sale of a good or service for more than Rs. 2 lakh will necessitate the submission of a PAN.
- For bank draft, pay orders, and banker's cheque totalling more than Rs 50000/- in a single day, a PAN card is required. This means that transactions of more than 50000/- will only require the use of a PAN card.
- If you are looking to purchase a property worth more than Rs 5 lakh, you will be required to have your PAN.
- Credit and debit cards cannot be issued without a PAN card. It's also mandatory to open a savings account in a bank or post office.
- For a life insurance premium of more than Rs 50,000, a PAN card is also mandatory to furnish.
- PAN is required if you purchase shares or mutual fund units valued at more than Rs 1 lakh.