The Permanent Account Number is unique for every individual.
It is arrived by using the Phonetic Soundex Code Algorithm. This combination is based on permanent particulars such as date of birth, name of the individual, type or status of the holder. In the case of individuals, factors including gender and father’s name will also be taken into consideration.
Individuals who already have a PAN card can easily search their PAN card details using PAN number. Follow the below-mentioned steps:
The PAN card does not provide any kind of information related to the residential address of the cardholder on the card. The PAN card just shows the details related to the name of the individual, photograph, PAN number and date of birth and other related things. By following the below-mentioned steps, one can search for the address in your PAN card:
The holders of PAN card can change their details using the below-mentioned steps
Note: The entire procedure will take 15 – 20 days and once the request has been raised for change or correction in PAN data. The New card will be received with all the necessary corrections and changes made with the period.
As per the Section 139A(1), the following list of norms has to be fulfilled to have a Permanent Account Number
PAN Card serves as a lifetime document for identification purpose apart from this it also comes in handy for taxation purpose. The following are the list of purposes served by PAN Card:
1. Place of Employment
Employees in India should submit their PAN details to their respective employers for taxation purpose. The submission of PAN details will help the employers to deduct the necessary taxes such as TDS, professional tax and so on. PAN details will also be mentioned on the payslips of the employees and also on the form of salary income at the time of filing their Income Tax Returns.
2. Valid Identification and Photo Proof
The PAN Card is accepted and can be produced as a legitimate ID proof across the globe for various purposes be it for application of passport, bank account, voter ID card, ration card and so on.
3. Bank Transactions
It is mandatory for individuals who have a bank account to submit the details of PAN card to carry out banking transactions smoothly. Irrespective of the type of bank account – individual or public or cooperative or private and so on. The move is made to eradicate the money laundering and to check the black money or any kind of fraudulent activities. The PAN Card also helps to check all the high-value cash transactions and the same can be reported to the RBI as per the prescribed norms regularly. Any cash deposit which is equal to or more than Rs 50,000 in a day at any of the bank requires disclosure of PAN card details.
At the time of opening a fixed deposit, wherein the value of the transaction is equal to or more than Rs 50,000, one has to quote the PAN card details. The reason behind the disclosure of PAN is a bank is liable and has to deduct TDS on the interest amount earned on such term deposits.
Post-Demonetisation move, as per the Income Tax rules, all the banks in India are authorized to procure and link PAN or Form 60 (in case of non-availability of PAN) to all the existing bank accounts. The only exception is the zero balance savings account or basic savings bank deposits accounts or those accounts which comes under Pradhan Mantri Jan Dhan Yojana.
4. Post Office Deposits
Disclosing PAN details is a must in the post office, similar to that of the bank if the individuals are opening an account or depositing an amount of Rs 50,000 or more.
5. Share Trading
PAN details are must and have to be furnished with the brokers along with Demat and Trading account provider, for trading purpose.
6. Property Transactions
The buyer, as well as the seller at the time of entering into the registration of the property, has to provide the PAN details and even at the time of finalizing the sale deed. In case of joint ownership of a property, it is mandatory to quote the PAN details of both the owners. All the transactions related to the sale or purchase of an immovable property requires PAN details if the value of the transaction exceeds Rs 5,00,000.
7. Credit or Debit Card
Individuals who apply for Credit or Debit card has to submit the PAN details. If it is not mentioned, then the applications will not get approved and will be rejected. Such kind of rejections will also carry a negative credit score on the individuals and this will even impact in future at the time of application of loan and so on.
8. Jewellery Purchase
Customers who purchase jewellery products which are worth Rs 5 lakhs and above have to furnish their PAN details at the time of placing an order or while buying it.
9. Vehicle Purchase
All kinds of transactions revolving vehicles both purchase and sale (excluding two-wheelers) which falls under the boundary of registration as per the Motor Vehicles Act requires the parties to disclose the PAN details.
10. Loan Applications
All kinds of loan applications, be it home loan, personal loan, car loan and so on requires the applicant to submit the PAN details for approval.
11. Foreign Currency Exchange
In the case of foreign travels, to get the domestic currency exchanged for foreign currencies along with a copy of visa, tickets, passports and so on, the traveller has to provide a copy of PAN.
12. Mutual Funds and Other Securities
Akin to share trading, any request to open mutual fund investments or investments in bonds, debenture or any other securities needs to be supported with PAN details of the investor.
13. Payment Wallets
In India, the introduction of Paytm, PhonePe, Mobikwik and so on has helped the common man to make monetary transactions at the go. The payment wallets are playing a compelling role in today’s digitized world. Any kind of payment wallets in India requires the PAN card details of the users for KYC purpose (if the transaction amount is beyond the specified limit of Rs 20,000 per month).
14. Insurance Premium
As per the rules of the Central Board of Direct Taxes (CBBT), all the policyholders have to provide their respective PAN details at the time of paying the insurance premium to the companies, if the amount is more than Rs 50,000 in a particular year.
Q. How can I know about my PAN card status?
A. You can go to the Income Tax E-Filing Web site, TIN-NSDL or UTIITSL to find your PAN card status.
Q. Is there any fee to track the status of the PAN application?
A. No, monitoring the status of the PAN card application is free. The applicant can check the PAN status for free.
Q. Is it compulsory to quote PAN for the income tax returns?
A. According to the Union Budget 2019, individuals who do not have PAN will soon be able to file their tax returns (RIT) simply by citing their Aadhaar number. In addition to this, those who do not have PAN can simply quote their Aadhaar number wherever PAN is required.