PAN Card Registration
The Permanent Account Number or PAN online registration is a means of identifying various taxpayers in the country. Pan Card is a 10-digit unique alphanumeric identification number (containing both alphabets and numbers) allotted to Indians, primarily those who pay taxes.
The PAN identification system is computerized and assigns a unique identification number to every Indian taxpayer. Through this method, all tax-related information of a person is recorded against a single PAN number which acts as the primary key to store the data. This is shared across the country; hence, no two persons in the tax authorities can have the same PAN number.
The Income Tax Department also issues a PAN card when a PAN number is allotted to an entity. While PAN is a number, PAN Card is a physical card that contains your PAN, name, date of birth (DoB), father's or husband's name and photograph. Copies of this ID can be presented as proof of identity or date of birth.
Eligibility for PAN
Anyone who pays taxes in India, an individual, company, or NRI, can obtain PAN card registration online.
Types of PAN
PAN card is required by all the businesses, individuals, and groups. Following is a list of entities who requires a PAN card in India
- HUF-Hindu undivided family
- Company Firms/Partnerships
Uses and Benefits of PAN online registration
- New PAN card registration online is essential for taxpayers as it is crucial for all financial transactions and is used to track the inflow and outflow of your money. PAN card apply necessary when paying taxes, receiving tax refunds and receiving communications from the Revenue Department.
- India's Budget 2019 proposed that individuals who do not have a PAN card can do PAN card registration online with an Aadhaar number for filing returns and for other purposes where PAN online registration was previously mandatory. This suggests that if you have not yet linked PAN with aadhar or do not have PAN but have Aadhaar, you should not link PAN and Aadhaar or apply for a replacement PAN card.
- However, the foundations are still in the process of being created/updated/approved. This means that PAN card registration online continues to be necessary for an excessive number of monetary transactions. A PAN card apply also applies as an indication of identity.
Uses of PAN in Financial Transactions
- PAN card apply must be indicated when paying direct taxes.
- Taxpayers have to enter their PAN numbers while paying taxes.
- PAN information must be provided when registering a business.
- Many economic transactions require PAN information. A number of these transactions are:
- Sale or purchase of real estate (property) which is valued at Rs.10 lakh or above
- Sale or purchase of a vehicle other than a two-wheeler
- Payments in favour of hotels and restaurants that are more than Rs.25,000
- Payments made in respect of travel requirements to other countries. In this case, if it exceeds Rs 25000, you need to mention your PAN.
- Payments of Rs 50,000 on bank deposits Purchase of bonds of Rs 50,000 or more
- Purchasing shares amounting Rs 50,000 or more
- Purchase of insurance worth Rs 50,000 or more
- Purchase of open-ended investment company schemes
- Payments for the purchase of jewellery and precious metals of 2,000,000 rupees
- Send money from India Transfer funds from NRE to the NRO account.
Documents Required for new PAN Card registration
1. New PAN card registration online through the NSDL Portal
The government has taken measures to enable applicants to PAN card apply or PAN online registration through the Income Tax PAN Services Unit of NSDL. Follow these simple steps to apply for PAN online or PAN card apply:
- Open the NSDL website and apply for a new PAN card registration online
- Select Application Type – New PAN card registration for Indian Citizens, Foreign Citizens, or Change/Correction of Existing PAN Data.
- Select your category – Individual, Association of Persons, Body of Individuals, etc.
- Fill in all the required details in the PAN online registration form: name, date of birth, email address, and mobile number
- After submitting the PAN online registration form, you will receive a message about the next step.
- Now you have to press on the “Continue with the PAN card apply Form” icon and continue with the further procedure
- You will be redirected to a new page where you have to submit your digital e-KYC.
- Select whether you need a physical PAN card apply or not and enter the last four digits of your Aadhaar number.
- In the next part of the form, enter your details, contact and other details.
- Enter the area code, AO type and other details in this part of the form
- The last part of the form is to submit the document and declaration.
- Enter the first eight digits of your PAN card registration to submit your application. You will see the completed PAN online registration form. If no modification is required, click Continue.
- Select the e-KYC option to verify with Aadhaar OTP. For Proof of Identity, Address and Date of Birth, select Aadhaar in all the fields and click Continue to proceed.
- You will be redirected to the payment section where you have to make payment through the draft or net banking/debit/credit card.
- After successful payment, a payment confirmation will be generated. Click Continue.
- Now, for Aadhaar Authentication, check the declaration and select “Authenticate.”
- Click on “Proceed with e-KYC,” after which an OTP will be sent to the Aadhaar-linked mobile number.
- Type the received OTP and submit the form.
- After that you have to click on “Continue with e-Sign” and you are required to enter your 12-digit Aadhaar number. A one-time password will be sent to the mobile number linked with Aadhaar.
- Enter the OTP and submit the request to get the confirmation in pdf format with your date of birth as password in DDMMRRRR format.
2. PAN card registration online through UTIITSL Portal
Here's how you can apply for a new PAN card registration online through the UTIITSL website:
- Go to the UTIITSL website, and select “Indian Citizen/NRI PAN Card apply under PAN services.
- Click on “Apply for New PAN Card registration online (Form 49A)”
- Choose either “Physical Mode,” where you must submit the printed, signed application form at the nearest UTIITSL office or “Digital Mode,” where the application form is signed using Dsc mode or Aadhaar based e-signature, and you need not send a physical copy of that.
- Fill in your personal information and other details.
- Verify the correctness of the filled data and click on the 'Submit' button.
- After verification, you can make the payment online by selecting one of the available payment gateway options – BillDesk or PayU India. You can pay via net banking, debit card, credit card, cash card, etc.
- After successful payment, you will receive a payment confirmation. You can save it or print it.
- Paste 2 passport-size photos (3.5x2.5 cm) on the printed form and put your signature in the designated place.
- Attach a copy of your identity, address and date of birth documents along with the complete application form and submit it online or send it to the nearest UTIITSL office for processing and issuing your PAN card.
Separate Legal Entity
Under this every director and shareholder are considered as separate entity hence as a result of which the company gets saved from vulnerable risks and losses due to personal shield.
Changing owners is easily allowed
Changing directors or shareholders in OPC is the most simple process which usually comes into practice very quickly.
Private companies hold more Tax benefits than any other LLP’s or Partnership Firms. Currently Tax 22% is applicable on NTI of Companies whereas 30% tax rate on LLPs and firms.
With market creditability being the highest among private limited Banks, Financial Institutes, Creditors, Debtors, etc also rely more on it as compared to other business structures.
Growth & Stability
Startup business always prefers private limited due to quite Growth and stability in this business structure. Banks also prefer to grant loans and advances more often to private limited companies
Increased Borrowing Capacity
Companies are at benefit of increased borrowing capacity of funds as they can issue debentures secured and unsecured
Few doubts important to be resolved quickly
1. Where do I get the PAN card apply form?
PAN card apply form is available at any NSDL TIN Facilitation Center (TIN-FC) or PAN Center. Some stationery vendors also provide the form to applicants. Alternatively, you can download the form from the NSDL-TIN website: https://www.tin-nsdl.com/downloads/pan/downloads-pan.html.
2. Can I get a PAN card registration through an application on plain paper?
No, it is not possible to apply for a PAN card registration through a handwritten application. The application is accepted only in the format notified by the Central Board of Direct Taxes. The forms that relate to this are:
- For Indian nationals, Form 49A
- For foreign nationals, form 49AA
3. How do I fill out the PAN card registration application form?
The PAN Card application form should be filled in legibly in English. You should use capital letters and black ink (preferably) to update the details. Please read all instructions carefully before filling out the form.
4. Is it necessary for a married/widowed/divorced woman to include the father's name in the application?
All female applicants should include only their father's name in the PAN application form, regardless of marital status. The form does not need to be updated on behalf of the spouse.
5. Is it necessary to add two photos to the application?
Yes, if you are an individual applicant, you should attach two recent colour photographs with a white background to the form. The size of the photos should be 3.5 cm x 2.5 cm. Images should not be cropped or stapled to the form. The applicant must sign over the picture so that part of the inscription is on the photo and the rest is on the form. The clarity of the image on the PAN card apply will depend on the clarity and quality of the photograph you attach to the application form.
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