A PAN (Permanent Account Number) has become an extreme necessity for one to be a part of the Indian Economy. It is a 10-digit number that is issued by the Income Tax Department under the Income Tax Act, 1961. PAN is in the form of 5 letters, followed by a set of 4 numbers and then followed by a letter. A typical PAN looks like “AGHJK8768K”.
PAN not only serves to be a facilitator of tax collection by gauging the financial transactions but also proves to be valid proof for the identification of individuals. It acts as a medium to check tax evasions and has thus become one of the most important documents for an individual to hold. Hence, comes the role of PAN Applications.
Requirements for obtaining a PAN Card
- One must be a citizen of India.
- One must possess valid proofs for
- Age, and
- Date of birth.
Who must possess PAN Cards?
- Any person or an entity who is a taxpayer and files income tax returns for self.
- Any individual/entity who files income tax returns on behalf of others.
- An entity that wishes to apply for credit cards, personal loans, home loans, or any other loans.
- A person or an entity for sale or purchase of immovable property worth Rs. 5 lakh or more.
- An individual/non-individual to pay restaurants to the tune of Rs. 25,000 or more.
- Any entity that seeks to deposit INR 50,000 or more in their bank account.
- Any entity making a transaction of INR 50,000 or more.
- An individual/non-individual looking to sell or purchase a car on any other vehicle.
Application for obtaining PAN
One can obtain a PAN either by an offline or an online process. A duly filled PAN Application needs to be submitted to an authorized agency in the respective districts for an offline method. The online submission can be made on the NSDL website, along with the required documents. To check your PAN Card Status, you can take help from Financial institutions as they provide you the best services to facilitate the process.
Ways to track PAN Card Status
Generally, within 15 working days from the application, the authorized agency issues the PAN. This facility allows the applicants to remain aware of the stage at which the application has reached at the time of checking, by issuing a 15-digit acknowledgment number to each applicant. Furthermore, it is preferable to check the status after a period of 3 days has passed from the date of filing the Application, for the sake of accuracy. However, one can obtain information regarding the status of the PAN application by certain methods. There are 3 methods to track the status of PAN Applications.
Status on SMS
An applicant can receive the PAN card status by sending an SMS to the NSDL, reading as NSDLPLAN followed by a space, and then the 15-digit acknowledgment number issued to each Applicant, to the number 57575. After the message is sent, one receives an SMS denoting the current status of the Application. The SMS facility is chargeable.
For an applicant to know the status of the PAN Application by calling on the telephone, one is required to dial a toll-free customer care number to the NSDL on 020-27218080. One is further asked to divulge the 15-digit acknowledgment number to the customer care handler who apprises the applicant with the necessary information.
One can know the current status of their PAN Application online, either on the website of NSDL (National Securities Depository Limited) or that of the UTIITSL (UTI Infrastructure Technology And Services Limited).
On the website of NSDL
- Visit the official website of ‘PAN – Tin-nsdl.com’.
- Select the link ‘Know Status of your Application’.
- Further, select “PAN-New /Change Request” from the drop-down menu in the “Application Type” option.
- Enter the 15-digit Acknowledgement Number
- Submit the form.
On the website of UTIITSL
- Visit the official website UTI PAN Card Page.
- Either enter the Application Coupon Number or the PAN Number in the prescribed boxes.
- Submit the form.
The validity of PAN Card
On the issuance of a PAN to the applicant by the Income Tax Department, it is valid for the lifetime. However, it is mandatory to submit the details of changes to the Income Tax department. All the relevant changes need to be duly furnished on the form provided for on the Income Tax Department’s website of ‘PAN – Tin-nsdl.com’, under the heading of ‘Change/Correction in PAN Data’.