What is PAN and Why it is required?

What is PAN?

Permanent Account Number (PAN) is unique code that acts as an identification for Indian citizens, particularly those who pay Income Tax. It is also issued to foreign investors, hence it is not acceptable as a Identity Proof of Indian citizenship. It is issued by National Securities Depository Limited (NSDL), Indian Income Tax Department under Central Board for Direct Taxes (CBDT).
The PAN is necessary for financial transactions. High-value transactions, such as buying a house or Property, Receiving TAX payable Salary etc.

Duration of Issuing PAN.

New PAN card takes approximately 15 to 20 working days. Correction of PAN card take 30 to 40 working days; however this may vary depending on the authorities.

Why PAN is Required ?

PAN incorporates finding of false exchanges, diminish tax avoidance, straight forwardness in exchanges between purchaser and Seller.
PAN is required for the bulky transactions of the currency e.g. Billing more than Fifty Thousand Rupees.
Exchanging currency at Money Exchanging Kiosk requires PAN.
Depositing more than Fifty Thousand Rupees in a single day, requires PAN.
Duplicate of PAN is required to Sale or buy motor vehicles having more than two wheels (excluding side detachable car attached to two wheeler), while Buying or Selling any property it is mandatory to have PAN card.

Documents Required while Applying for a PAN.

Voter Identity Card
Driving License
Passport
Ration Card having photograph of the applicant.
Certificate of Identity in original signed by a Gazetted Officer.
AADHAAR Card issued by the Unique Identification Authority of India.
Central Government Health Scheme Card.
Bank Certificate in original on letter head from the branch.

AADHAAR Card is mostly preferred applying for a PAN .

www.incometaxoffice.in – MULTIPLE INCOMETAX SERVICES BY MOON SOFT

After the tremendous success of Moon Soft’s  website www.pancard.org.in for various pancard services including verification of  status of Pancard applications, Moon Soft  has also launched one more free ‘Income-tax  Service’ as a new website www.incometaxoffice.in to get all guidance, assistance and supports in income-tax matter / services   useful for public at large.

Process of  providing / making addition of many more Income-tax  Services on www.incometaxoffice.in  is going on and many more services will be added on incometaxoffice.in in coming days. If readers wants any particular ‘incometax service’, they may write and suggest through comments on www.incometaxoffice.in . Presently, on incometaxoffice.in , following  free verification services are available :-

Postal Status Of PAN CARD – पैनकार्ड की डाक स्थिति

When the new, corrected or reprinted card is finally printed, it is dispatched by  Speed Post / Registered post  of Indian Post  or by A-class private couriers. Generally,  pan cards related to big towns / cities (served by A class Couriers) are dispatched by the couriers and to other places, pan cards are sent  / dispatched by Speed Post / Registered post of Indian Post.

अंत में नया, सही व रीप्रिंटेड पैनकार्ड  कार्ड  मुद्रित करने के बाद, उसे  भारतीय डाक की स्पीड पोस्ट / पंजीकृत डाक द्वारा या ए-वर्ग निजी कोरियर द्वारा भेजा जाता है। आम तौर पर, बड़े शहरों व कस्बो से संबंधित पैन कार्ड कोरियर द्वारा तथा   अन्य स्थानों पैन कार्ड  भारतीय डाक सेवा की स्पीड पोस्ट / पंजीकृत डाक द्वारा  भेजा जाता है।

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Each such applicant of pan card may track / follow the status of his pancard. First, applicant should know the Postal No.  / receipt No. of  his documents through www.statuspan.in and there after, he can  know the status of his post by tracking through respective websites of such couriers and Indian Post. For Knowing the post transit status through Indian post, please click here under, insert your receipt No. and know latest running status in the Indian Post.

पैन कार्ड के प्रत्येक ऐसे आवेदक  उसके  पैनकार्ड की रास्ते की स्थिति जानकारी प्राप्त कर सकते हैं। सबसे पहले, आवेदक www.statuspan.in के माध्यम से अपने दस्तावेजों का पोस्टल संख्या / रसीद नं पता करे  और उसके  बाद, वह इस तरह के कोरियर और भारतीय डाक के संबंधित वेबसाइटों के माध्यम से  पैनकार्ड की रास्ते की स्थिति जानकारी प्राप्त कर सकते  हैं। भारतीय पोस्ट के माध्यम से डाक पारगमन की स्थिति जानने के लिए यहां नीचे क्लिक कर,   अपने रसीद नंबर डाल कर  आपके  डाक की  नवीनतम चल स्थिति जान सकते ।

 

NAME ON PAN CARD

Name On Pan Card :

1. First Name : In case of individual applicant, ‘first word’ of his name will be the ‘First Name’ of the applicant but a single alphabet as ‘First Name’ is not allowed and at the same time, ‘two words’ as Fist name is also not allowed. For Example – An individual has the name ‘ Kailash Chandra Rambilas Maheshwari’. In that case, First Name will be only ‘Kailash’ and not the ‘Kailash Chandra’. Likely, if applicant has the name “K. C. Maheshwari”, then ‘K’ as first name will not allowed. But over and above, complete name should be exactly matched with the prescribed ID available with the applicant.

In case of non-individuals such as HUF, Partnership Firm, Company, Trust, Association / AOP etc., there will be no first name but complete name will be written as ‘Last Name’ and if name is too long, then it may be continued from the row of Last Name to the row of Middle Name and so on.

2. Middle Name : In case of individual applicant, if name contains only one word or two words, then, there will be no ‘Middle Name’ but if the name contains more than two words, then all the words except fist and last words will be the ‘middle name’. Initial as single alphabet is also allowed as middle name. For Example – An individual has the name ‘ Kailash Chandra Rambilas Maheshwari’. In that case, Middle Name will be ‘Chandra Rambilas’. and if applicant has the name “Kailash R Maheshwari, then ‘R’ will be the Middle Name.

In case of non-individuals such as HUF, Partnership Firm, Company, Trust, Association / AOP etc., there will be no middle name but complete name will be written as ‘Last Name’ and if name is too long, then it may be continued from the row of Last Name to the row Middle Name and so on.

3. Last Name : In case of individual applicant, ‘Last Word’ of his name will be the ‘Last Name’ of the applicant but a single alphabet initial as ‘Last Name’ is not allowed and at the same time, ‘two words’ as Last name is also not allowed. For Example – An individual has the name ‘ Kailash Chandra Rambilas Maheshwari’. In that case, Last Name will be only ‘Maheshwari’

In case of non-individuals such as HUF, Partnership Firm, Company, Trust, Association / AOP etc., there will be no first and middle name but complete name will be written as ‘Last Name’ only and if name is too long, then it may be continued from the row of Last Name to the row Middle Name and so on.

4. Name to be Printed On Card : Name on pan card may be little different or smaller from complete name of the applicant but ‘First name and last name’ should be the part of the ‘name to be printed on card’.

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