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It is a unique identification code, a combination of ten alpha numeric characters, given to any individuals staying in India, a family (especially Hindu undivided Family) with its base in India, and corporate and business organizations operating in India. This identification number is a unique number given to all those individuals and corporations who pay income tax or at least come under the ambit of Income Tax Act, even though not actively paying such taxes. This unique identification number is only allotted to Indian Citizens and Residents of India apart from the registered corporations in India. Such a Unique identification number helps in smooth dealings and recordings as far as Income Tax Laws of India are concerned. This Unique Identification Card is a non transferable identity card issued for a lifetime of the individual holding the card only.
This unique identification number known as the PAN or Permanent Account Number is issued by NSDL under the Income Tax Department of India and is supervised by the CBDT or the Central Board for Direct Taxes. This card not only helps smoothen the process of paying income taxes and filing necessary returns but in fact this card becomes an important identification proof for the individuals and corporations holding such numbers. The card also acts as a proof of age for the individual holding such card.
Application for PAN Card can be made by any Indian citizen who have attained the age of eighteen years and has a source of valid and legal income. The list of people who can apply for a PAN card and the documents they require for applying are mentioned below:
Apart from these, minors, mentally retarded people, trusts, local authorities, artificial judicial persons, and foreign individuals can also apply for PAN card if they require doing so after following the basic requirements from the official website of the government.
With the advent of technology, application for a PAN card is easy. The applicant can apply online and track the application status of the PAN Card online easily. In case the applicant would like to check the status of his/her PAN Card Application, the following steps needs to be followed:
Just like the process of application and finding the status of application of an applicant’s PAN Card, it is quite easy to verify the PAN card details from the PAN Card number. The process of verifying the PAN Card details can be done online too.
Q: Can a Bangladeshi/ Pakistani national or an entity owned/ controlled from Bangladesh/ Pakistan have an account in India?
A: An opening of accounts by individuals/ entities of Pakistan nationality/ ownership and entities of Bangladesh ownership requires prior approval of the Reserve Bank.
However, individuals of...
Q: What is meant by person resident in India?
A: As per India's Foreign Exchange Management Act (FEMA) 1999, a person resident in India is a person residing in India for more than 182 days during the course of the previous financial year...
Q: Do NRIs require consent of the Reserve Bank of India (RBI) to buy immovable property in India?
A: No, NRIs don't require consent from the RBI to buy an immovable property in India, provided the property is residential or commercial in nature.
Q: Is there any limit on the number of housing properties that an NRI can buy?
A: No. There is no limit placed on the number of residential properties an NRI can buy in India.
Q: Can OCI holders open PPF account in India?
A: OCI holders who are living in India are considered to be residents in India. Their status is no longer that of a Non-Resident (NRI). Therefore they can open PPF account in India.
While we are on...
Q: What are the step by step instructions to replace lost OCI card?
A: Before a lost OCI card can be replaced,
Applicants should file a police report. To apply for a replacement OCI Card, applicants will have to provide a copy of the complaint filed with the police....
Q: Can US citizen with OCI avoid paying Indian taxes on US income?
A: For taxation purposes, normally a person can be considered to be a resident or non-resident (NRI) of India. Where as Indian residents must pay taxes on their worldwide income, NRIs on the other...
Q: Can NRI hold the joint savings bank account in India?
A: The Reserve Bank of India (RBI) allows Indian residents to hold savings bank account jointly with an NRI but only on ‘former or survivor' basis.
.In case you are wondering what ‘former or...
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