What is Pan Card?
PAN refers to Permanent Account number supplied by the Income tax department for an Indian Citizen on application, which is an unique number particularly important for the Income tax related transactions, whether to deduct tax at source, TDS, and also rendering Income tax returns every year by all tax assessable individuals, while an identity card authenticating this number with one’s photograph, date of birth and address is issued by appropriate authorities, such as NSDL, which is popularly known as Pan Card and accepted by almost all financial and other institutions, as a proper record of identity, which is considered as of now the only Unique Identity document in the Country.
Issue of Pan Card
PAN card is issued through authorised agency NSDL, when applied, which is possible by filling in details in a form called Form 49A or 49AA in respect of Foreign citizens, when an acknowledgement would be released with a reference number, which print out should be sent to the authorities after fixing photographs of particular dimension, which is similar to Passport size photograph, with attachments of approved address proof records and the signature of the individual, in response to which the authorities will send the Pan Card to the given address by post, in about 15 days time.
PAN card issue also requires a remittance of Rs 85 plus service charges, the total remittance coming to Rs 96, which payment can be made online at the time of making the application, through Credit Card or Net Banking.
PAN card processing can also be done through the Aykar Sampark Kendra of the Income Tax Department functioning in most of the cities, than sending the form to the Income Tax Service department of NSDL, Pune.
Why Pan Card is necessary
PAN Card is primarily required for income tax transactions, particularly the number which will be in an alpha numerical form with 10 characters , which is necessary for other financial transactions more especially when done online, the Income tax department bringing out regulations insisting on furnishing of PAN in every investment done in Mutual funds and other bank deposits, exceeding Rs 50000 now, which will be for every transaction in course of time, likewise, the procedures like KYC, which is Know Your Customer authentication, bearing the identity of Pan, thereby requiring PAN card copies, self-attested for financial transactions.
Besides the financial transactions, PAN card is taken as the proper document to identify one during registration of properties, rail travel, airline travel, telephone or mobile connection applications and many other transactions in India.
What to do if Pan Card is lost
PAN card is a photo identified and misuse of the Card is possible only by ingenious methods of changing the photo part of it for one to do unlawful activities, otherwise, PAN being an unique number, only the Individual citizen can have the proper use of it, losing a card must be reported for avoiding unlawful usage, while the individual can obtain a duplicate Card by following the same procedure undergone for obtaining one, the PAN remaining the same, being an Unique number and one can-not obtain two different numbers, although one obtaining another card with the same number will not make any difference.
The applicant who requires to have a duplicate PAN Card, or even where there is a requirement of corrections in the spelling of the name all one has to do is to furnish the details in the correction form giving one’s name, date of birth and father’s name, along with the the lost PAN card number.
Where one does not have the lost PAN card number, one can retrieve the same through the website of the Income Tax Department http://incometaxindiaefiling.gov.in/knownpan/jps. in the same way one does for the original application, the applicant needs to affix a particular size photo in the form and submit to the PAN application processing authorities such as , UTITSL or NSDL.