Permanent Account Number or the PAN card number is a 10 digit alphanumeric number that acts as an important identification for all Indians. The PAN card is as important as many other documents in India such as the Passport, Voter ID card, and Adhaar card. The necessity of the PAN number comes under Section 139A of Income tax Act of 1961.
Verify your Pan Card here
Verify your Pan Card here
The starting of PAN Card was in the year 2003 and since that time it is used to keep record and track of various financial transactions of an individual. It is an important document for taxation, returns, opening a bank account, spending money over Rs. 1, 00, 000 and even for drawing the higher amount of salary from an organization. One can apply for a PAN card online from the site of india.gov.in/apply-online-new-PAN-card by filling up the form 49A. Any person obtaining more than one PAN Card comes under forgery and can be penalized by a fine of Rs. 10, 000 or more.
|Get your PAN Card in 48 hours|
New law for PAN Card
The Income Tax department is coming up with a new law as per which a person do not have to wait for 45 days for the PAN card to arrive. You will be able to receive the same just within 48 hours of time.
After you have applied for your PAN card, it often takes a time of about 15 to 20 days to reach you. Also, there are a number of times when it may take more than 45 days to reach your location if you are staying in some outskirt areas of a city. But now the IT department has stated an assured delivery of the PAN Card within 48 hours of your online application.
Not only this, but the IT department has also stated about the starting of various camps in different rural areas so that more number of people can be enlightened about PAN Cards. IT has been often noticed that people here are not much aware of the benefits of the PAN number, and hence they do not have one with them. Also, some of them think that applying for a PAN Card is a hectic issue, and hence they think it better to avoid. These camps will increase awareness among these people and will motivate them to enroll for PAN Cards.
The target of having more number of PAN Card holders
Though the population of India is of about 1.2 billion but still it is a strange fact that there are only about 170 million people have PAN Cards even after 12 years of introduction. When checked in March of the year 2013, it was noticed that only 14.1% of the total population have PAN Cards among which only 2.5% file for IT returns.
But the good thing is that even after such small figure, the highest income of the Indian Government is from the Income Tax. This record was calculated in the budget for 2015-2015. No doubt The IT department wants more people to enroll for PAN Cards so that more revenues can be generated.