PAN or the Permanent Account Number is a ten digit alphanumeric number that is issued a laminated card by the IT department of India. Only the IT department can issue PAN Cards to the citizens of India under the control of Central Board for Direct Taxes. The card can also be taken as an important ID proof for an Indian citizen, and it consists of the PAN number, the name of the individual, date of birth and father’s name. It is not a transferable item.
|PAN Card registration|
Benefits of PAN Number
Since the starting, the PAN Number is supposed to be issued to someone, whether an individual or a firm that comes under the provision of taxation. But now also people who are not eligible for a tax can apply for PAN number for various reasons.
· It is an important tool that is required when you are going for some of kind of financial investments and also for purchase and sale of any fixed assets.
· Also, a PAN number is nowadays mandatory when you are approaching a bank to open a new bank account.
· It is also required whenever you are going for foreign travel, or doing a transaction in properties or purchasing securities. Hence, it is also important while you are opening a Demat account or while you are trading for commodities.
· The PAN number remains unaffected even if you are changing changing your address. Hence, it is the document that is required while you are applying for a telephone or a cellular connection.
· PAN Card is similar to the National Identification Number that is there in many of the countries worldwide such as The UK or The US. Hence, it is the proof that shows that you are an Indian citizen.
Steps taken by Government for PAN Card awareness
Though PAN number of mandatory and it has a number of benefits, still only less than one-third of the whole population have registered for PAN numbers. The IT Department of India has thus taken a number of steps recently to make people aware of the necessities so that more people can obtain their PAN numbers.
Maximum people earlier did not register for PAN because the application process was quite difficult and they have to hire a chartered accountant for the same. To remove this difficulty, the IT department has started the online service at india.gov.in/apply-online-new-pan-card, where people can easily apply for their PAN Cards. The IT department of India has come up with the UTI Technology Services to set up centers in different cities to improve and guide people about PAN related matters. Also there are a number of camps run by the IT department of India in various rural areas of India so that people can get aware of the uses and applications of PAN numbers.
Pan Card for NRI
Pan Card for NRI
Not only is this, often there are individuals who apply for more than one PAN cards that a fraud. So, again the IT department of India has taken some strict steps also so that individuals can be stopped from applying for multiple PAN Cards.