PAN Card: The Essence of Monetary Transactions

PAN Card: The Essence of Monetary Transactions

Nowadays with the growing technologies in the financial domains lead to the use of PAN cards in almost all monetary transactions.

PAN (Permanent Account Number) Card is a necessity for taxpayers as it is important for financial transactions and also used in the tracking of the inflow and outflow of money. It is required for all financial transactions like at the time of payment of income tax, receiving tax refunds, and communications from the income tax department. In all Monetary transactions, PAN continues to be necessary. It also serves as identity proof in many areas. 


Define PAN?

Permanent Account Number (PAN) means a ten-character alphanumeric identifier, which has been issued in a laminated form known as ‘’PAN Card’’ by the Tax Department of the government of India. 


PAN Application Forms

 It is necessary to know about the prescribed PAN application forms. These are as follows

1. Application for allotment of PAN: In the case when an applicant does not have a PAN card or he/she never applied for a PAN card application for a new PAN card can be filed. 

2. PAN allotment based on Aadhaar: It is a new concept launched by the IT department of getting a PAN card in just 10 minutes.
 

Obtaining a new PAN card becomes faster: Due to the complex process which involves applying to the concerned authorities. But now it becomes easy, faster and reliable.


Get A New Pan Card In Just 10 Minutes

Yes, it is possible as we know that getting a PAN card is a very long process that involves multiple things. But now in order to get a new PAN card, we need not fill the application with the submission of various documents and after that, it processes in some days. IT department has launched a new facility in order to get PAN card in just 10 minutes.

Guidelines of the latest process of getting PAN CARD: The process is as follows:

  •  Firstly, visit the e-filling portal.
  • Consequently, click on ‘instant PAN through AADHAAR’ and simultaneously choose to get a new PAN.
  • Then you will have to give the Aadhaar number.
  • OTP will be generated on the registered mobile number
  • When the process of authentication of the OTP will be completed e-PAN will be issued to you.


Applicability of PAN Card

No doubt, a PAN card is an essential requirement of the current times and almost required in all financial transactions. The main applications are as follows:

1. Insurance Premium: Nowadays every person takes insurance like life insurance, vehicle insurance, etc. For example, if you deposit a life premium costing more than 50,000 it will become mandatory to have a pan card.

2. Purchasing of real estate properties: For a real estate property that costs 5,00,000 or above in this case it will be mandatory to provide a PAN card.

3. Credit card & Debit card: PAN card is used in the process of applying for credit & Debit cards.

4. Purchasing securities: In the purchasing of the securities or the mutual funds worth more than 1lakh PAN card is necessary.


Newer Uses of PAN 

A less known concept. With the use of PAN card in all domains it is also becoming a necessity in several processes like:

  • Thinking of opening a bank account
  •  Interested in buying foreign currency
  • Opening of a Demat account.
  • Getting a new landline/mobile connection.
     


PAN for Foreign Nationals

For foreign citizens also PAN is a necessary document for those, who want to undertake business in India or wish to invest in India. The process will be the same as for Indian nationals but there is a difference regarding application filling which will happen by using Form 49AA which is basically for foreign nationals.

Documents Required

1. Copy of passport

2. Copy of OCI (Overseas Citizen of India)issued by the government of India.

3. The government of India issued a PIO (Person of Indian Origin) copy.

4. Copy of other nationals or citizenship identification number.
 


Overview

Nowadays with the growing technologies in the financial domains lead to the use of PAN cards in almost all monetary transactions. Its main goal is to bring authentication in financial transactions and in avoiding tax evasions concerning monetary transactions. 


Edited By Team CLIQTAX

Want to get your business journey featured on CLIQTAX ? Send an email to us at editor@cliqtax.com