Permanent Account Number News

You need not be concerned if your PAN card was issued with an incorrect or partial name or if you wish to change your name. Follow the below mentioned process.

If parents want to name their child as a nominee for an investment, they typically create PAN card for children. If they are investing in the child's name, they can also apply for Pan card for the kid.

You can apply for PAN by filling up Application for Allotment of Permanent Account Number. PAN application can be made either online through two websites --Protean eGov Technologies Limited (formerly NSDL) and UTIITSL.

Downloading e-PAN is easy Downloading Pdf is a secured process Refer to NSDL e-Gov for more information

Every PAN has ten digits made up of a predetermined combination of alphabets and letters. There has been an increase in the number of occurrences involving PAN frauds in recent years.

The IT department has now explicitly stated in its most recent notification that such PAN cards will face repercussions under the Income Tax Act. When your PAN becomes inoperative, it is considered that it was not supplied in accordance with the law, and a penalty of Rs 10,000 may apply under Section 272B of the Income Tax Act. However, if the bank account opened with a non-functional PAN has transactions that bring it inside the ambit of income tax, difficulties may occur.

According to Section 139AA of the Income Tax Act, any individual who had a PAN on July 1, 2017 and was eligible for Aadhaar must link their PAN to their Aadhaar. When the Aadhaar linking process is completed, your inactive PAN cards will become operational. A penalty of Rs 10,000 can be imposed under Section 272B of the Income Tax Act if the PAN is not quoted or provided as required by the Income Tax Act.

You can easily find out if someone has taken a loan against your PAN. You can also report to the Dhani app or Indiabulls about such misuse of your details.

For Indian nationals, the PAN card is one of the most crucial documents, not just for tax purposes but also as proof of identity. The Income Tax Department of India issues this laminated card with a unique ten-digit alphanumeric code.

The deadline to link PAN Card with the Aadhaar card has been extended several times. The Income Tax Department has now set the last date to link Aadhaar Card with Pan Card to March 31, 2022. According to Section 272B of the Income Tax Act, an individual could face a penalty of up to Rs 10,000.

If a PAN card is not connected to Aadhaar, an individual will be unable to invest in mutual funds, stocks, or create a bank account, among other things. In the meantime, the deadline to file income tax returns for the fiscal year 2020-21 was December 31, 2021.

PAN cards are required by the Income Tax Department for cash transactions of bank drafts, pay orders, or banker's checks totaling Rs 50,000 or more in a single day. If you are caught with two PAN cards during an investigation, you could face a punishment of up to Rs 10,000.

A PAN card is required for availing of several services. Parents make PAN cards for Kids if they want to include their child as a nominee of their investment. They also apply for Kids Pan cards if they are investing in the name of the child.

PAN cards are usually obtained after the age of 18, but they can also be made before the age of 18. PAN card is a vital document as it is required for any financial transaction.

For downloading the e-PAN card online, you have to log in to the official website of UTI Infrastructure Technology and Services Limited. After entering the OTP, your download for e-PAN will start.

However, this extension should not be taken as a way to get away from linking these documents as there would be a penalty with it and the PAN card can also become inoperative. Apart from that, a user can also link PAN with Aadhaar online by just sending an SMS.

If you are planning to buy an immovable property that is Rs 5 lakh or above, then it will be mandatory for you to provide an Aadhaar card. It is mandatory to give a PAN card in any post office savings account and it is also given for credit card and debit card applications. If you deposit a life insurance premium today, and the amount is more than Rs 50,000, then a PAN card is required.

The Government on Sunday extended the last date for linking Permanent Account Number (PAN) with biometric ID Aadhaar till September 30.

Till now, only male and female gender categories were available to be chosen on the PAN application form.

Central Board of Direct Taxes (CBDT) Chairman Sushil Chandra said while there were around 2.5 lakh PAN applications per month earlier, after the Centre announced to scrap high value currency notes in November last year, the number rose to 7.5 lakh.