KNOW WHAT A PAN CARD IS:
The Income Tax Department introduced the 10-digit alphanumeric PAN Card (Permanent Account Number) number. It serves as a form of identification and is given to each individual in a special way. Every taxpayer is required to have a PAN card.
The PAN Card’s primary function is to support the Income Tax Department and the taxpayer in a variety of activities.
In India, anybody can freely get a PAN Card, regardless of citizenship or age. Therefore, obtaining a PAN Card is also possible for NRIs, foreigners, and children.
WHO MUST OWN A PAN CARD?
The following persons must get a PAN Card in accordance with the Income Tax Act:
- If a person’s income exceeds the threshold for non-payable tax. At the moment, everybody who earns more than inr 2.5 lakhs annually is required to pay income tax.
- If the company’s annual earnings are greater than INR 5 lakh.
- If a person has to obtain a GST registration, an import code, or an export code.
WHY DO YOU NEED A PAN CARD?
- Opening a bank account requires a PAN Card (including cooperative banks).
- While requesting a credit or debit card.
- While making a loan application, whether for a company or any other kind.
- Whenever a DEMAT account is opened.
- When a person is involved in motor vehicle buying or selling activities (excluding two-wheelers). PAN documentation is required throughout the registration procedure here.
- When a customer must make a single payment for a restaurant or hotel bill totaling more than INR 50,000.
- To purchase bonds or debentures from a corporation worth at least INR 50,000, or to purchase mutual funds worth at least INR 50,000.
- Whenever RBI bonds cost INR 50,000 or more.
THE PAN REGISTRATION PROCESS
A person can apply for a PAN Card by properly completing the 49A form and submitting it to PAN facilitation centres. Furthermore, a person can register for a PAN card online through us https://thebetterbooks.in/direct-tax/ . The applicant may check the PAN Card status on the UTI website after applying for one.
HOW TO FILL THE PAN APPLICATION FORM?
- On the form 49A, the applicant must include their last name, middle name, and first name in that sequence.
- The applicant’s Adhaar number must also be entered if they have an Adhaar card.
- The individual’s source of income must be disclosed. If there is no revenue, it must be disclosed in the designated separate column.
- As per Section 16 of the Income Tax Act, the application representative’s information must be completed. Along with the PAN Card application form, the applicant representative must also submit identification documents.
- The applicant or applicant representative must sign and verify the PAN card application.
- After the application has been submitted, a special number will be generated. The same may be used by the programme to monitor PAN card status.
