More On It Pan Card In India

Pan card in India are issued by the income tax department under the Ministry of Finance

. It is a regulatory mechanism and has become popular in India. The permanent account number is a ten digit alphanumeric system the alphabets denote s status. This card is unique to every holder and one person can have only one pan card.

The pan card is applicable to all persons who fulfill certain criteria set by the IT Department in India. This is in line with many countries that have similar systems for managing major financial transactions. The card is necessary for NRI as well if they wish to conduct financial transactions in the country.

The individuals pan card contains personal details like date of birth, signature, name and father"s name. In case of company the company name and details are mentioned. Pan card is necessary whence opening a new bank account, sale purchase of securities, demat, mutual funds and in financial transaction. This instrument also works as a photo identity proof. This has to be mentioned on income tax return always.

Fraudulent acquisition of two pan cards is a crime and one should immediately submit back one. There is a proper procedure to acquire a pan card by submitting details as required. The instrument can also be applied online. NSDL accepts application for this number on behalf of the income tax department of India. A number of tin facilities centers and pan centers have been established for this purpose.

There have some incidents of persons holding multiple permanent account numbers in order to evade tax. Recently a newspaper report that some business men in Ahmadabad have been caught holding multiple account numbers. The frauds are rare but the department is constantly checking that no one misuses the system at all.

Since 8th April permanent account application forms has changed and applications have to submit application through a revised 49 A Form and NRI will have to use form 49AA. Remember no other form is acceptable hence those taking help of agents need to be careful. The prescribed form has to be filled using black ink and in English. In case of individuals a recently taken color photograph is required. It should be pasted on the form and signed underneath not across.

A telephone number or personal email should be mention in form 49A. This has been made mandatory. Many photo identity proofs are acceptable for example, voter"s card, driving license, Indian passport, bank statement and ration card.

The Indian pan card application status can be checked online. This is done through using the search tool on IT website. Once the pan application is processed and cleared the laminated cad with number is sent to the applicants address mentioned.

by: upty

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