
PAN or Permanent Account Number is a unique 10-digit alphanumeric identifier issued by the Income Tax (IT) Department of India. It serves as an identity proof and is essential for all tax-related purposes.

National Securities Depository Limited (NSDL) is the agency assigned by the Income Tax Department for PAN card application processes. Besides, the IT department has also appointed UTI Infrastructure and Services Limited (UTIISL) to handle Permanent Account Number (PAN) applications.
Follow the steps below to know more on how to apply for PAN via both online and offline modes.
Alternatively, for categories other than individuals, different documents need to be submitted for different categories.
Also Read: What Are The Different Types Of PAN Cards Available In India?
Apart from this, every taxpayer in this country must apply for a PAN to make any financial transactions seamlessly.
Also Read: Here’s How You Can Re-apply For A Lost PAN Card
By obtaining a PAN card, an individual can file Income Tax Returns (ITRs) and keep track of other financial transactions. If you’re unaware of the details concerning the application process of PAN, going through the aforementioned piece can be beneficial.
In case an individual loses his/her PAN card, one can apply for a reissue of PAN by visiting the NSDL website. Here are the steps to follow:
Yes, foreign citizens can apply for a PAN card from the NSDL website. However, they might consider going through the application process and the list of documents necessary for the issuance of PAN. Some of the basic documents a foreign citizen must furnish during PAN application are passport copy, Person of Indian Origin (PIO) card, Overseas Citizen of India (OCI) card etc.
No, no individual can possess multiple PAN cards. As per Section 272B of the Income Tax Act, 1961, a person possessing more than one Permanent Account Number will need to pay a penalty of Rs. 10,000.
Follow these steps given below to make corrections to your PAN card:
To successfully apply for a PAN card, an Indian citizen needs to pay a fee of Rs. 93. The application fees can be paid through debit card, credit card, Net Banking, or Demand Draft. However, before making any payment, one must consider going through PAN guidelines thoroughly and leave no room for mistakes.
Mutual Fund investments are subject to market risks, read all scheme-related documents carefully.
This article has been prepared on the basis of internal data, publicly available information and other sources believed to be reliable. The information contained in this article is for general purposes only and not a complete disclosure of every material fact. It should not be construed as investment advice to any party. The article does not warrant the completeness or accuracy of the information, and disclaims all liabilities, losses and damages arising out of the use of this information. Readers shall be fully liable/responsible for any decision taken on the basis of this article.
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