As per the Income Tax Act, 1961, individuals must have a PAN card to carry out a transaction of more than Rs. 2 lakh. Furthermore, taking into consideration that it serves as an essential identity document nowadays, the Government has implemented a streamlined method to help everyone obtain a PAN card within a few hours.
So, in case you’re thinking about making a high-value investment or looking to open a bank account, opting for an instant PAN card can be a wise decision.
Earlier, obtaining the permanent account number used to be quite time-consuming. Thanks to the easy access to internet facilities, the process has become much easier. All you have to do is follow the below-mentioned steps to apply and receive a PAN card within 48 hours.
Taking into consideration that a PAN card has multiple uses, one must have a clear understanding of this document.
An instant PAN card consists of 10 alphanumeric characters, where;
Since a PAN card serves as a photo identity document, it comprises all the details of the entity it gets issued to. Here is a list of all the information you can find in your PAN:
For this PAN card application procedure, individuals or organisations have to submit various documents. After submitting the application, one can use the NSDL website to track the verification status online.
Here are the steps you need to follow to check your PAN card verification status:
Keep in mind that you can only check the verification status of your PAN card within 5 days of receiving the acknowledgement. Also, applicants who are not that tech-savvy can apply for this document using the offline method.
All they have to do is download Form 49A or Form 49AA from the NSDL website first. After that, they need to fill in the required details and visit the nearest PAN centre to submit the form along with the necessary documents. Generally, applicants need to provide proof of identity, address proof, and two recent colour photographs for this.
Remember, it is imperative that you keep all the documents handy to obtain an instant PAN card without any hassle.
Ans: No, the standard procedure involves the verification of all your documents before issuing your PAN card. Note that you cannot collect your new PAN card at the nearest Income Tax office. It will be mailed to your registered address.
Ans: As per the Income Tax Act of India, having two PAN cards is illegal. Therefore, apply for a single PAN card under your name. In case you make changes to your card and get a new PAN, make sure to surrender the old one.
Ans: Generally, it takes 15-20 days to get a PAN card issued under an individual/ organisation/ firm’s, etc., name. However, these days the easy accessibility of internet facilities has enabled applicants to get a PAN within 48 hours.
Ans: Yes, whether you are getting a physical PAN card or an e-PAN, you have to pay a nominal fee. To get a PAN card, you have to pay Rs.93 plus 18% GST. On the other hand, to obtain an e-PAN, you have to pay Rs.66 (inclusive of taxes).
Ans: As per Central Government’s announcement, it is mandatory for every Indian citizen to link their PAN card with the Aadhaar card. The deadline for this is 31st March 2022. Note that the Income Tax Department will deactivate those PAN cards which are not linked with Aadhaar within that date.
This article is solely for educational purposes. Navi doesn't take any responsibility for the information or claims made in the blog.
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