National Securities Depository Limited (NSDL): Composition And List Of Services

Pan Card

NSDL (National Securities Depository Limited) is one of two agencies authorised by the Income Tax Department to manage PAN-related services. TIN NSDL is responsible for the issuance of fresh PAN cards and approving corrections/changes.

Did you know this company also offers NPS, APY and Aadhaar-based services?

Let us look into the details of NSDL e-Governance Infrastructure Limited.

A Brief Overview of NSDL 

NSDL was established in 1995 to modernise the Indian financial market by providing necessary infrastructures for the Indian security market. NSDL provided the facility to hold bonds and shares in a dematerialised format in depository accounts, which allows for quick transfer of securities. 

Besides depositories, NSDL also set up and operates several e-governance projects. It has implemented around 18 projects across seven ministries and autonomous bodies. Some of them are as follows:

• Tax Information Network (TIN) for PAN-related services
• Central Recordkeeping Agency for social security services- NPS (National Pension System) and APY (Atal Pension Yojana)
• Registrar for Unique Identification Number (UID) (for Aadhaar-based authentication and e-sign services)

In 2013, NSDL demerged into two separate companies — National Securities Depository Limited and NSDL e-Governance Infrastructure Limited. While the former was responsible for only the depositories business, the latter was made for all other services, including TIN, PAN, UID and CRA. 

Recently, NSDL e-Governance has changed its name to Protean eGov Technologies Limited. It now manages TIN on behalf of the Income Tax Department (ITD) and has a 46.8% market share in PAN issuance. 

Also read: PAN Card Design And Recent Updates

Composition of TIN NSDL

The Income Tax Department of India set up the Tax Information Network (TIN) to modernise the taxation system using technology. TIN NSDL is a repository of nationwide tax information used for processing, accounting, monitoring, and collection of direct taxes. Protean eGov Technology Ltd manages the TIN-NSDL portal on behalf of the IT Department.

The following describes the working of this network.

• TIN consists of two main sub-systems — ERACS (Electronic Return Acceptance and Consolidation System) and OLTAS (Online Tax Accounting System). 
• ERACS mostly assists in the preparation of AIR (Annual Information Return), TDS (Tax Deducted at Source) and TCS (Tax Collected at Source) returns. 
• ERACS works by processing information supplied by taxpayers and fed to the TIN central system. It is an internet-based tool that uploads TDS and TCS returns electronically to the central system.
• On the other hand, OLTAS is utilised by ITD to collect information about tax deposits from different branches in the country. It then sends this information daily to the central system so that relevant authorities can review it.

List of Services Provided by TIN NSDL

E-tax payment

This facility of NSDL allows taxpayers to pay their outstanding taxes online. Those with a bank account and debit card/net banking facility can fill up and submit the challan through an external portal. 

E-TDS/E-TCS returns

Taxpayers need to deduct tax at source when making payments as per the Income Tax Act. TIN NSDL allows you to submit TDS/TCS returns in both physical and electronic formats.

PAN-related services

All tax paying entities in India have to quote their PAN for high-value transactions. On TIN-NSDL’s web portal, you can apply for a new PAN, check application status and make changes/corrections.

TAN related services

Under Section 203A of the IT Act, individuals/firms that deduct/collect tax at source need a TAN (Tax Deduction and Collection Account Number). These entities can apply for a new TAN and request correction on TIN NSDL.

AIN registration

Some account offices have to get an Account Office Identification Number (AIN). These entities can apply for AIN at NSDL. Moreover, they can download their Book Identification Number (BIN).

Annual Information Return

Entities involved in high-value transactions can file their AIR, track its status, register and change/renew their Digital Signature Certificate via TIN NSDL. 

Online PAN verification

Entities approved by the ITD (for example, banks, NBFCs, KRAs, etc.) can verify PAN details of taxpayers and make status enquiry.

Submit Form 24G

Payments and accounts offices, as well as district treasury offices, need to file form 24G as per IT notifications. 

Also read: List Of Financial Transactions That Require A PAN Card

PAN Card Application Process for TIN NSDL

Follow the given steps to apply for a new PAN via TIN NSDL:

Step 1

Visit the official website of TIN NSDL and click on the option to apply for a new PAN.

Step 2

After clicking on ‘Application Type’, select the correct form (Form 49A /Form 49AA) and taxpayer category.

Step 3

Fill out the rest of the form, enter the CAPTCHA code and click on ‘Submit’.

Step 4

After the generation of the token number, you will have to click on the link to continue the application procedure. 

Step 5

On the next page, enter these details — your name, Aadhaar number and father/mother’s name. Then, click on ‘Next’.

Step 6

Now, you have to fill in your income details, address and contact details.

Step 7

Find and enter these details from the given window — AO number, type, area code and range code. Next, select and upload scanned copies of required documents.

Step 8

Pay the required fees for PAN card dispatch via debit card, credit card, net banking or demand draft.

Step 9

Enter the OTP (One Time Password) sent to your mobile number registered with Aadhaar. 

Step 10

Download and take a printout of the acknowledgement slip and send it with relevant documents to NSDL’s office by post.

Offline Services through TIN Facilitation Centres

ITD has authorised TIN NSDL to set up TIN Facilitation Centres cum PAN Service Centres in almost every major city in the country. These centres provide PAN application forms Form (49A and Form 49AA). 

People can get their required form and submit it at the nearest PAN Service Centre, along with the necessary documents to apply for a new PAN card. Users can also update their PAN cards, surrender additional PAN cards, deposit e-TDS/TCS returns, submit Form 24G from account offices and apply for TAN at these facilities.

To find the nearest TIN Facilitation Centre for PAN application, follow the given steps:

Step 1

Visit the official website of TIN NSDL and click on ‘Facilitation Centre’.

Step 2

Click on ‘Search PAN Centre’ to find the nearest PAN Service Centre.

Step 3

To search by PIN Code, enter the PIN code of your residential address. Otherwise, you can enter the name of your city and state from the drop-down menu.

Also read: PAN Card Issuance And Application Process

Final Word

The Income Tax Department, with the help of NSDL e-Governance Infrastructure Limited, provides PAN card related services in India. It also provides other e-governance and IT services for the nation, including Aadhaar authentication, e-sign services and social security programs.

Frequently Asked Questions