A Complete Guide For A New PAN Card Registration in India
8 Dec 2022
New PAN Card Registration
All Indian taxpayers are given a PAN (Permanent Account Number) as their unique identification number. PAN is an electronic system that records each person’s or company’s tax-related data against a single PAN number. It serves as the main key for storing information and is used all around the nation. Therefore, the same PAN cannot be issued to more than one tax-paying entity. This blog has detailed information about new PAN Card registration, eligibility criteria, required documents, benefits, etc.
What is a PAN Card?
PAN full form (Permanent Account Number) is a 10-digit alphanumeric code used to identify an individual. To prevent tax avoidance, the Income Tax agency must give this number to each potential taxpayer.
It is made possible by PAN, an electronic system that keeps track of every citizen’s financial transactions who pays taxes. In this case, two people cannot share the same number. Every person receives this unique identification number via a laminated card called a PAN card.
Why Do You Need A PAN Card?
PAN, a unique identification number, provides the following benefits to each tax-paying entity in India:
- Serves as Identity Proof/ Address Proof
- A most important document for Filing Taxes
- Financial transactions
- Registration of Business
- Helps to open and operate Bank Accounts
- Phone/ Gas Connection etc
- Mutual Fund – With the help of PAN, you can complete e-KYC for mutual fund investments.
What are the Eligibility criteria to apply for a PAN Card registration?
Here is a list of organisations that meet the requirements for PAN card registration eligibility under Section 139A of the Income Tax Act, in case you are still looking for eligibility criteria for new PAN card registration.
- Any person whose annual gross income exceeds the limit for the non-taxable income
- A business owner whose annual revenue exceeds Rs. 5 lakh
- Every Hindu Undivided Family (HUF), where the family head’s Karta is the signatory.
- Any company, regardless of its type—sole proprietorship, LLP, AOP/BOI, etc.
- Any group, trust, or organisation that promotes charity.
- Nearly all NRIs and citizens of India must obtain this document. You can see from this that there are no restrictions on application. Even a minor can request a PAN Card, who could become a future taxpayer.
However, because there are so many distinct sorts of PAN card holders, the authorities have developed several segregations to distinguish between PAN card types.
How to Apply for New PAN Card Registration Online?
Here’s a Step by Step guide on how to apply for a new PAN Card registration online:
Step 1: Visit the UTIITSL or NSDL official portal.
Step 2: Select “Apply online.”
Step 3: Select Form 49A or Form 49AA from the drop-down box after clicking “Application Type.” Note that the former is for applicants from India, whereas the latter is for applicants from abroad.
Step 4: Next, from the types previously covered, pick the category that best describes your identity.
Step 5: Complete the last set of required fields, enter the security code, and press the “Submit” button.
Step 6: Select “Continue with the PAN Application Form” on the following screen.
Step 7: You will reach the application form you choose. Fill out the PAN card registration application form with accurate information in this field.
Step 8: Upload duplicates of all necessary paperwork and hit “Submit.”
Step 9: Pay the PAN card fees if necessary, download the receipt, and click “Continue.”
Step 10: After authenticating your Aadhaar number, an OTP will be sent to the registered mobile number you provided.
Step 11: To finish your application, enter the OTP.
After completing the steps mentioned above, you will receive an acknowledgement slip in PDF format. Make sure to understand if it asks for a password to open in DD/MM/YY format, then write your date of birth there.
Documents Required to Apply for a new PAN Card registration online
You’ll need to provide these documents when you apply for new PAN card registration online. What you should have ready is as follows:
- Copy of your passport, another form of identification, and a PIO card or OCI issued by the Indian government
- An NRE Bank statement, a registration certificate that the FRO produces, and other documents serve as examples of address proof.
For Associations of Persons:
- Document from the federal or state government that states your name and address or a registration number certificate or agreement copy provided by the charity commissioner or the registrar of cooperative societies
Trusts Established or Registered in India:
- Copy of the Charity Commissioner’s Registration Certificate number.
For People Belonging to a Hindu Undivided Family (HUF)
- Declaration made by the HUF’s Karta
- Identification, birthdate, and address verification (if you apply individually)
Applicants who are individuals
- Address proof, such as a passport, utility bill, water bill, marriage licence, etc.
- Identity documentation such as a voter ID card, Aadhaar card, etc
What information is available on a PAN card?
Here is a list of information available on the PAN Card the PAN Cardholder.
- Name of cardholder
- Father’s name
- Date of birth
- 10-digit alphanumeric PAN number
- Photograph and signature of the cardholder
- There won’t be any pictures or a father’s name on a PAN card for a business. The cardholder’s name is changed with the company name, and the date of birth is replaced with the day the company was registered.
Sadly, cardholders frequently discover errors in the data on their PAN card. The good news is that the authorities provide options for changing these particulars, including a PAN card address change and a PAN card name change.
How to link your bank account to your PAN card number?
Your bank account information gives the Income tax department complete access to your financial transactions and is where taxes are also withheld.
However, you can link your PAN card with your bank account by following these steps:
Step 1: Sign in to your internet banking account on your bank’s website using your user ID and password.
Step 2: PAN registration-like options, service requests, and services are available. Decide which is the best course of action.
Step 3: Next, decide how to link or update your PAN.
Step 4: At this point, enter your PAN number and any other details that may be required.
You can anticipate a successful linkage of your PAN and bank account upon completing the procedure mentioned above in 2 to 7 business days.
Under Section 139AA of the IT Act, introduced in the Union Budget of 2017, the government also requires that every taxpayer link a PAN card to an Aadhaar card and a PAN to a bank account.
All Indian taxpayers must have PAN card registration, so be cautious about keeping your PAN card safe. Follow the advice in this article to simplify the new PAN card registration process if you are applying for the first time. Additionally, you can seek assistance from professionals like Lawgical India for the PAN Card registration online application process. We will provide you with your new PAN card registration within a few working days.