To prevent tax evasion a universal identification number is used, known as PAN. The PAN remains unaffected by the change of address throughout India. To track all financial transactions having a tax component, PAN is a must.
Those with Aadhaar numbers now can get a Permanent Account Number in just 10 minutes as there has been a new online facility launched by the government’s IT department recently. PAN card details are necessary and are required to be given at many places as an official proof of one’s identity. Many transactions will not go forward where PAN is one of the musts.
A PAN is generated in just 10 minutes in a PDF format and the e-PAN is equivalent to a physical copy.
To get a PAN card:
- Go to the e-filing portal and click on the ‘Ínstant PAN through Aadhaar’.
- Select ‘Get New PAN’.
- Fill in the Aadhaar number. An OTP will be sent to the registered mobile number. After the validation of OTP, an e-PAN will be generated.
A PAN card is a must for the following requirements:
- A PAN card is mandatory for issuing credit and debit cards. It is also needed for a post office savings account.
- While filing an income tax return, it is important that you link your PAN and Aadhaar number. It is also needed for a cash purchase of bank draft, pay orders or bankers cheque of Rs 50,000 or above in a day.
- It is required for a life insurance premium of more than Rs 50,000.
- To buy a property valued at Rs 5 lakh or above .
- For buying securities or mutual fund units worth more than Rs 1 lakh.
- Compulsory on all sales or purchase of goods or services above Rs.2 lakh.
- It is required to be given while purchasing any motor vehicle other than a two wheeler.
- For the purpose of foreign tour or for purchasing foreigh currency exceeding Rs.50,000.
- In case of sale or purchase of immovable property for more than Rs.10 lakh.
- Transactions involving TDS or TCS deduction need PAN to be quoted.
Bhoi Smrutirekha Dharanidhar