Flat in Thane: The likelihood is that if you are an Indian citizen, you are familiar with the term “PAN card.” Do not worry if you are unsure of what it is. We will explain everything you need to know about PAN cards in this article. Learn everything there is to know about PAN cards, including its use, significance, and how to apply for one.

For Indian nationals, the PAN card is an essential form of identity. Every taxpayer in the nation has a unique identification number that is a 10-digit alphanumeric code. It is useful for more than just filing taxes; it also serves as a reliable identity verification and is recognised by a variety of institutions. After going over the fundamentals, let’s delve further and examine the specifics of what a PAN card is.

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A PAN card is what?

Every taxpayer in India is given a PAN card, which is a personal 10-digit alphanumeric code. Permanent Account Number is referred to by the acronym PAN. It is distribute by the Central Board for Direct Taxes’ (CBDT’s) oversight and the Indian Income Tax Department.

What are PAN cards use for?

A PAN card’s main function is to keep track of all the financial transactions made by people or organisations that produce taxable revenue. It aids the income tax division in keeping track of all financial transactions, such as taxes paid, returns submitted, and refunds requested. The PAN card is use for tax purposes as well as identity verification in many organisations. It is widely recognise as an acceptable form of identification by banks, financial institutions, and other groups.

Why is a PAN card necessary?

A PAN card must be obtain by any person or organisation that conducts financial transactions or earns taxable revenue. Individuals, Hindu undivided families (HUFs), trusts, businesses, and Limited Liability Partnerships (LLPs) are all included in this. The cost is Rs 989 inclusive of taxes if you are a foreign national seeking for a PAN card.

How do I obtain a PAN card?

Now that you are aware of what a PAN card is and how crucial it is, let’s discuss how to apply for one. Visiting the Income Tax Department of India’s official website is the simplest approach to apply for a PAN card.

Here is a step-by-step tutorial on how to submit an online PAN card application:

1: Go to the Income Tax Department of India’s official website.

2: Select the ‘Apply for PAN’ tab.

3: Complete and submit the application form.

4 is to pay the application cost.

5: Upload the required paperwork, including identification, address, and date-of-birth proofs.

6: Your PAN card will be mail to you once your application has been process.

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What kinds of paperwork are needed to apply for a PAN Card?

You must provide the following paperwork in order to apply for a PAN card:

• Identity documentation, such as an Aadhaar card, a driver’s licence, or a passport
• Address verification documents include utility bills, voter ID cards, and Aadhaar cards.
• Evidence of birth date (birth certificate, Aadhaar card, etc.)

What is the PAN card application fee?                       

The method of application and applicant category determine the PAN card application fee. For instance, you would be require to pay a cost of Rs 107 inclusive of taxes if you are an Indian citizen applying for a PAN card through the National Securities Depository Ltd (NSDL) portal.

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