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What is PAN or Permanent Account Number or PAN Card?
PAN or Permanent Account Number is a unique 10 digit number assign to an individual or a company by of Income Tax Department of India. PAN number doesn't change when you move from one place to another.
PAN number comes on a PAN Card which looks like a credit card along with the photo. This is how a PAN Card looks:
Few important facts about PAN Card:
PAN Card is mandatory to open Demat account.
If you already have a demat account and you do not have a PAN Card, you cannot operate your demat account.
If the demat account is a joint account, all participant of this account should have a valid PAN Card.
PAN Card is also mandatory for buying or selling of mutual funds.
One person can not have more then one PAN number, This is a law.
Yes, Market regulator SEBI has made PAN card mandatory for retail investors while filling public offer forms. It is mandatory that every application by retail investors have to submit PAN card copy, number or Form 60 or Form 61.
I have a PAN Card. Is it compulsory for me to file taxes?
No, as long as your income is below basic exemption limit. But if you are filling income tax returns its mandatory to provide your PAN card information.
Investor can apply for a PAN Card online through the Tax Information Network (TIN) website of Income Tax Department. You can also print and fill up Form 49A: Application for Allotment of Permanent Account Number (PAN application form).
To apply PAN simply visit website http://www.tin-nsdl.com or your local income tax office. This website also provides lots of information including where to submit application form for PAN Number, downloadable forms, online status tracking etc.
How much does it cost to get a new PAN Card, change in PAN Card Information or receive another copy of PAN Card?
As of Aug 2007 the fees for processing new PAN Card or change in information cost Indian Rs 60 (plus applicable taxes). If address for communication is a foreign address, the fee payable is Rs 717 (including service tax).
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