When is a PAN card Useful?

A PAN (Permanent Account Number) has not always been as important as it is today. Today, it is essential to have a PAN card when doing anything financial in India. When PAN was first introduced, the main purpose was for the IT department to keep track of who has paid their taxes and who hasn’t. Now, you need a PAN when investing, opening a bank account, getting a loan, filing taxes, opening a demat account, buying or selling property, etc. Some other less known uses for a PAN are:

A Bank Fixed Deposit: You now need a PAN card number in order to open a Fixed Deposit with your bank, unless it is less than Rs.50,000. If you do not have a PAN number, you will be charged a greater amount of interest. Then, you will not be issued a TDS certificate and the forms and other certificates will be invalid.

Hotel Payments and Restaurant Payments: If your bills are exceeding Rs. 25,000, many hotels and restaurants will ask you for a copy of your PAN card.

Travel Payments: If your bills are exceeding Rs. 25,000 when traveling international, many hotels and restaurants will ask you for a copy of your PAN card.

Rental Agreements: If you are thinking of renting a place, then you will need to submit a copy of your PAN to your landlord. They prefer this form of ID proof over any other.

Jewelry Payments: For any large purchase of jewelry, you will be asked to submit a copy of your PAN card by the jeweler.

Used Car Payments: It is necessary to submit a copy of your PAN card to a car dealership in India, before making your first payment.

Landline Phone Installation: You are required to submit a copy when getting a landline phone installed in your home.

Visa Centers: The visa centers need your PAN card number before giving you a visa.

PAN card has become a requirement for everything financial. It is not only used for tax purposes anymore, it is also the most legit form of ID proof.

PAN Card is just as important as an NRI

If you are living abroad, A PAN card is an important document for you to have as well. If you file taxes in India, have any income in India, or any other financial connections to the country, you are required to have a PAN number.

 
PAN Card Warnings:

-Identity Theft: Identity theft can become your problem after your get a pan card. You need to keep the card safe and with you at all times and be sure when you are mentioning your PAN number on applications. People can easily get a copy or obtain your PAN card number and misuse it. They can quote your PAN card number in transactions that you had nothing to do with.

What do you do if you are a victim of Identity Theft?

When a credit card is stolen and misused, you will probably know about it within a few days. When a PAN card is stolen and misused, it could take up to 8 months before you find out about it. When you go through form 26AS, your tax deduction statement, be careful to look over all the transactions carefully. This is where you will find if your PAN number has been misused. If you do not pay taxes, you will not have this form. When you submit a claim of identity theft to the IT department, they will ask you to prove that the transaction is not yours. This is a very tedious and time-consuming process. Before your give your PAN card details to anyone, be sure of whom you are giving it to.

What is a Phonetic PAN? (PPAN):

The phonetic PAN (PPAN) is a new concept introduced to insure that the same PAN card number is not given to more than one person. When PAN is allotted, the PPAN of the applicant is compared with the PPANs of all the people who have a PAN number in the same country. If there are identical PPANs, the PAN Officer will be notified. Then, the PAN card officer will have to produce a duplicate PPAN report for that applicant. The applicant will then receive a duplicate PAN card with a different PPAN.

If you are in need of a PAN card, visit: http://www.pancardonline.com/apply.html

How to Get India’s PAN Card?

Permanent Account Number (PAN) is issued by the Income Tax Authority of India. It generally used to quote on tax returns and other financial transactions in India. It is comparable to the Social Security Card in the USA.

Many NRIs living abroad have started investing in India because of the interest rates India has. Every time someone decides to invest in India, he/she must obtain a PAN card first. This can become a lengthy process in itself without going through an online broker. The online process has been made so simple that the majority of NRIs choose to take that route and pay more in service fees.

When you go through the PAN department directly, you almost have to be present in India in order to visit there office on a daily basis and make sure that everything is getting done. If not, sometimes there will be issues with your application and you will never know about it until 6 months later when you still haven’t received your PAN card. 

The online process is simply. You apply online and pay with your credit card, download forms and instructions, fill up the forms and provide the documents, then send everything to the broker’s office in India. Everything else is taken care of by them. Sending sensitive document all the way to India can be a problem so it is better if you send it to the broker, that way you can talk to them and make sure they have received everything all right. 

There a many brokers on the internet today that can provide you with fast service and get the job done in a timely matter. http://www.pancardnumber.com/apply.html is a broker that has been doing this for a long time. They have very good ratings. You will always have to send your documents by post with any legit broker because the government only accepts original signatures on applications. It is recommended that you send something that is traceable so that you know where your documents are at all times. The government sends your PAN card via India Speed Post. There are some brokers that will receive it at their office and send it via courier.

As time goes by, the government introduces more and more rules and regulations for all of these processes. It is easy now, but you never know how difficult it will become next month or the month after. It is always better to obtain your PAN card as soon as possible with all that in mind.

How to check PAN card status online?

First lets understand what is a PAN card and why is it needed. The PAN card is a necessary and essential requirement for anyone wishing to conduct financial transactions in India.  The PAN card was made mandatory by the Income Tax department of India since 2005. Thus anyone living in the country or any Non-resident Indian living abroad needs to have a valid PAN card that will allow him/her to carry out monitory deals in the country. The PAN is must to do any kind of financial dealings involving banks, the Income Tax department, or any stock exchange deals.
   
The PAN or Permanent Account Number is a ten digit alphanumeric number that is issued in the form of a laminated card by the Income Tax department. This measure was taken in order to allow the authorities to monitor the financial dealings taking place in the country and for the enforcement of Income Tax laws that prevent unfair or illegal procedures. In the current scenario, the PAN is a compulsory item that every adult must own as it allows one to file for income tax returns and any other activity pertaining to financial exchanges. >> READ FULL STORY

Why and How you must have a PAN Card Number online?

Pan card or the permanent account number card is something of prime importance. Its value is being realized slowly and steadily and it is extremely required nowadays for any kind of financial transactions. The tax department of the country is responsible for allotting this pan card to any particular individual. This is allotted for the purpose of identification of that individual and at the same time it becomes easy for the tax department to keep track of the transactions this person makes with the help of this pan card.

For any relevant year of assessment if you find that your basic income is exceeding the limit of exemption then you must apply for a pan card within 31^st may of that very year. If the turn over or the gross receipts of any person exceeds the value of Rs. 500,000 and the charitable trusts which have been specified must apply for pan card before the accounting year comes to an end. The employers who file fringe benefits have the advantage. For them there is no strict time limit set and hence they can apply for pan card according to their own convenience >> READ FULL STORY

How can a Foreign Company apply for a PAN Card Number in India?

As per the Indian government rules all foreign companies and organizations, are required to obtain a permanent account number (PAN Number) from the Income Tax Authorities of India. According to what has been specified in section 206AA which was inserted by the Finance (No.2) Act, 2009, it has been clearly stated that all foreign parties whether an individual companies or partnerships or any kind of entity who receive payment from the Indian companies after the period of 1^st April 2010 is expected to get their pan to the Indian party which is remitting that payment.

Need to apply for Company PAN, visit: www.PanCardNri.com/company.html

If the Company PAN Number is by any chance not provided to the Indian party with whom transactions are made then the Indian party is expected to deduct the tax on the foreign payment at the highest value of the rates >> READ FULL STORY

What are the Advantages of a PAN Number for NRIs & PIOs?

The benefits of having a PAN number in India are listed below. First and foremost, it acts as an identity proof, a testimony to one’s relation to India. In this context it is COMPULSORY for all non resident Indians to possess a Pan card as it helps them carry out any transactions in their country efficiently and with the minimum amount of trouble. Thus if one wishes to invest in India, or file taxes the PAN card is of utmost importance.
   
Why NRIs need a PAN Card?

The PAN card needs to be disclosed in the event of the purchase or sale of any property. The document pertaining to the sale or purchase of property must contain the PAN. This rule holds where immovable property valued at Rs. 500,000 or more is involved. In case of co-owners, the PAN of both the owners needs to be mentioned. However, if a nominee holds the property, it is important to mention the PAN of the legal owner. (Read More...)

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