Uses of Permanent Account Number
Introduction-
Aadhaar is mandatory for filing of ITR and allotment of PAN. Foreign nationals, non-resident individuals as per the Indian tax laws, super senior citizens, individuals residing in the states of Jammu & Kashmir, Assam and Meghalaya are not required to quote Aadhaar in the PAN application form and the tax return.
PAN application form has applied manually it should be filed with Black Ball Pen only. It should contain the following documents with self-attestation and submitted with prescribed fees at NSDL center.
- Proof of Date of birth
- Proof of Address
- Photograph etc.
Uses of PAN-
PAN is mandatory required for the following purposes, are as under-
- For filing Income Tax Returns (ITR)
- For depositing Advance Tax
- For deduction of TDS by bank or others
- For opening any bank account (i.e. Saving/Current/RD/Demat etc.)
- For any deposits with banks or financial institutions exceeding to Rs. 50,000
- For purchase of any Movable or Immovable Assets
- For Investment in Shares and other Securities (i.e. Mutual Funds, NSC, Bonds etc)
- For purchase of any vehicle etc.
- For Loan requirement, applied to any banks or financial Institutions.
- For requirement of credit card, applied to any bank etc.
- For Telephone connection.
- For obtaining importer/exporter code
- For application of GST number
- For downloading of “Form 16” or “Form 16A” or “26AS” etc.
Some amendments to PAN application forms have been announced recently and are now effective from 5 December, 2018. These are elaborated below-
- Currently furnishing of father’s name is mandatory in the PAN application form and this is printed on the PAN card. The amendment provides choice to the applicant on whether the name of father or mother needs to be displayed on the PAN card. Further, where the applicant’s mother is a single parent, quoting of father’s name in PAN application forms will not be mandatory.
- The amendment also mandates that a resident person other than an individual, (e.g., Hindu Undivided family, firm, charitable trusts, association of persons, body of individuals, a local authority, company), who enters into a financial transaction of an amount aggregating to Rs 250,000 or more in a financial year, shall apply for a PAN on or before 31 May of the immediately following financial year.
Changes or Correction in PAN Data-