PAN means Permanent Account Number. It is ten-digit alphanumeric number, issued by the Income Tax Department. PAN is mandatory for all Indians and foreign nationals residing in India who are required to pay income tax, required to file IT return or perform certain financial transactions.
Procedure to obtain PAN Card
There is no minimum age or income requirement for obtaining PAN. Any person can apply and obtain a PAN.
No, it is not mandatory to pay Income Tax or file Income Tax Returns just because a person holds PAN. Liability to pay Income Tax and file Income Tax returns arises according to the criteria mentioned in Income Tax Act,1961.
Obtaining or possessing more than one PAN is against the law, for which penalty of Rs.10,000/- may be imposed.
Income Tax Department has set up PAN facilitation centers in all cities/towns where there is an Income Tax Office. Applicants can walk in to these facilitation centers and submit their application in order to receive PAN.
Yes. Application for PAN card can be made electronically.
The fee for processing PAN application is Rs. 107 which can be paid at PAN facilitation centers in case of manual submission and e-payment can be made in case of electronically applying for PAN card.
PAN card is usually issued within 10-20 days from the date of application.
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