A PAN Card is a document that is used as a base document for identity proof by many individuals and entities. This would hold the individuals or assesses past the verification authentication or genuineness. But it is also important that the authenticity and genuineness of the PAN or Permanent Account Number details furnished by the applicant are done and verified. This often arises with banks, financial institutions, and other similar entities which have to check many PAN details pertaining to the customers or clients. This takes a lot of time to sit and check each PAN detail personally of the customer.
Hence, this is done to significantly reduce the time it takes to verify and authenticate customers’ PAN details. There is an option to conduct bulk PAN verification, which is known as the bulk PAN verification process. It is done with the help of comparing the PAN details furnished by the client, which are maintained by the CBDT or the Central Board of Direct Taxes in their database. The banks or financial institutions, as the case may be, would check the PAN details furnished by the clients with them along with PAN details as stored by the Income Tax Department in their database. This article discusses and gives details pertaining to the PAN verification or online bulk PAN verification process.
Who Conducts Bulk PAN Verification Online?
The facility to conduct online bulk PAN verification is available with the NSDL or National Securities Depository and UTIITSL or UTI Infrastructure Technology and Services Limited. In order to avail of these, the entity should register with the website and then apply for the service.
Who can register for bulk PAN verification online?
The entities which are listed below hold the authority to register and take the bulk PAN verification process through the NSDL or UTIITSL websites:
- Banks
- Financial Institutions
iii. Commodity and Stock Exchanges
- Credit Information Providing Companies
- Payment banks which are approved by RBI or Reserve Bank of India
- Insurance Web Aggregators
vii. Clearing Corporations
viii. Companies that are filing TDS or TCS Return
- GST Network or Goods and Service Tax Network
- Authorities issuing DSC or Digital Signature Certificate
- Investment Advisors which are approved by SEBI
xii. KYC Registration Agency
xiii. Central KYC Registry
xiv. Credit Card
- Insurance and Housing Finance Companies
xvi. Central and State Government Agencies
xvii. Insurance Repository
xviii. Mutual Fund Depository Participants
xix. Entities having a Statement of Financial Transaction
- Regulatory Body Established Educational Institutions
Requirements for Registering for Bulk PAN Verification Service Online
The entity needs to meet the following for registering for bulk PAN verification services:
- Submission of the registration form with either NSDL or UTIITSL agency
- public key installation enabling Class II or Class III DSC or Digital Signature Certificate
- The application form should be submitted with a demand draft for the registration fee
- The form should be signed by an authorized signatory of the organization along with a company seal on such form
- An agreement of terms and conditions is authorized by writing the same on a company’s official letterhead with a proper company seal.
It is important to note that only those companies which have been stipulated or listed before can apply for the online bulk PAN verification process. The companies other than those enlisted above, if applying for the online bulk PAN verification process, shall get a notice of rejection of such application.
Relevant Documents for Conducting the Bulk PAN Verification
The following documents shall be produced for conducting the online bulk PAN verification:
– A copy of the license which is issued by RBI
– Registration certificate issued by SEBI or the Securities and Exchange Board of India
– A confirmation letter with regard to the submission of a Statement of Financial Transaction done by the company, which is issued by the IT department, which is the Income Tax department
– The provisional receipt, which is the latest one issued with respect to the Annual Information Report of the company
– Provisional receipt issued by the concerned department with respect to the filing of TDS or Tax Deducted at Source Return
– Provisional receipt issued by the concerned department with respect to the filing of TCS or Tax Collected at Source Return
– The copy of the license which has been issued to the company by the IRDA, that is, the Insurance Regulatory and Development Authority of India
– Certificate issued by the National Housing Board
– In the case of an educational institution, they are bound to submit a copy of a certificate that has been issued to them by the concerned regulatory body
Other documents which should be kept ready or submitted by the entity in case of online bulk PAN verification would be:
– A copy of a PAN card
– The certificate of Incorporation or registration, as the case may be
– And a Letter of Authorization.
Registering for Bulk PAN Verification Online
If a company wants to register for the online bulk PAN verification service, it should follow the procedure given below.
– The institution which is coming under the list provided above or is the eligible institution should forward the required documents to the office of NSDL or the UTIITSL, as the case may be.
– They should also fill the application form thereby providing the details of the organization and the proper reason due to which they are requesting for such a Bulk verification of PAN service.
– Then they must make the payment of the prescribed registration fee and also upload the payment receipt for the same.
– After this, the institution or the entity should then upload their DSC or the digital signature certificate as a part of the completion of the registration process.
Methods of Online Bulk PAN Verification
Currently, there are three types of methods of bulk PAN verification available, and these are discussed below:
Screen-Based:
This is a method that allows the user to check the authenticity or validity of a maximum of 5 PAN. At the same time, it also displays the result of such authentication or verification on a response screen shortly after the verification or validation.
File and Screen-Based:
Under this model, the user can check the validity of up to a thousand PANs. Before using the option, the user has to upload the list of PANs, which is up for verification on the website in the prescribed file format. The results shall be made available within 24 hours, and the user will also get an option to download the result within the next 15 days.
API based:
It is a software-based method. It also allows users to connect with online verification by giving them access to the online bulk PAN verification website or portal.
Thus, we can now conclude that online bulk PAN verification is a service that can be availed only through NSDL and UTIITSL. This can also be availed only by those entities that are pre-stipulated or enlisted by the government or such authority, and in case an application is submitted by any falling out of this, it shall get rejected.
