Have you ever wondered how millions of people seamlessly pay taxes, invest money, and buy property in India? It’s all thanks to a humble plastic card no larger than your credit card called the PAN card.
The acronym PAN stands for Permanent Account Number. It’s a unique 10-digit alphanumeric code assigned to each individual and business entity by the Indian Income Tax Department.
Having a PAN card is critical for all financial transactions in India, including tax payments, opening bank accounts, buying mutual funds or stocks, and purchasing property. It’s a key proof of identification and address for Indian citizens, and mandatory for seamless navigation of financial systems in our country. This means it’s also a mandatory document for foreign nationals earning income in India.
Applying for a PAN card
You can apply for a new PAN card online via the NSDL website or offline through designated centres. In both cases, you will need to fill in the form, submit the required documents, and pay the nominal processing fee. After doing so, the PAN will be sent to the provided address. The documents required include proof of identity and proof of address documents, like an Aadhaar card, passport, driver’s licence, voter ID, etc.
Updating PAN card details
PAN card status and tracking application
You can check the status of your PAN card application on the NSDL website by navigating to the ‘Track your PAN/ TAN Application Status’ section. Enter your 15-digit acknowledgement number (or PAN card number, if you’ve applied for change/ correction), and submit. This will display your application status. It’s also possible to track the status of your PAN card application via SMS or e-mail.
Typically, it takes 15 to 20 days to process a PAN card application. However, a fast-track process is also available that ensures you will receive your PAN card within 48 hours of application submission.
Retrieving a lost or duplicate PAN card
You can download an e-PAN card from the NSDL portal if you’ve lost your PAN card. You can do this by using your acknowledgement number or Permanent Account Number.
You will need to pay the nominal fees for a duplicate PAN card when a physical PAN card is required.
Linking PAN with other documents
To be compliant with government regulations and experience hassle-free financial transactions, linking PAN with other essential documents is mandatory. Besides ensuring accuracy in financial transactions, it also safeguards you from identity theft and fraud. When you link your PAN with your Aadhaar and bank accounts, you enable easy verification and enhance your financial security.
To link PAN with Aadhaar:
To link your PAN with your bank account, visit your bank’s branch and ask for a KYC form or ‘PAN Card Updation Form’. Fill in the required details, attach a self-attested photocopy of your PAN card, and submit.
Remember, having an updated PAN card is critical for seamlessly accessing financial services and conducting transactions in India. An expired or invalid PAN card can lead to unnecessary hassles and roadblocks for filing taxes, making investments, buying property, and more. Keeping PAN details current by timely informing authorities about changes in name, address, or other factors ensures a smooth process for individuals and businesses. The PAN card may be small in size, but the powerful identification number on this card unlocks the doors to India's financial ecosystem.