Form 49A: Applying for PAN card for the first time? Here are a few things to know

By: | Published: January 19, 2017 4:07 PM

PAN, which is commonly used as a proof of identity, is a 10-digit alphanumeric number issued by the Income Tax Department. It is issued to a person whosoever applies for it. Through PAN, your all transactions are linked to the I-T Department.

form 49A, PAN Card, PAN, income tax act, application formIt is issued to ease out the process of retrieving information of an individual, which may be related to any kind of investments, raising of loans and other activities of taxpayers collected through sources.

PAN, which is commonly used as a proof of identity, is a 10-digit alphanumeric number issued by the Income Tax Department. It is issued to a person whosoever applies for it. Through PAN, your all transactions are linked to the I-T Department. These transactions include payment of tax, the return of income, TDS, wealth, specified transactions, correspondence, etc.

PAN is issued in order to link all the documents which include tax payments, tax demand, assessment, arrears, etc. It is issued to ease out the process of retrieving information of an individual, which may be related to any kind of investments, raising of loans and other activities of taxpayers collected through sources. This is mainly to detect and remove tax evasion and to increase taxpayers’ base.

How to apply for a PAN?

If you are applying for a PAN for the first time, you need to fill the application form (Form 49A). This form is designed for the Indian citizen. You can fill the form online through NSDL website or through NSDL facilitation centres or PAN centres which are being managed by NSDL. There is no tatkal facility available for getting your PAN on instant basis.

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(Source: tin-nsdl.com)

After applying for the same you need to submit the signed application form with the supporting documents to any of the centres mentioned above. However, if applied through the online process, you need to send the acknowledgement receipts with supporting documents on the address mentioned below.

INCOME TAX PAN SERVICES UNIT

(Managed by NSDL e-Governance Infrastructure Limited), 5th Floor, Mantri Sterling, Plot No. 341, Survey No. 997/8, Model Colony, Near Deep Bungalow Chowk, Pune – 411 016

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What documents are required to be submitted along with form 49A?

*Individual applicants need to have one recent, coloured passport size photograph on form 49A;
*Detailed documents which are listed in Rule 114 must be submitted in copy as a proof of ‘Identity’ and ‘Address’; and
*Mention the designation and code of the concerned Assessing Officer of I-T department in the form 49A.

What is the address proof required in case of Individual applicants?

You can submit a copy of telephone bill or an electricity bill, credit card or bank account statement, passport, voter ID card, driving license, etc. If you do not have the following then, in that case, you can submit the rent receipt or certificate of address signed either by a MLA/MP or Municipal Councilor / a Gazetted Officer;

In case the PAN applicant is a minor, parent’s or guardians can submit their documents as listed above, shall serve as proof of Address;

What are the charges applicable on issuing a new PAN Card?

If someone is applying for a PAN card in India, then he/she need to pay the processing fee of Rs.107 (including tax) while somebody whose communication address is outside India needs to pay a processing fee of Rs.994 (including tax and dispatch charges)

Obtaining or getting more than one PAN is strictly against the law, and for that, you need to pay a penalty of Rs.10,000/-. Before that, you can surrender your additional PAN card by logging into income tax department’s website. You can even submit the application form of request for a change in PAN mentioning the PAN which you want to surrender or keep.

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How does IT department acknowledge the PAN related document?

It is the responsibility of a person whosoever is receiving document relating to economic or financial transactions should get notified by the CBDT to ensure that PAN has been duly mentioned in the document. It is compulsory to quote PAN on the return of income. If not doing so, a penalty of Rs.10,000/- is levied in the case of any default.

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