Bengaluru: The PAN card is an important document required by every Indian citizen. This card issued by the Income Tax Department is used for tax payments, opening bank accounts, and many other financial transactions.
Recently, the government has introduced some new rules and updates related to PAN cards, which is very important for all PAN card holders. If you are a PAN card holder, this information is important for you. Please read this complete update carefully and keep yourself informed about all the key aspects related to your PAN card.
What is a PAN card and why is it needed?
PAN card is a 10-digit unique number issued by the Income Tax Department. This number is printed on the PAN card. PAN cards are primarily used for this purpose:
Filing income tax returns.
Opening a bank account.
Getting a credit card.
Buying or selling property.
Transaction exceeding ₹50,000.
Foreign travel. Therefore, it is very important for every individual to have a PAN card. Now let's check the new updates related to PAN cards.
Linking PAN card and Aadhaar card is mandatory
It is a very important update that all PAN card holders are now required to link their PAN card with their Aadhaar card. The deadline for this is March 31, 2024. If you have not yet linked your PAN with Aadhaar, please do so as soon as possible.
Effects of not linking PAN and Aadhaar:
Your PAN card will become invalid.
You will not be able to file income tax returns.
You cannot open bank accounts, mutual funds, etc.
TDS rates will double.
How to link PAN with Aadhaar:
Visit the income tax website www.incometax.gov.in.
'Click on the 'Link Aadhaar' option.
Enter your PAN and Aadhaar numbers.
Check OTP.
Submit.
New rules and changes for PAN card:
E-PAN Card: The e-PAN card is now valid instead of the physical PAN card. You can keep it on your mobile.
Increased fee for PAN card: The fee for applying for or renewing a PAN card has been increased. It is now ₹91 (including GST).
New rules for foreign nationals: It is now mandatory for foreign nationals residing in India to have a PAN card.
Online application: You can now apply for a PAN card completely online without the need to submit physical documents.
PAN Card Updates: If there is any incorrect information on your PAN card, you can update it online.
Documents required for PAN card:
Proof of identity (Aadhaar card/Voter ID/Passport, etc.).
Address proof (Aadhaar/Electricity bill/Bank statement, etc.).
Proof of date of birth (Aadhaar/birth certificate, etc.).
Photo.
Correct. Other important information regarding PAN cards:
Validity: The PAN card will remain valid for the lifetime and does not need to be renewed.
Fake PAN Card: If you have lost your PAN card, you can apply for a fake card.
Check PAN card status: You can check your PAN card status online.
Multiple PAN cards: It is illegal for a person to have multiple PAN cards and penalties may apply.
PAN Card Correction: If there is an error in your PAN card, you can correct it online.
Benefits of PAN Card:
This makes it easier to file tax returns.
This simplifies the process of obtaining bank accounts, loans, etc.
This is necessary for large transactions.
This serves as a valid proof of identity.
This helps to prevent tax evasion.
