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all Indian citizens who are liable to pay tax under the Income
Tax Act, 1961, or are required to enter into financial
transactions in India, it is mandatory to have a Permanent
Account Number.
The
Permanent Account Number (PAN) is a combination of 10
alphanumeric numbers issued by the Income Tax Department. The
Department has entrusted UTI Investor Services Ltd. (UTIISL)
with the task of managing IT PAN Service Centres wherever the
IT department has an office in the country. The National
Securities Depository Limited (NSDL) has also been engaged to
allot PAN cards from TIN Facilitation centres.
Applying for a
PAN
Form
49A, which is the application form for a PAN, can be
downloaded from the Income Tax, UTIISL and NDSL
websites:
www.incometaxindia.gov.in
www.utiisl.co.in
tin.nsdl.com
The
forms care also available at the IT PAN Service Centres and
TIN Facilitation Centres. A “tatkal” or priority service has
been provided for, to enable speedy allotment of the PAN card
through the Internet. The PAN is allotted through e-mail on
priority in 5 days as against the normal 15 days to the
applicant upon online payment through a credit card. The PAN
has a lifetime validity.
The necessity for
a PAN Card to NRIs
Apart
from income returns which must carry the PAN, it is mandatory
to submit the PAN in all financial transactions, like the
purchase and sale of property in India, payments for purchase
of vehicles, foreign visits, securing a telephone
connection or making time deposits in a bank worth over
Rs.50,000.
For
NRI’s, PAN is necessary to conduct monetary transactions in
India, invest in stocks, and pay tax on their Indian
income.
The
application for a PAN must be accompanied by:
- a
recent colored photograph of size 3.5 cms x 2.5 cms on the
application form
- a
proof of residence and identity (attested school
leaving/matriculation certificate/degree/credit card/voter
identity/ration/passport/driving
licence/telephone/electricity bill/employer certificate
- code
of the concerned Assessing Officer of the IT Department
obtainable from the IT office where form is submitted
PAN
Charges
UTIISL
and NDSL centres collect Rs.60 plus service charges in cash on
every application.
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