PAN (Permanent Account Number) is a ten-digit unique alphanumeric number which allot by the Income Tax Department which comes in the form of laminated plastic card and E-form. It is mandatory to have a PAN card if you are doing financial transactions like receiving a Salary, Professional Fee, and Sale or Purchase of the assets having specified limits. It is highly recommended that you should have a PAN card even if your income does not fall within the taxable brackets. It is also mandatory for that kind of businesses whose annual turnover is more than 5 lakhs.
You need to register your identification to obtain the PAN card. PAN Registration Application can be filed online for the issuance of a fresh PAN Card. It’s easy to register for PAN card online. After registration of PAN Card, the amendment can be done in your current PAN card but new registration for the PAN card cannot be done. If your address will change in future in India then it will not impact on your PAN card but you should inform Government by filing changes or Correction form.
Utility of PAN
A PAN card allows the government to keep a record of all kind of official financial transactions that may be difficult from accessing an Individual or Companies tax liability. Along with this, you also need a PAN card for many purposes like;
- You can need a PAN card for many of the commercial activities.
- You require a PAN card for making some important official documents like Passport.
- If you want to get some loan from any kind of bank then you need a PAN card.
- PAN card is mandatory to open a fresh bank account.
Besides these above reasons, there are also many reasons because of which you must need a PAN card.
There are many advantages of using PAN card like deduction of fraudulent transactions, reduce tax evasion, transparency in transactions between buyer and seller.
Documents Required for PAN Card Registration
Whenever you apply for the registration of the PAN card you need to submit the necessary documents. But for the individual or for the company there is different documents are required like;
- For Individual: Passport size 2 photographs, Proof of residential address, Identity Proof, Date of Birth (like, Aadhar Card or Voter Id Card, Driving License and Passport) valid mobile no.
- For Another like Firm, Business Entity, etc.: For this kind of body, copy of registration of the firm or any kind of business entity are required, Copy of Incorporation Documents like Memorandum of Association, Partnership Deed, etc. If the property belongs to the owner not on rent so address proof like a copy of the address of the property paper.
Nowadays, the PAN card has made so mandatory for all people. It’s a very important document for the verification for most of the people. Those people who want to take advantage of the Government Policies then they must have their PAN Card. It is a very easy process to register online and documents are submitted online easily and Tradenfill helps people to get easily.