PAN card is a compulsory Government document which is needed in most of the financial transactions. The Income Tax Department made it mandatory to link bank account with PAN. The main reason for linking PAN card with a bank account is that in case of income tax refunds, it will be credited easily to the bank account.
Is it mandatory to have PAN card?
All Indian citizens having the source of income and valid proofs (as prescribed by the Income Tax Department) are eligible to apply for PAN card. Obtaining a PAN card or Permanent Account Number is mandatory for every tax payer or the person who needs to file an income tax return on behalf of self or others.
What happens if we dont have PAN card?
Step 1: Go to e-filing website of Income Tax Department Step 2: Now go to the ‘Quick Links’ section on the home page and click on ‘Instant PAN through Aadhaar’. Step 3: Then click on the link to ‘Get New PAN’. This will take you to the Instant PAN Request webpage.
What is required for PAN card?
Proof of Identity, Proof of DOB and Address proof are three types of documents required for PAN application by an Individual Indian Citizen or a Hindu Undivided Family (HUF). For each proof required, the Income Tax Department has suggested a list of documents.
What is PAN card and uses?
The Permanent Account Number (PAN) card, issued by the Income tax Department, is one of the most important documents nowadays. The card was issued in order to prevent tax evasion by individuals and entities as it links all financial transactions made by a particular individual or entity.
Is minor PAN card valid?
Students can apply for a PAN card after turning 18 years. A PAN card issued for a minor does not have the minor’s photo or signature, therefore, it cannot be used as a valid identity proof. After a minor turns 18, the necessary changes should be made in the PAN records.
Can I work without PAN card?
Those who do not have a PAN card can fill Form 60 under the Income Tax Rules, 1962. Form 60 is nothing but a signed declaration stating that you do not have a PAN card and your income is below taxable limits. It also seeks details of your income. Only those who do not hold a PAN card can fill this form.
