OVERVIEW

Permanent Account Number (PAN) refers to a ten-digit alphanumeric number, issued in the form of a laminated card, by the Income Tax Department in India. This number is almost mandatory for financial transactions such as opening a bank account, receiving taxable salary or professional fees, sale or purchase of assets above specified limits.


PAN Card refers to a permanent number, which does not change during the lifetime of the PAN holder and serves as an important ID proof. It is allotted to each tax payer by Income Tax Department under the supervision of the Central Board of Direct Taxes.


The primary objective is to use a universal identification key to track financial transactions having a taxable component in it in order to prevent tax evasion. It remains unaffected by change of address throughout the country.

Why PAN?

PAN is a critical document to own as it is compulsory to quote PAN in all documents pertaining to the following financial transactions:-

  • Sale or purchase of any immovable property valued at five lakh rupees or more;
  • Sale or purchase of a motor vehicle or vehicle, [the sale or purchase of a motor vehicle or vehicle does not include two wheeled vehicles, inclusive of any detachable side-car having an extra wheel, attached to the motor vehicle;]
  • A time deposit, exceeding fifty thousand rupees, with a banking company;
  • A deposit, exceeding fifty thousand rupees, in any account with Post Office Savings Bank;
  • A contract of a value exceeding one lakh rupees for sale or purchase of securities;
  • Opening a bank account;
  • Making an application for installation of a telephone connection (including a cellular telephone connection);
  • Payment to hotels and restaurants against their bills for an amount exceeding twenty-five thousand rupees at any one time;
  • Payment in cash for purchase of bank drafts or pay orders or banker’s cheques for an amount aggregating fifty thousand rupees or more during any one day;
  • Deposit in cash aggregating fifty thousand rupees or more with a bank during any one day;
  • Payment in cash in connection
PAN is Compulsory: WE HELP FOREIGN PASSPORT HOLDERS TOO!

It is mandatory to quote PAN on the return of income in India, according to the Income Tax Department of India. Also, as per SEBI directive, effective since July 02, 2007, Permanent Account number (PAN) shall be the sole identification number for all participants transacting in the securities market, including mutual funds, irrespective of the amount of transaction.


Consequently, it is now mandatory for all existing as well as prospective investors (including all joint applicants/holders, guardians and non resident Indians) to furnish their PAN card copy along with the original PAN card while investing in mutual funds. We can also help you with HUF PANs, family PAN cards, PAN for minors, address or name change, signature mismatch, or any other correction.

Process for New PAN CARD APPLICATION

You can submit your PAN card application at any of Alankit’s offices in Dubai or Sharjah. Alankit also has a provision to arrange a pickup your PAN Application from your doorstep ( cost extra). Please get in touch with us to know more about our seamless application process and document pickup;

  • 1

    PAN applications can be obtained from the nearest Alankit Office or can be downloaded from our website.

  • 2

    You can submit a duly filled and signed PAN application form then or courier it to our office along with the required the required supporting documents at our office.

  • 3

    You need to submit your primary documents namely, proof of identity (POI) and proof of addres (POA).

  • 4

    Your application is processed by NSDL, provided your application and documents are in order otherwise.

PAN STATUS

You can track the status of your application for new PAN / reprint of PAN card / Changes or Correction in PAN details using the 15 digit unique Acknowledgment Number after 3 or 4 days of application. For more information Click Here

LOST PAN

What if you misplace your PAN?

If you are a non resident Indian living abroad or an OCI/PIO who has lost or misplaced his PAN card, then we may help. We assist you in applying for a PAN card with an old PAN and get it delivered to your foreign address abroad.

The process to obtain a replacement/duplicate PAN card includes:

  • - You would fill the forms & send them to our office with required documents.
  • - We will submit your application to the PAN Department.
  • - You would be sent the acknowledgment slip.
  • - We do the follow-up of your case with the PAN department.
  • - You receive the PAN Card abroad within 15-20 Business Days.


Primarily, we assist you in downloading a duplicate PAN form and correction application online and later help you in filling the application for lost PAN, and then, guide you to apply for a replacement or a duplicate PAN card.

Service Available not only for NRIs

We not only assist NRIs but we also guide overseas citizenship holders of India (OCI) and person of India origin (PIO) to apply for a lost IT PAN card. Through us, you can receive this PAN card abroad within 15-20 business days or so, without any hassle. All you have to do is get in touch with our adviser, who will let you know how to obtain a PAN card in case you have misplaced your previous old income tax PAN.
PAN CORRECTION

How to do a PAN Correction?

We assist NRIs, OCIs and PIOs to get corrections and many other changes in their PAN Card. If you are an NRI, PIO/OCI and you want PAN correction or need any other changes in your PAN card, then, we can help. Apply through us to get such corrections and get your PAN card delivered to your foreign address.


Primarily, we assist you in downloading a duplicate PAN form and correction application online and later help you in filling the application for lost PAN, and then, guide you to apply for a replacement or you may say a duplicate PAN card.

Other Services Include:

  • - Name Correction or Change on PAN Card.
  • - Father Name Correction.
  • - Address Change or Correction.
  • - Signature Mismatch.
  • - Date of Birth Correction.
  • - Apply Duplicate for lost - misplaced PAN Card.
  • - Track PAN Card Status Online.
  • - Locate your IT PAN Card, if not received.
  • - Apply for new PAN (Permanent Account Number).
  • - Get PAN for minor.
  • - Obtain HUF PAN - Hindu Undivided Family.

The process to get a New Corrected PAN Card includes:

  • - You must fill the forms & post them to our office with supporting documents.
  • - We go ahead and submit your application to the PAN Department.
  • - You would receive the acknowledgment slip from us after submission.
  • - We do the necessary follow-up with the PAN department.
  • - Receive the PAN Card abroad within 15-20 Business Days.


PAN - FAQs

What is PAN or a PAN Card ?

PAN (Permanent Account Number) refers to a ten-digit alphanumeric number, issued in the form of a laminated card, by the Income Tax Department (ITD) in India.

Is it mandatory for NRIs to have a PAN Card ?

  • - Yes, mandatory as per the Indian Income Tax Department.
  • - SEBI has made PAN compulsory for all investors wanting to invest in India.
  • - Also compulsory if one wants to carry any kind of financial or investment related transaction in India over INR 49,999.

Is it necessary for NRIs to file tax return in India if they have a PAN ?

  • - No, as far as we know its not compulsory.
  • - In case you generate income from India, you need to file tax return.
  • - It is always advisable to file tax return even though you are not making any money in India as it enhances your credibility and makes it easy for one to get various types of loans.

Who can apply?

  • - All existing taxpayers or persons who are required to file a Return of Income even on behalf of others.
  • - Any person who intends to enter into economic or financial transactions where quoting PAN is mandatory.

How do I apply?

You can apply for PAN by filling up the Application Forms 49A or 49AA (for other than Indian citizen).

Do I need to apply for a new PAN when I move from one city to another?

Permanent Account Number (PAN) as the name suggests, is permanent and does not change. Change of the address should be intimated to ITD so that the PAN database of ITD can be updated. Same can be done by filling up the form for Request for New PAN Card or/and Changes or Correction of PAN data and submitting the form at any TIN FC

Can I obtain or use more than one PAN?

Obtaining more than one PAN is punishable under law and may attract a penalty up to Rs.10,000. If you have more than one PAN, surrender immediately the unused PAN by logging into ITD website at www.incometaxindia.gov.in.

Is a photograph compulsory for making an application for PAN ?

  • - For 'Individual' applicants 2 recent color photographs of size 3.5 cm x 2.5 cm.
  • - Should not be stapled or clipped to the form.

Is father’s name compulsory for female applicants (including married / divorced / widow ) ?

Female applicants, irrespective of their marital status, should write only father’s name in the PAN application form.

What are the benefits that can be availed by using PAN Card?

In general having a PAN or the permanent account number does not bring any benefits; rather it is more of a compulsion laid by the Income Tax Department of India. It is compulsory requirement for NRIs - Non Resident Indians living abroad to have a pan card if they intend to carry any kind of financial or investment related transactions in India. Thus, one may consider it as a Tax ID which is a must for NRIs if they intend to Invest in Shares, open a Demat account, purchase real estate, open a NRI bank account, getting loans, applying a visa or passport, enjoy income from rent, get foreign remittance, etc.




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