What is PAN card?
Permanent Account Number Card which is also called PAN Card is allocated to each Tax Payer for financial transaction purpose. PAN is a 10-digit alphanumeric identity whose first five PAN are characters followed by four digits and a character at the end. For example: RMSS1873L.
PAN Cards are issued by Income Tax Department for preventing any Tax Evasion. PAN Card helps in identification of holder during financial transactions. PAN Card can then be used to track financial transactions of any individual or organization that can hinder economy of the country.
Individuals or Organizations apply for PAN Cards. Government issues PAN Card for each application. Once PAN Card is issued, PAN of a certain individual or organization will remain same throughout his life. PAN Card will not address any modification with change in living place or location of the holder. PAN Card is used as an identification card for Indian Tax Payers.
Importance of PAN Card
PAN Card is important for initiating any business. Also, you’ll need PAN Card for approval to use payment gateway for starting any online business.
PAN Card is also essential for opening a new bank account. You’ll need to go through identification process using your PAN Card while making huge transactions. PAN Card is obligatory during income tax payment.
PAN Card is only viable to start any legal business in India. It cannot be used for proving your citizenship of country. For example, a foreigner would need PAN Card to set up business in India. Thus, PAN Card is granted to foreigners as well as Indians.
Application process of PAN Card is similar for foreigners if they have valid VISA.
How to apply for PAN Card?
There are two ways offered to individuals and organizations who want to apply for PAN Cards. You can either contact any PAN Card agency near you or apply online for PAN Card.
You can easily apply for PAN Card online on NSDL or UTI. There is a step by step guide available at our site for users who want to apply for PAN Card online. This guide involves a thorough step by step context which can be followed for application of PAN Cards online.
Characteristics of PAN Cards include comfortable tracking of your PAN Card status on the go once you have applied for PAN Card.
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