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Importance of a PAN Card

Feb 11, 2022 Alankit

PAN’s primary purpose is to bring a universal identification to all financial transactions and to prevent tax evasion by keeping track of monetary transactions of all taxpayers in India. PAN stands for Permanent Account Number, which is a ten-digit alphanumeric number that is assigned to each PAN card bearer.

PAN cards are a necessary document when receiving a taxable salary, professional fees, opening a bank account, purchasing or selling assets over the prescribed limit, and so on. In addition to it, the PAN card information is easily accessible through different channels.

Benefits of Having a PAN Card

It is beneficial to have a PAN Card because it helps in:

  • ITR Filing
  • Opening a Bank Account
  • Buying or Selling a Motor Vehicle
  • Applying for Debit or Credit Cards
  • Purchase of Jewellery
  • Making Investments
  • Proof of Identity
  • Foreign Exchange
  • Property- Selling or Rent
  • Taking Loans
  • Fixed Deposits
  • Cash Deposits
  • Insurance Payments

Applying For PAN Card

One can avail PAN Card through both the mediums: Online and Offline.

Online Application of PAN Card

The applicant needs to fill form 49A and submit it online. The form contains the following details:

  • New PAN/Correction
  • Type of Taxpayer
  • Name
  • Date of Birth
  • Email ID
  • Mobile Number

Enter the Captcha Code and submit the form

Courier a copy of documents to the issuing authority including:

  • Valid Proof of Identity
  • Proof of Address
  • Proof of Date of Birth

Once these documents are examined and verified, the PAN Card would be issued.

Offline Application of PAN Card

  • Fill the form 49A
  • Mention all your personal details and obligatory details.
  • The details mentioned must be relevant to the identity proof and resident proof provided.
  • Affix your recent passport size photograph.
  • Affix all the supporting documents.
  • Submit it to the Alankit POPs near you.
  • PAN card number is then sent to your registered mobile number and email ID once the validation process is over
  • Receiving of hard copy of PAN within 20 working days.

At Alankit, we receive PAN applications on behalf of the Income Tax Department through its chain of PAN Centers and an individual can also apply for PAN through Alankit’s online facility.

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