What is the necessity of a Pan Card | With Auto Fill Pan Card Application Form 49 A in Excel (Revised Version)

 What is the necessity of a Pan Card| PAN is very necessary for all entities and individuals.

 

It is not only used by the income tax authorities for tracking tax payments but it has now become mandatory for many days of transactions.

 

To open a new bank account or any investment to any financial concerned, a PAN card is required.

 

The advantage of having a PAN card

 

1. IT returns filing

All individuals and organizations eligible for income tax are expected to file their IT returns. A PAN card is required for filing IT returns and it is an application for primary cause individuals and other organizations.

 

2. Proof of identity

The PAN card serves as proof of valid identification. In addition to voter cards, Aadhaar cards, PAN cards are accepted by all financial institutions and other entities as proof of identity. 

3. Tax deduction

An essential reason for getting a PAN card is for tax purposes.

If the entity or person does not associate PAN number with his bank account and the annual interest earned on the savings deposit is more than Rs. 10,000 / - then the bank will deduct 30% TDS instead of 10%.

 

4. Claim an income tax refund

Many times, the TDS deducted from a taxpayer's income is more than the actual tax he is supposed to pay. To claim additional taxes, the taxpayer must have a PAN linked to his bank account.

 

5. Start a business

To start a business, a company or any other entity is required to register a PAN in the name of its entity.

Tax Registration Number (TRN) is required for a business that is available only if the entity has a PAN.

 

6. Open a bank account

All public, private and cooperative banks have made it mandatory to have a bank account in the name of an individual or company to open a savings or current account.

Only under the Prime Minister's Jan Dhan Yojana, a person can open a Zero Balance Account using a voter card or other proof of identity. 

7. Open a Demat account

PAN card is also mandatory for an individual or entity to open a Demat account, which is required to hold shares in dematerialized form.

 

8. Purchase and sale of movable property

One of the advantages of a PAN card is the ability to enter into the transaction of sale or purchase of assets of an individual or entity.

The PAN should be mentioned in the deed prepared at the time of sale or purchase of immovable property worth Rs. 10 lakhs or more.

 

9. Overseas Travel 50,000 / - PAN card required with cash payment along with travel abroad

 

10. Time Deposit Post Office, Cooperative Bank, Non-Banking Financial Company Deposit will also require PAN, the deposit will be added up to Rs50,000/-. It will take five lakh or more PANs per year

 

11. Hotel and Restaurant Bill Payment over Rs. 50,000 / - per year

 

12. Purchase or sale of goods and services. Purchase or sale of any product or service is more than Rs.00 2 lakh PAN is required for each transaction

 

13. Bank Draft, Pay Order and Bank Card Check With a transaction of more than Rs. 50,000 / - per day, PAN card is required for bank draft, pay order and banker check. This means that only one PAN card will be required for transactions above Rs. 50000 / -. Advantages of Income Tax Authority 

1. A PAN card helps the Income Tax Authority to keep an account of all financial transactions which may be essential for assessing the tax liability of an individual or company, it helps to reduce the possibility of tax evasion. The PAN card contains the person's name, date of birth and photograph and is also accepted as proof of identity of the holder.

 

2. The PAN number is unique for each entity containing the PAN number. Name and address may change or card may be lost or stolen but PAN number will still remain unchanged. Thus, the chances of abuse are low.

 

3. A minor account can be easily opened through his guardian's PAN card

 

4. It is a useful tool for estimating the total tax revenue generated in India

 

5. Who can hold a PAN card to help an entity determines which tax should be levied based on its income?

 

The following companies may have a PAN card:

 

Class Signing Personal Self HUF. Doing Company Director Firm / LLP Partner AOP / BOI Authorized Signing PAN

 

Linked to Aadhaar 

A person's Aadhaar card must be linked to a PAN card if he already has an Aadhaar card. Linking will help the nation to solve the problem of multiple PAN cards issued under one name.

 

If the user's Aadhaar card number is specified, it is also mandatory to link them for tax submission.

 

Conclusion

As per the above matters mentioned uses and benefits of PAN cards, it will become clear to a person why it is so important to have a PAN card in his daily transactions. 

Download Auto Fill Pan Card Preparation Excel BasedSoftware 49 A as the latest amended version

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What is the necessity of a Pan Card | With Auto Fill Pan Card Application Form 49 A in Excel (Revised Version)

 

 What is the necessity of a Pan Card | PAN is very necessary for all entities and individuals.

 

It is not only used by the income tax authorities for tracking tax payments but it has now become mandatory for many days of transactions.

 

To open a new bank account or any investment to any financial concerned, a PAN card is required.

 

The advantage of having a PAN card

 

1. IT returns filing

All individuals and organizations eligible for income tax are expected to file their IT returns. A PAN card is required for filing IT returns and it is an application for primary cause individuals and other organizations.

 

2. Proof of identity

The PAN card serves as proof of valid identification. In addition to voter cards, Aadhaar cards, PAN cards are accepted by all financial institutions and other entities as proof of identity. 

3. Tax deduction

An essential reason for getting a PAN card is for tax purposes.

If the entity or person does not associate PAN number with his bank account and the annual interest earned on the savings deposit is more than Rs. 10,000 / - then the bank will deduct 30% TDS instead of 10%.

 

4. Claim an income tax refund

Many times, the TDS deducted from a taxpayer's income is more than the actual tax he is supposed to pay. To claim additional taxes, the taxpayer must have a PAN linked to his bank account.

 

5. Start a business

To start a business, a company or any other entity is required to register a PAN in the name of its entity.

Tax Registration Number (TRN) is required for a business that is available only if the entity has a PAN.

 

6. Open a bank account

All public, private and cooperative banks have made it mandatory to have a bank account in the name of an individual or company to open a savings or current account.

Only under the Prime Minister's Jan Dhan Yojana, a person can open a Zero Balance Account using a voter card or other proof of identity. 

7. Open a Demat account

PAN card is also mandatory for an individual or entity to open a Demat account, which is required to hold shares in dematerialized form.

 

8. Purchase and sale of movable property

One of the advantages of a PAN card is the ability to enter into the transaction of sale or purchase of assets of an individual or entity.

The PAN should be mentioned in the deed prepared at the time of sale or purchase of immovable property worth Rs. 10 lakhs or more.

 

9. Overseas Travel 50,000 / - PAN card required with cash payment along with travel abroad

 

10. Time Deposit Post Office, Cooperative Bank, Non-Banking Financial Company Deposit will also require PAN, the deposit will be added up to Rs50,000/-. It will take five lakh or more PANs per year

 

11. Hotel and Restaurant Bill Payment over Rs. 50,000 / - per year

 

12. Purchase or sale of goods and services. Purchase or sale of any product or service is more than Rs.00 2 lakh PAN is required for each transaction

 

13. Bank Draft, Pay Order and Bank Card Check With a transaction of more than Rs. 50,000 / - per day, PAN card is required for bank draft, pay order and banker check. This means that only one PAN card will be required for transactions above Rs. 50000 / -. Advantages of Income Tax Authority 

1. A PAN card helps the Income Tax Authority to keep an account of all financial transactions which may be essential for assessing the tax liability of an individual or company, it helps to reduce the possibility of tax evasion. The PAN card contains the person's name, date of birth and photograph and is also accepted as proof of identity of the holder.

 

2. The PAN number is unique for each entity containing the PAN number. Name and address may change or card may be lost or stolen but PAN number will still remain unchanged. Thus, the chances of abuse are low.

 

3. A minor account can be easily opened through his guardian's PAN card

 

4. It is a useful tool for estimating the total tax revenue generated in India

 

5. Who can hold a PAN card to help an entity determines which tax should be levied based on its income?

 

The following companies may have a PAN card:

 

Class Signing Personal Self HUF. Doing Company Director Firm / LLP Partner AOP / BOI Authorized Signing PAN

 

Linked to Aadhaar 

A person's Aadhaar card must be linked to a PAN card if he already has an Aadhaar card. Linking will help the nation to solve the problem of multiple PAN cards issued under one name.

 

If the user's Aadhaar card number is specified, it is also mandatory to link them for tax submission.

 

Conclusion

As per the above matters mentioned uses and benefits of PAN cards, it will become clear to a person why it is so important to have a PAN card in his daily transactions. 

Download Auto Fill Pan Card Preparation Excel BasedSoftware 49 A as the latest amended version

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Last date to link Aadhaar card and PAN on 31st March 23, 2021 unless your pan card will be canceled. Details here

 

Last date to link Aadhaar card and PAN on 31^st March 23, 2021, unless your pan card will be cancelled.

 

The Income Tax Department has informed that in such a situation, the PAN card will become completely useless

 

• Multiple times the central government has extended the deadline for linking Aadhaar and PAN cards This time the last date for linking PAN and Aadhaar is 31st March 2021 If the annexation process is not completed by this date, it will be read as 7 in great danger The income tax department reminded me of this once again.

 

• The Income Tax Department has stated that it is mandatory to link PAN Aadhaar by March 31, 2021. You can do this with the help of biometric authentication or go to NSDL or UTITSL's PAN Service Centerand link.

 

• The Income Tax Department has stated that it is mandatory to link PAN Aadhaar by March 31, 2021. You can do this with the help of biometric authentication or go to NSDL or UTITSL's PAN Service Centerand link.

 

• First of all you have to send an SMS to 567678 or 56161, in this format - UIDPAN12digit Aadhaar> 10digitPAN>. Which of the two must be sent to the same number.

 

 If you want, you can also go to the e-filing portal and link PAN and Aadhaar. For this, you have to click on this site www.incometaxindiaefiling.gov.in.

 

As per previous rules, PAN card will be cancelled if Aadhaar and PAN are not linked before the deadline. The Income Tax Department has informed that in such a situation PAN card is completely useless Under the new rules, a fine of Rs.10,000 can be added to it

 

• If you do not link PAN Aadhaar Permanent Account Number (PAN) will be inactive Then using that PAN number is a serious crime under the Income Tax Act Due to the use of an inactive PAN card, the user has to pay Rs 10,000 as a penalty under Section 262B of the IT Act.

 

If you want to withdraw more than 50 thousand rupees from the bank, you have to show PAN card 6 Note that there is no need to apply for a new PAN card if the PAN card becomes inactive due to lack of link. Once the old PAN number is linked toAadhaar, the PAN card will be activated.

 

To avoid fines and harassment, link your PAN and Aadhaar number by the 31st of this month

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Instant PAN through Aadhaar Card – How to apply for instant PAN?

Income Tax has launched the facility of issuing Instant PAN card through Aadhaar. This facility is free and available on the Income Tax e-filing website. It is a completely paperless process with the issuance of e-PAN card nearly real-time. The e-PAN card issue via this method holds similar value as a physical PAN card. This card contains a QR code. QR code holds complete information about PAN card such as Name of the holder, DOB, Father’s name as well as biometric. In order to get Instant PAN card all you need is Aadhaar card and linked mobile number.

This facility is introduced to ease the process of the PAN card issue. It is in line with the Budget 2020 announcement of issuance of instant PAN card online. In this post.

Download Automated Income Tax Revised Form 16 Part A&B for the Financial Year 2019-20 in Excel Format [ This Excel Utility can prepare at a time 50 Employees Form 16Part A&B in Revised Format ]

What isAadaar based Instant PAN Card?

Aadhaar-based instant PAN allotment service is to allot PAN on a nearly real-time basis. You just need to input your Aadhaar number which is issued by UIDAI. This Aadhaar card should not be linked with any other PAN. On submission of Aadhaar e KYC details will be verified with UIDAI and Income Tax database for the issuance of Instant PAN card. As this PAN card is generated in electronic format it is also known as e-PAN card.

e-PAN card is generated in PDF format. If your Aadhaar is linked with e-mail ID you will also get an e-mail about the issuance of e-PAN. It is a free facility available on the e-filing portal of Income Tax.

Download Automatic Income Tax Revised Form 16 Part B for the Financial Year 2019-20 [ This Excel Utility can prepare at a time 50 employeesRevised Form 16 Part B ]

Prerequisite for using this facility

1. The applicant should have a valid Aadhaar which is not linked to any other PAN.
2. The applicant should have his mobile number registered with Aadhaar.
3. It is a paperless process and applicants are not required to submit or upload any documents.
4. The applicant should not have another PAN.

How to Apply for Instant PAN?

The step by step process to apply for Instant PAN card is given below.

• Visit the e-Filing website of the Income-tax department. (www.incometaxindiaefiling.gov.in)
• On the left navigation, you will find the link- ‘Instant PAN through Aadhaar’.
• On the next screen click the link- ‘Get New PAN’.
• Fill up your Aadhaar in the space provided, enter the captcha and click on the checkbox confirm. It is a confirmation that you are not holding another PAN card and you are accepting terms and conditions.

 You will receive an OTP on the registered Aadhaar mobile number. Validate OTP by submitting it in the text box on the webpage.

• Your Aadhaar details will be validated. You will be asked to enter the e-mail ID (optional).
• On the submission, an acknowledgement number will be generated. Please keep this acknowledgment number for future reference.
• This acknowledgment number will also be sent to the mobile number and e-mail address for the reference. 

How to Download PAN? 

Follow the steps given below to download PAN from Income Tax website.

• To download PAN, please go to the e-Filing website of the Income Tax department. (www.incometaxindiaefiling.gov.in)
• On the left navigation click on the link- ‘Instant PAN through Aadhaar’.
• Click on the link- ‘Check Status/ Download PAN’.
• Enter the Aadhaar number in the space provided and captcha code. Click on the submit button. The OTP will be sent to the Aadhaar registered mobile number.

 Validate OTP by entering the same. On the next page, you will be able to check the status of your application along with information on whether PAN is allotted or not.

• If PAN is allotted, click on the download link to get a copy of the e-PAN pdf.

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Check if Your PAN Card is still Active? With Automated All in One TDS on Salary for Non-Govt Employees for F.Y.2017-18

Recently Government reported that it has canceled more than 11.5 lakhs PAN Card in a bid to weed out duplicate and fake cards.  As per Income Tax Laws, one person can hold only one PAN Card. However, it was found that there had been multiple duplicate PAN cards issued to the same person. Also, there were cases where a PAN card was allotted to the non-existent person. The government hopes to get rid of more such duplicate/forged PAN cards as they get linked to Aadhaar Number.

Download:- Automated Income Tax All in One TDS on Salary for Non-Govt employees for F.Y.2017-18 & A.Y 2018-19

Also as there have been so many PAN card cancellations, it's important for tax payers to check if their PAN card is still active as more often than not a few genuine people also suffer when such actions take place. Deactivating PAN can seriously jeopardize person financial transactions.

Below is step by step instructions and screenshot to check if your PAN card is still active.

Step 1:  Go to www.incometaxindiaefiling.gov.in and Click “Login Here” (It does not matter if you are registered user or not)

Step 2: On Menu Click on Services >> ‘Know Your PAN’ (there is NO need to Login)

Step 3: A small Form opens as shown below where you need to fill up details such as name, status, date of birth and contact number.

Download:- Automated TDS on Salary for Govt & Non-Govt Employees For F.Y.2017-18 & A.Y.2018-19 with Automated Arrears Relief Calculator U/s 89(1) with Form 16 from F.Y.2000-01 to 2017-18

Step 4: On the next page you have to enter OTP (One Time Password) received on the phone hit ‘Validate’.

In case there is more than one PAN card registered with the above details, a message appears saying “There are multiple records for this query. Provide additional information.” Enter some more details such as your father’s name.

Step 5: On the final page, if the PAN number is not duplicated, it will be indicated as ‘Active’ under the ‘Remarks’ column.

Download: Automated Arrears Relief Calculator U/s 89(1) with Form 10E from F.Y.2000-01 to F.Y.2017-18

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