As per provisions of Section 272B of the Income Tax Act, a penalty of Rs 10,000 may be levied on possession of a couple of PAN.
PAN Card Apply: Foreign residents may apply for a PAN card by way of authorised companies in India who can help with the applying course of.
The PAN (Permanent Account Number) Card is a crucial doc in India for a number of causes. It serves as a singular identifier for people and entities in India for tax functions. It is necessary to cite the PAN whereas submitting revenue tax returns, and it’s also required for sure monetary transactions comparable to opening a checking account, investing in mutual funds, and shopping for property.
What Is A PAN Number?
The Permanent Account Number Card is a singular 10-digit alphanumeric identifier that’s issued by the Indian Income Tax Department. The PAN card serves as a singular identification quantity for people and entities in India for tax functions.
PAN card is issued in the type of a laminated card, by the IT Department, who applies for it or to whom the division allots the quantity with out an software. There can be an possibility of digital PAN card.
If you’re a international citizen and want to apply for a PAN card in India, you are able to do so by following these steps on the NSDL (National Securities Depository Limited) web site:
- Go to the NSDL PAN software web page for international residents: https://www.onlineservices.nsdl.com/paam/endUserRegisterContact.html
- Select the suitable class of software as per your requirement (new PAN card, re-issue of PAN card, or modifications/correction in PAN knowledge).
- Fill in all of the required private particulars comparable to title, date of beginning, deal with, e-mail, and telephone quantity.
- Upload the scanned copies of the required paperwork comparable to passport, deal with proof (if relevant), and proof of revenue (if relevant).
- Pay the applying charge on-line utilizing your credit score/debit card or internet banking.
- After the fee is confirmed, a 15-digit acknowledgement quantity will likely be generated. Save this quantity for future reference.
- Print out the filled-in software type and affix two current passport-sized pictures on it. Sign the shape in the area supplied.
- Mail the applying type together with the required paperwork to the NSDL workplace deal with talked about on the web site. The envelope needs to be marked as “APPLICATION FOR PAN – FOREIGN CITIZEN”.
- Your PAN card will be processed and sent to your address within a few weeks.
Foreign citizens may also apply for a PAN card through authorised agencies or service providers in India who can assist with the application process.
It is important to ensure that all the details provided in the application form and supporting documents are accurate and match with each other. Any discrepancies may result in delays or rejection of the application.
How To Read A PAN Card Number?
According to the information available on the official website of the IT department, a typical PAN is AFZPK7190K.
First three characters i.e. ‘AFZ’ in the above PAN are alphabetic series running from AAA to ZZZ.
Fourth character of PAN i.e. ‘P’ represents the status of the PAN holder. ‘P’ stands for Individual, ‘F’ stands for Firm, ‘C’ stands for Company, ‘H’ stands for HUF, ‘A’ stands for AOP, ‘T’ stands for TRUST etc..
Fifth character i.e. ‘K’ in the above PAN represents the first character of the PAN holder’s last name/surname.
Next four characters i.e. ‘7190’ are sequential numbers running from 0001 to 9999.
Last character i.e. ‘K’ is an alphabetic check digit.
As per provisions of Section 272B of the Income Tax Act, a penalty of Rs 10,000 can be levied on possession of more than one PAN.
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