If you have just joined in for a job and entitled to a salary which is liable for Income tax returns then it is mandatory for you to have a PAN Card. So all those of you who pay income tax the PAN card is a must-have. The Income Tax Department of India is the issuer of the same and it is done under the supervision of Central Board for Direct Taxes (CBDT). It is a proof of identification for all Indians. However, it is not a proof of Indian citizenship since it is also issued to the foreign nationals who have a valid visa. Another aspect is that it has lifetime validity and is not affected by alteration of address.
Structure of the PAN Card
The 139A Section of the Income Tax Act issues the PAN Card. It is issued under section 13, A of Income Tax Act. The PAN card number inculcates a total of 10 numerals or letters. So the first five characters are letters, next four are numerals and the last character is again a letter. In fact now a day the date of issue is also mentioned at the right-hand side corner of the PAN card.
Uses of the PAN Card
If you want to file your income tax return or any other document with respect to Income Tax the Pan Card is imperative. So whether you open a bank account, deposit more than Rs. 50,000/- or purchase foreign currency it is a requisite. In fact for the sale of property or vehicles as well it is required. You cannot get a new landline connection without it.
Benefits of PAN Card
The primary purpose is that it prevents tax evasion by keeping a track of money related transactions. In fact for the investments of any and all-purpose, it is required. Then again if you wish to apply for loans or mortgages it comes handy.
Disadvantages of the PAN Card
There is as such no disadvantage till now.
Document required for the PAN Card
There is a list of documents which you will be required to show for issuing of the Card. So there is the need for the documents for the Identity proof. These, in turn, incorporate Voter Identity card, driving license, passport, ration card etc. Then there is the Address proof required which involves bank account statement or passbook, driving license, passport. In order to provide with the Proof of Date of Birth, you need to submit the Birth certificate. Also provide Matriculation certificate etc. And then there is the proof of office address required which involves the Credit card statement with office address, Employer certificate with the office address and so on. These documents need to be submitted in the form of photocopy duly self-attested.
Can the PAN Card be obtained online?
The PAN card can easily be availed online as well. For this, all you need to do is click on the website of NSDL e-Governance or UTIITSL. In fact, there is also the availability of a brief process for the same. You can also pursue the online payment through the website in a hassle-free manner.