What is a PAN Card?
PAN is an acronym for a Permanent Account Number (PAN). A PAN Number is a 10 digit alphanumeric number issued by the Income Tax Department of India in the form of a laminated photo card. It can be considered as a Indian TAX number or TAX ID, like a Social Security Number as in the U.S.A.
Why do I need an Income Tax Number / PAN Card?
It has become compulsory to quote the PAN Number in most investment & financial transactions carried in India & on tax returns filed in India. PAN Number serves as an Indian ID proof & is required for stock investment, DEMAT account opening, buying real estate, opening bank account, to get a loan, apply visa or passport, rental income, foreign remittance, etc. Moreover if you do not have a PAN Card you may be charged a higher withholding tax (TDS) on your investments/deposits.
Do I need to pay tax if I have a PAN Card?
The PAN Card is a unique income tax identity number for you and you DONOT need to pay taxes just if you have a PAN Card. You will have to pay tax only if you are liable to and not if you hold a PAN number. Rather, having a PAN cards can at times reduce taxes (if there are any applicable taxes).
How much time does it take to receive a New/Correction PAN Card?
A new PAN card is normally received within 20 days by the applicant at the mailing address & a correction PAN Card normally takes 30 days.
Can I get a PAN Card delivered overseas?
Yes, the PAN Card can be delivered overseas, to any country, where the applicant resides. A suitable address proof needs to be provided for the mailing address.
Can I get a duplicate PAN Card (lost) or change details on the PAN Card (correction)?
YES, you can comfortable change/update details on you pan card, such as change of name, address etc. through a simple process. You can also apply for a duplicate PAN Card. However the PAN number will remain the same as it is a unique number to identify you.