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25 Dec 2018

#FinancialBytes: 5 lesser-known facts about PAN card everyone should know

Some lesser-known, interesting facts about PAN card

The Permanent Account Number (PAN) card has become one of the most essential documents to have.

Issued by the Income Tax Department, PAN consists of a 10-character alphanumeric number and serves as an identity proof. Nowadays, PAN is necessary for all major financial transactions.

While everyone does know a few things about it, here are some lesser-known, interesting facts to know about PAN card.

In context

Some lesser-known, interesting facts about PAN card
Anyone can apply for PAN, including minors and foreigners

#1

Anyone can apply for PAN, including minors and foreigners

There is no minimum or maximum age requirement to apply for PAN card allotment. It can be issued to all citizens; even minors can get a PAN card provided they furnish the required documents.

A PAN card can be issued to an NRI, a foreigner, or a foreign company, too, if they intend to enter into a financial transaction in India.

#2: Applicants can get their PAN allotted quickly (Tatkal)

Those applying for a PAN can also get it allotted on a priority basis. All they have to do is submit their PAN allotment application online (on NSDL or UTIITSL website) and pay the processing fee for the PAN card through a nominated credit card.

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#3

Furnishing father's name in PAN application not mandatory

Earlier, applicants were required to furnish father's name in PAN application form which was also printed on the PAN card.

However, as per a new rule which came into effect on 5 Dec'18, applicants can now choose whether they want the name of their father or mother on the card.

If the applicant's mother is a single parent, furnishing father's name isn't mandatory.

The 10-digit alphanumeric PAN reveals cardholder's information

#4

The 10-digit alphanumeric PAN reveals cardholder's information

The 10-character unique alphanumeric PAN has alphabets as the first five characters, followed by four numerical digits and an alphabet.

The fourth character of PAN reveals the cardholder's status: P for a person, C for companies, F for firms, A for associations, T for trusts and so on.

Meanwhile, the fifth character of a PAN represents the first letter of the cardholder's surname.

#5: Cardholders can know their PAN issue date

PAN card holders can easily know their PAN issue date too; the vertical digits printed on the lower-right side of a card, next to the cardholder's photo reveal the date (in DDMMYYY format) on which that particular PAN was issued by the Income Tax Department.

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Most asked questions

My UAN account shows error against my name as it does not match with the PAN card details. What should I do now?

I lost my PAN card and I forgot the number. How can I get the PAN card number?

My old PAN card has some outdated features which is why nobody is accepting that. Should I get a new PAN card?

How to correct surname in pan card

How to apply PAN card for a partnership firm? How many days it will take for the card to get delivered?

How to make changes or corrections in existing PAN details?

How can NRIs apply for PAN?

What are the required identify proof documents for PAN application for minors?

Is it compulsory for NRIs to have a PAN?

More questions

My UAN account shows error against my name as it does not match with the PAN card details. What should I do now?

Asked on 27-12-2018 by Chandu Reddy Yanala

Answered by NewsBytes

It's easy to change your name in EPF website now. Recently in UAN portal, they have introduced a new link to change the name, click on that link fill up the details and upload your Aadhaar card. Once done, it will go for level-2 of approval, firstly from your employer then from the EPF department. Once approval is done, the name will get changed.

I lost my PAN card and I forgot the number. How can I get the PAN card number?

Asked on 27-12-2018 by Jisha Ramachandran

Answered by NewsBytes

You can retrieve your PAN number by visiting the official e-filing website. Click on "Know your PAN/TAN/AO", fill the necessary details and know your PAN number again after mobile verification. After this, you need to apply again for your PAN card. Visit the official website of NSDL. Under the 'Application type', select "Reprint of PAN card". Complete the form and you're good to go.

My old PAN card has some outdated features which is why nobody is accepting that. Should I get a new PAN card?

Asked on 27-12-2018 by Varadaraju Vaddarahalli Mayanna

Answered by NewsBytes

Yes, you should apply for a new PAN card so that you can bring that into use quickly. You can apply for it by visiting the official website of NSDL. Select your option under the 'Application type' and 'Category'. Fill out the personal details and contact details. Submit the necessary documents and finally, make the payment.

How to correct surname in pan card

Asked on 26-12-2018 by Darisipudi Satyanarayana

Answered by NewsBytes

You can make corrections in PAN card by following these points: (1) Go to the NDLS website, (2) Click on the drop-down menu under Application type, (3) Fill the details, (4) Enter captcha code, (5) Upload the documents, (6) Submit the application.

How to apply PAN card for a partnership firm? How many days it will take for the card to get delivered?

Asked on 26-12-2018 by RAJESH ROUSHAN

Answered by NewsBytes

The application form is the same for all PAN applicants. Even for the partnership firm, you need to fill Form 49A. You can do this by visiting the official website of NSDL. Select your option under the 'Application type' and 'Category'. Fill out the details and contact details. Submit the necessary documents and make the payment. The card will be delivered within 15 days.

How to make changes or corrections in existing PAN details?

Asked on 25-12-2018 by Aanya Chattopadhyay

Answered by NewsBytes

PAN card holders can make changes or corrections to their existing PAN details by submitting the application in the form "Request for New PAN Card or/and Changes or Correction in PAN data". This application can be submitted when a person already having a PAN wants a new one.

How can NRIs apply for PAN?

Asked on 25-12-2018 by Ankita Vyas

Answered by NewsBytes

NRIs can follow these steps: Log on to TIN-NSDL or UTIITSL website for applying. Use Form 49A and provide the necessary information. Submit the form along with required documents (photographs, proof of address, ID proof, and proof of age). And lastly, they must pay the required processing fee.

What are the required identify proof documents for PAN application for minors?

Asked on 25-12-2018 by Shaurya Chatterjee

Answered by NewsBytes

If a minor is applying of PAN, any of the following documents of their parents/guardian must be submitted: Copy of school leaving certificate, matriculation certificate, degree of a recognized educational institution, depository account/credit card/bank account, water bill, ration card, property tax assessment order, passport, voter identity card, driving license, certificate of identity signed by a MP or MLA or Municipal Councilor or Gazetted Officer.

Is it compulsory for NRIs to have a PAN?

Asked on 25-12-2018 by Reyansh Venkatesan

Answered by NewsBytes

No, it is not compulsory for all NRIs to have a PAN card. NRIs having a source of income in India must have a PAN to file their taxes. This income could be in the form of rent, dividends from shares, returns from mutual funds, etc. Other NRIs with no source of income in India need not have a PAN.

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