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India
23 Feb 2019

Important rules about PAN card you must know

Permanent Account Number (PAN) is a unique, ten-digit alphanumeric identity issued by the Income Tax Department to all taxpayers in India.

PAN facilitates instrumental transactions such as tax payments, entering certain financial contracts, and filing I-T returns.

It also serves as a government-verified proof of identity.

Here, we list latest rules about PAN card, you must know.

In context

Latest PAN card rules to know
Rules about FD account, cash deposits, and sale/purchase of immovable-property

Rules (1)

Rules about FD account, cash deposits, and sale/purchase of immovable-property

PAN is necessary for starting a time deposit or fixed deposit account with any financial institution, exceeding the value of Rs. 50,000.

PAN is also mandatory for cash deposits worth more than Rs. 50,000 in a Post office savings account, or bank account.

One also needs to furnish PAN card credentials for selling or purchasing immovable property valued at Rs. 5 lakh or above.

Rules (2)

Rules about hotel/restaurant bill payments, pay-order limit, and debit/credit cards

For making payment of hotel/restaurant bills above Rs. 25,000 at one point, one needs to furnish their PAN.

PAN is also mandatory for buying of a bank draft, pay order, or banker's cheque for an amount of Rs. 50,000 or more, in a day.

One also needs to quote their PAN while applying for a debit/credit card.

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Rules about other major financial payments, and linkage with Aadhaar

Rules (3)

Rules about other major financial payments, and linkage with Aadhaar

PAN is mandatory for making payment of Rs. 50,000 or more, for acquiring the shares, debentures, or bonds of a company or institution.

Also, payment of Rs. 50,000 or beyond, in a year, for life insurance premium also requires PAN details.

Further, the Supreme Court recently pronounced that it is mandatory to link PAN with Aadhaar, in order to legitimately file I-T returns.

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Most asked questions

It's been more than one month since I applied for PAN. It has not been delivered yet. What should I do?

How to link PAN with Aadhaar card?

I have lost my PAN card. How can I retrieve it?

How to get duplicate of lost PAN card?

I applied for PAN of my minor son. But post man did not deliver it, so it was sent back to the head office. What is the procedure to recover it back?

How can one link PAN with Aadhar if there is a date of birth mismatch or error in name between the two?

I erroneously stated my first name and last name at the time of applying PAN. Now I want to correct the same without a duplication. Please advise how?

More questions

It's been more than one month since I applied for PAN. It has not been delivered yet. What should I do?

Asked 2019-03-04 08:42:55 by Buddula Venkatesh

Answered by NewsBytes

In order to file a complaint in this regard, you can either go and visit your local NSDL facility. To find out facilitation centers near yourself, follow this link. Or you can also file an online complaint in this regard, right on this link. To do so, go to Customer care > Contact us > Complains/Queries, and submit your complaint.

How to link PAN with Aadhaar card?

Asked 2019-03-04 06:06:56 by Dhinesh Kumar

Answered by NewsBytes

To link PAN with Aadhaar, log on to the Income Tax e-filing portal. Next, under the 'Quick Links' section, click on 'Link Aadhaar.' Post that, enter details such as Aadhaar number, PAN, Name, and the screen-displayed Captcha code. Submit the details, click on 'Link Aadhaar', and you are done. After successful verification from UIDAI, the linkage will be confirmed.

I have lost my PAN card. How can I retrieve it?

Asked 2019-02-24 02:07:52 by Stanis Maria Chalamanamel

Answered by NewsBytes

To get duplicate of your lost PAN card, log on to the online PAN application page on the NSDL portal. Select application type as, "Changes or correction in existing PAN data/Reprint of PAN card (No changes in existing PAN data)." Fill out the required details, upload/mail the necessary documents, pay the requisite fee, and submit your request.

How to get duplicate of lost PAN card?

Asked 2019-02-23 21:18:03 by V Ramana Murty A

Answered by NewsBytes

In order to get duplicate copy of your lost PAN card, log on to the online PAN application page on the NSDL portal. Select application type as, 'Changes or correction in existing PAN data/ Reprint of PAN card (No changes in existing PAN data).' Fill in the required information, upload/mail the necessary documents, make payment, and submit your request to get duplicate PAN.

I applied for PAN of my minor son. But post man did not deliver it, so it was sent back to the head office. What is the procedure to recover it back?

Asked 2019-02-23 19:15:53 by Amarsingh Gopalsingh Chawhan

Answered by NewsBytes

To get your son's undelivered PAN card, you can either go and visit your local NSDL facility. To find out facilitation centers near yourself, follow this link. Or you can log on to the Tax Information Center (TIN) portal of NSDL, in order to lodge an online complaint in this regard. Go to Customer care > Contact us > Complains/Queries, and submit your complaint.

How can one link PAN with Aadhar if there is a date of birth mismatch or error in name between the two?

Asked 2019-02-23 16:09:35 by Sanjay Karihaloo

Answered by NewsBytes

If there is a mismatch of names or DOB in your PAN and Aadhaar card, you must first apply for update/correction in your PAN or Aadhaar, as the case may be, and then proceed with the PAN-Aadhaar linkage process, once the correction is completed.

I erroneously stated my first name and last name at the time of applying PAN. Now I want to correct the same without a duplication. Please advise how?

Asked 2019-02-23 13:46:53 by Rajan Nair

Answered by NewsBytes

To rectify your details in your PAN data, head to the online PAN application page on the NSDL portal. Select 'Changes or correction in existing PAN Data/Reprint of PAN card' option, fill up the necessary details, and submit your request.

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