#FinancialBytes: How to apply for PAN card online
It is essential for undergoing various financial transactions such as receiving taxable salaries/professional fees, sale or purchase of assets, trading of mutual funds, etc.
It also serves as an important proof of identity.
Here's all you need to know about online PAN-card application.
Documents needed to apply for PAN
Documents required to apply for PAN card online are: 1) a proof of identity such as Aadhaar card/Ration card/Passport, 2) one proof of address, such as DL/Voter's ID card/Passport, and 3) a DoB proof such as Matriculation certificate/Birth Certificate/Aadhaar card/Passport etc.
Procedure to apply for PAN online
First off, visit the official online portal of NSDL for PAN application.
Select the application type and category.
Enter the required applicant details, and click on 'Submit' button.
Next, upload the required documents.
Finally, make the application fee payment.
After successful submission of the form, you will get an acknowledgement number, that can later be used to track the application.
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PAN card rules about FD, cash-deposits, and sale/purchase of immovable-property
PAN is necessary for initiating 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 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.
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.