Permanent Account Number (PAN) is a unique, 10-digit alphanumeric identity allotted to all taxpayers in India by the Income Tax department.
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.
In case there's a mismatch between details in your PAN and Income-Tax portal, here's how you can rectify it.
First off, log on to online PAN grievances portal. Then, click on the link that reads, "If you have a grievance pertaining to an application for PAN..."
Post that, fill out necessary details like nature of complaint (mismatch in this case), receipt-number, PAN, name, DoB, address mail etc.
Finally, click 'Submit' button, and you're done. Other complaints can also be lodged on this portal.
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.
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.
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 also announced that it is mandatory to link PAN with Aadhaar, in order to legitimately file I-T returns.
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