A Permanent Account Number aka Pan Card is a 10 digit alpha numeric number issued by the Department of Income tax on behalf of Government of India. Pan card is a card which consists of pan number and other information of any person.
According to rules and regulations, it is obligatory to state the pan number while making any financial transactions in India. It is necessary for completing the norms of KYC (know your customer) without which no bank will allow you to open a bank account, money cannot be remitted outside India, investments cannot be done etc.
At the present time applying pan card turn out to be much easier when making comparison with previous years due to the online application portability. NRI inhabitants can apply with the help of passport as an address and identity proof; this made the NRI citizens to apply for PAN Card without going India. Except passport there are many more things that work as an ID proof while applying such as graduation certificate, ration card or any legal driving license.
The Department of Income Tax has made sure that applying for a PAN is an effortless and a very convenient procedure. Just submit the obligatory Application Form No. 49A. This form is accessible online and the applicant can provide details of PAN Card online and can be acknowledged. This recognition consists of a 15 digit number which is obligatory for tracking the status of PAN Card at any point of time. To obtaining the new PAN Card, there is a fee prescribed, which can either be acquitted online or be sent along later with the attached documents.
Along with this you should put together a recent passport size color photograph (stamp size: 3.5cm x 2.5cm) on the form. You have to mention the code and designation of the concerned Assessing Officer of the department of Income Tax in Form 49A.
It has turn out to be mandatory for the holders of foreign passport as well as NRI (Non Resident Indian) to quote the figure in financial transactions and if doing any investment in the country. This has come into effect from year 2007. The NRI can easily apply PAN Card Online and get it within couple of week’s time. The rudiments are overseas Passport size color passport, address proof, photo copy of passport as ID proof and a charge to be paid to NSDL as relevant at that time.
The status of PAN Card can easily be traced online using fifteen digit interim number acknowledged during the application. Opposite to popular idea that the number benefits the holders and it is useful on numerous instances. It accords reliability as well identification. The cost is very low but the advantages are very valuable applying for this Pan card.