PAN card links the financial transactions. This card works in the form of the identity proof and remains unaffected even after changing the address. Check steps on How to apply for a duplicate PAN card below.
What is a PAN Card?
Permanent Account Number refers to the unique 10 digits alphanumeric identity that is allotted to the taxpayer by the Income Tax Department of India. It is monitored under the supervision of the Central Board of Direct taxes.
You must have come across the term duplicate PAN card. The reprinted PAN card is often referred to as the duplicate PAN card. You can apply for this card in case you have lost the original one or require a new PAN card due to some other reason.
In that case, the new PAN card will be the same details as that of the original one. But, there are certain rules to it.
Also, Check – How to Link your Aadhaar Card with PAN Card Online?
Advantages of PAN Card
There are a plethora of advantages to having a PAN card.
The following section will highlight some of the advantages.
- With the PAN card, you can purchase or sell vehicles except for two-wheelers.
- It serves the purpose of opening an account with the banking company. The rule applies for all services except for a time deposit where PAN Card details are required.
- When you are depositing INR 50,000 or more than INR 500000 during the financial year. The rule goes for the post office, bank or Cooperative Bank, and non-banking financial companies.
- The procedure of issuance of a credit card makes it mandatory to have the PAN card
- It helps in opening a Demat account with any depository or custodian of securities or the person associated with SEBI
- PAN card offers benefits while paying amount more than INR 50000 to any mutual fund company or corporate organization. The rule applies for paying amounts to a public institution for buying bonds that are issued by the Institution or the company. For example, if you are buying bonds from the Central Bank of India or RBI, you must have the PAN card.
- PAN card fulfills its benefits of making payment in cash or money Orders and Bank draft. Bankers cheque that accounts for an amount more than INR 50000 in a financial year makes it mandatory to possess a PAN card.
- It helps with payments of life insurance as a premium to the insurance for more than INR 50000 in any financial year.
- It helps in buying or selling securities for any amount that is exceeding INR 100000 per transaction
- In case a company is not listed in the recognized stock exchange list, you can buy and sell the shares of the company by having a PAN card. The rule is the same for exchanging more than INR 100000 per transaction.
- It helps in buying and selling the property that is immovable for amounts more than INR 100000.
- A minor can use the PAN card of his parents provided he or she does not have any income that is chargeable to be paid as income tax.
What can be done when a PAN Card is lost?
First of all, if you lose your pan card, it is mandatory to file an FIR. After this, you can get the duplicate PAN card by requesting for Reprinting the PAN by handing over the old PAN card number along with the copy of the FIR.
Sometimes, it happens so that people do not wish to go through the entire legal process. For them, there is a way to directly apply for the new duplicate PAN card. Follow the below-mentioned steps to complete the procedure online:
Visit the official website https://www.onlineservices.nsdl.com/paam/endUserRegisterContact.html>>> go to ‘Reprint of PAN card’ option>>> click on ‘apply’ option>>> select the kind of PAN>>>Fill up the form(mention necessary information, including Permanent Account Number, email id, phone number, name, address).
*pay keen attention to not clicking on any left-hand side options of the form*
Now it’s time to submit the important documents, including ID proof, date of birth and photographs along with the proof of the lost card(FIR).
Make the required payment with the help of payment modes like net banking, debit/credit card or demand draft.
After submission, you will get acknowledgment in the form of a unique 15 digit number. It will serve the purpose of future correspondence with authorities.
After verification of the documents by the supervising authority, the PAN card will be dispatched. You will get it within 15 days.
Besides all the PAN card advantages, it’s essential to note the extra perks you get by linking PAN with the Aadhaar card. The procedure helps the government to detect and stay informed about duplicate PAN under one name.
Krishna Murthy is the senior publisher at Finance XOD. He is not only the senior publisher but also the owner of Tricky Finance. Krishna Murthy was one of the brilliant students during his college days. He completed his education in MBA (Master of Business Administration), and he is currently managing the all workload for sharing the best banking information over the internet. The main purpose of starting Tricky Finance is to provide all the precious information related to businesses and the banks to his readers.