PAN Card is an important document which we can use in day to day important jobs. Main importance of PAN-ARD to file yearly income tax return, need ID proof for reservation of tatkal ticket, for different financial transactions, for opening Bank or D-mat account for trading shares, for buying or selling any fixed assets, for receiving professional fees and many more.
Do you known what the important information is hidden in PANCard. So, today we discuss about the information is PAN-ARD is a 10 digit long and the sequence of PAN Card is 5 (Alphabets) 4 (Numbers) 1(Alphabet).
Meaning and Importance of PAN Card
PAN Card is provided by the Income tax department in laminated plastic money format. If any individual person need to file his yearly annual return then he must need PAN Card. You have to fill form 49 A to get PANCard. Your name, father’s name, date of birth and your signature and photograph are show on the PANCard. There is no worry if your address is changed your PAN Card number is not changed. If you have PAN Card then you get relaxation for charge income tax on higher rate. If you don’t submit your PANCard number then your TDS (Tax Deducted at Source) will be deducted at higher rate of percentage.
Fourth number of PAN Card shows the status of PANCard holder.
- P: It is used for single person.
- F: It is used for firm.
- C: It is used for company.
- A: It is used for Association of Person or AOP.
- T: It is used for Trust.
- H: It is used for Hindu Undivided Family.
- B: It is used for Body of Individual.
- L: It is used for Local.
- J: It is used for Judicial Person.
- G: It is used for Government.
Fifth number of PAN Card shows the first letter from PAN cardholders surname. Next four are numbers which may be 0001 to 9999. These numbers shows the series which is currently running in the income tax department. Last digit of PAN Card is an alphabet check digit code which may be any alphabet.
Need for PAN Card:
There are some important conditions in which you must have to use your PAN Card:
- During buying or selling any vehicle except two-wheeler.
- Pay bill amount above Rs.. 25,000 in any hotel, restaurant or any bar.
- Paid amount during purchases of any companies shares whose amount Rs. 50,000 or higher.
- During deposited any cheque or cash in your bank account which is Rs. 50,000 or
- During buying boo lien or any jewellery whole value greater than Rs. 5,00,000.
- During buying any fixed assets whole value greater than Rs. 5,00,000.
- Paid bill amount during foreign trip of Rs. 25,000.
- Paid to RBI (Reserve Bank of India) for buying any bonds who value is Rs. 50,000 or more.
- Paid to any company for buying any bonds or debentures who value is Rs. 50,000 or more.
- During buying mutual funds.
Important Steps if your PAN Card is lost:
There is no need to worry when you lost your PANCard we known that PAN Card plays an important role if you lost your important document. If Income tax department already allotted you pancard number then you can take following steps to easily prepare a new PANCard.
Step1: Income tax pan service unit is used to issue a new PAN Card. Open the website tin.tin.nsdl.com/pan/. Click on the Reprint PANCard button. After filling form Income tax department issues a new pan card which have same number.
Step 2: You have to fill a form but there is no need to select any left margin check boxes during filling the form by the applicant to get new PAN Card. Then after you have to pay Rs. 105/- by Demand Draft, Chq, Net Banking, Credit Card facility. After paid these charges income tax department issue you an acknowledgement number.
Step 3: Take print of this acknowledgement number and paste your coloured photograph of the size 2.5*3.5 cm and also give your signature. If you deposit charges via demand draft then attach a photocopy of DD, address proof, ID proof, Date of birth proof along with printout and sent it to NSDL office which is switched in PUNE.
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