What Is a Pan Card? Why Is It So Important in India?

by Vanshika S. SEO Executive

In India, every taxpayer is allotted a Permanent Account Number or PAN Card, an alphanumeric number issued by the income tax department under the supervision of the Central Board of Direct Taxes, India. In India, every person earning above 2.5 lakh or 250,000 in a financial year is subject to income taxes, and hence it becomes mandatory to have a PAN Card.

A PAN Card is essential to every Indian Citizen as even opening a bank account in the country requires you to hold a Permanent Account Number.

Applying for a new PAN Card in India:

A new PAN card in India can be obtained by making an online application through the official website (click here). It can also be obtained through a physical PAN application through a PAN Card Agent like Alankit or submitting the physical application to any nearby TIN-FC or PAN Centres of the Income Tax Development.

Before you start the online PAN card application process, getting the essential documents ready is vital. For Indian Citizens, a proof of address, a proof of identity and a proof of age documents are required. All three can also be provided through a valid passport.
If your ID proof doesn’t have your current address, you can prove the same by attaching a copy of a landline bill, electricity bill, rental agreement, latest property tax receipt or water bill.
Some valid documents that can prove your age include - Board examination report card, Matriculation certificate, Passport, Marriage certificate, Driving License, domicile certificate issued by the government.
These documents should be digitalized and attached to the online PAN application form or, a copy of the same should be attached to the physical PAN application form you obtain from a PAN centre.
Once you have applied for a PAN Card, it will take 15-20 working days to receive the physical card, whereas using online at the website mentioned above will not take you more than 3 working days from the date of application.

For changing the details on the PAN Card:

The process to change the details on the PAN Card remains almost the same.

Download the form to update existing details from the official PAN website mentioned above or go to your nearest TIN-FC or PAN Centre and submit the physical PAN Card Correction Form.
The documents required to correct/update details on your PAN remain the same as the documents required to obtain a new PAN Card.
Once you apply for detail correction, you will obtain a new PAN Card, with the same PAN, but with the new details that you have provided in the form. This process will take 25 working days.

Note: Be very careful while you fill the forms, and make sure all the details match with the details on the documents you have provided. Otherwise, the PAN application could get cancelled.

The cost of obtaining a PAN Card with an Indian Residential Address will cost you INR 107.00, and for an address abroad, it would cost you INR 1017.00

Apply for your Pan Card online today from Alankit Limited and get access to their professional support. It is the flagship company of Alankit and has emerged as a significant player in the country’s e-Governance Service Providers. They are massively based across more than 673 cities and 8000 business locations in India and abroad. For any other queries, contact them here.