Get answers to your questions on Permanent Account Number (PAN)

1. PAN Demystified byTaxMunshiThe income tax filing solution that makes you look smart! www.paisaa.in Paisaa Innovative Solutions Jan 27th2010 Email: contact@paisaa.in Twitter: @TaxMunshi Facebook: TaxMunshi

2. What is PAN Card ? PAN stands for Permanent Account Number (PAN) It is a 10 digit alphanumeric number issued by the Income Tax Authority of India in the form of a laminated card It can be considered as an identification number or Indian TAX number/TAX ID PAN is unique and permanent( just as the name suggest) You do not need to change it if you are changing address

3. Who needs a PAN card & why? If you are more than 18 years of age and a resident of India, it is mandatory to have a PAN card You will need a PAN card for financial transactions such as opening a bank account, receiving taxable salary or professional fees, sale or purchase of assets above specified limits. Effective April 1st, 2010, you can have higher tax deducted if your TDS transaction does not have your PAN number. Please see blog http://www.paisaa.in/blog/?p=64

4. Do NRI’s need a PAN number Yes an NRI will need a PAN for the following activities. It is compulsory to quote a PAN in all investment & financial transactions carried in India & on tax returns. It serves as an Indian Identification proof & is needed for stock investment, opening a Demat (Dematerialized) account or just a regular bank account, buying immovable property, getting a loan, applying for a visa or passport, getting rental income, etc.

5. How to apply for PAN You will need to fill form 49A. You can do that by Applying Online : https://tin.tin.nsdl.com/pan/form49A.html or applying at any IT PAN service centres or TIN facilitation centres along with the fee You will need 2 copies of 2 of the following proofs of identity and residence: Electricity bill, Telephone bill, Depository account statement, Credit card statement, Bank account statement, Rent receipt, Employer certificate, Ration card, Passport ,Voter's identity card, Property tax assessment order, Driving license, Certificate of address signed by a Member of Parliament or Member of Legislative Assembly or Municipal Councilor or a Gazetted Officer.

6. How much do I need to Pay as fees? If communication Address is within India The fee for processing PAN application is Rs.94.00 (Rs.85.00 + 10.3% service tax).) Payment can be made either by Demand Draft, Cheque or Credit Card If communication Address is outside India The fee for processing PAN application is Rs.744.00[ (Application fee Rs.85.00 + Dispatch Charges Rs. 590.00) + 10.3% service tax] Payment can be made only by Demand Draft payable at Mumbai. Currently 105 countries outside India are supported

7. Other facts, for your Information It is illegal to have multiple PAN numbers. You must surrender additional PAN numbers Changes can be made to PAN if needed by contacting Tax Information Network (https://tin.tin.nsdl.com/pan/index.html) Sources: www.utitsl.co.in/pan www.wikipedia.org

8. That wasPAN Demystified byTaxMunshiThe income tax filing solution that makes you look smart! www.paisaa.in Paisaa Innovative Solutions Jan 27th2010 Email: contact@paisaa.in Twitter: @TaxMunshi Facebook: TaxMunshi