Frequently asked questions

1. What is PAN registration in India?

   PAN stands for Permanent Account Number, which is a unique 10-digit alphanumeric code issued by the Indian Income Tax Department. PAN registration is the process of obtaining a PAN card, which is necessary for various financial and legal transactions in India.

2. Why is PAN registration important in India?

   PAN registration is essential for filing income tax returns, opening a bank account, investing in the stock market, purchasing property, and other financial transactions. It also serves as a form of identification and helps in tracking financial transactions.

3. Who is required to obtain a PAN card in India?

   Any individual or entity that earns taxable income in India or conducts financial transactions that require PAN is required to obtain a PAN card.

4. How can I apply for PAN registration in India?

   You can apply for PAN registration online through the NSDL or UTIITSL websites or by visiting a PAN card center. You will need to provide personal and financial information, proof of identity and address, and pay the requisite fee.

5. How long does it take to receive a PAN card after registration?

   It typically takes 15-20 days to receive a PAN card after registration, but you can also opt for expedited processing for an additional fee.

6. What are the documents required for PAN registration in India?

   You will need to provide proof of identity, address, and date of birth. Accepted documents include Aadhaar card, passport, driving license, voter ID card, and bank statement.

7. Is it mandatory to register for PAN if I am a foreign national residing in India?

   Yes, foreign nationals residing in India are also required to obtain a PAN card if they earn taxable income or conduct financial transactions that require PAN.

8. How does PAN registration help in India Advocacy?

   PAN registration helps in promoting transparency and accountability in financial transactions, which is essential for good governance and economic development. It also helps in curbing tax evasion and promoting compliance with tax laws, which helps in generating revenue for the government to fund public services and infrastructure

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   Role of India Advocacy in promoting awareness and Compliance with PAN Registration

   India Advocacy is an organization that aims to promote awareness and compliance with various laws and regulations in India. The organization works towards educating individuals and businesses about the importance of PAN registration and linking PAN with Aadhaar. India Advocacy also provides assistance to individuals and businesses in obtaining a PAN card and complying with the latest laws regarding PAN registration.

   By promoting awareness and compliance with PAN registration, India's Advocacy is playing a crucial role in promoting financial inclusion and transparency in India. The organization is also helping individuals and businesses avoid penalties and legal action by ensuring that they comply with the latest laws regarding PAN registration

   

   
   

   Documents required for PAN:

   To apply for PAN in India, you will need to submit the following documents:

   Proof of Identity : Any one of the following documents can be submitted as proof of identity

   • Aadhaar Card

   • Voter ID card

   • Passport

   • Driving License

   
   
   

   Proof of Address : Any one of the following documents can be submitted as proof of address

   • Aadhaar Card

   • Voter ID card

   • Passport

   • Driving License

   • Bank Statement

   • Electricity Bill

   
   
   

   Proof of Date of Birth : Any one of the following documents can be submitted as proof of date of birth:

   • Birth Certificate

   • Passport

   • Class 10th certificate

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   Overview

   PAN stands for Permanent Account Number, which is a 10-digit alphanumeric identifier issued by the Income Tax Department in India. Individuals and businesses must obtain a PAN card for various financial transactions, including filing income tax returns, opening a bank account, and investing in securities. PAN is an essential document that serves as a tool for tracking financial transactions and tax compliance.

   Latest Laws regarding PAN Registration in India

   The latest laws regarding PAN registration in India were introduced in the Finance Act, of 2021. According to the new laws, individuals and businesses are required to quote their PAN for various high-value transactions, including:

   • Purchase or sale of immovable property worth Rs. 50 lakh or more

   • Purchase or sale of a vehicle, other than two-wheelers, worth Rs. 10 lakh or more

   • Opening a bank account

   • Depositing cash of Rs. 50,000 or more in a bank account

   • Applying for a credit or debit card

   
   
   

   The new laws also require individuals and businesses to link their PAN with their Aadhaar card. Aadhaar is a 12-digit unique identification number issued by the Unique Identification Authority of India (UIDAI) to Indian citizens. Linking PAN with Aadhaar is mandatory for filing income tax returns, and failure to do so can result in penalties and legal action.

   How to get a PAN Card in India ?

   To obtain a PAN card in India, you need to follow these steps:

   1. Visit the official website of the Income Tax Department

   2. Click on the 'Apply for PAN' option under the 'Quick Links' section.

   3. Select the appropriate category, i.e., individual, HUF, company, etc.

   4. Fill in the required details, including your name, date of birth, address, and contact details.

   5. Upload the necessary documents, such as proof of identity, proof of address, and proof of date of birth.

   6. Submit the application and wait for the PAN card to be delivered to your address.

   
   
   

   It is important to note that the application for a PAN card can also be made offline by submitting form 49A at any of the TIN-FCs (Tax Information Network Facilitation Centers) or PAN centers.

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   Follow the general instructions listed below while furnishing the digital signature application form:

   • The signature of the applicant should be in blue ink only
   • The signature of the applicant should be as it is in the Identity Proof
   • A photo of the applicant in the application form should be signed by the applicant
   • All supporting documents should be attested by either Gazetted Officer / Bank Manager / Post Master
   • For proof of attesting officer, either one of the below is mandatory –
   • Contact Details of Attesting Officer including the name, designation, office address, and contact number. This should be part of the attestation. If provided separately, it should be attested either by the Applicant or Attesting Officer
   • Self-Attested copy of the Organizational Identity card of the Attesting Officer
   • Organizational Documents can also be attested by Authorized Signatory. However, if the taxpayer fails to get the Organizational Documents attested by the authorized signatory, an attested copy of the organizational ID card of the authorized signatory is mandatory.
   

   How Digital Signature work

   Like handwritten signatures, digital signatures are unique to each signer. The providers of digital signing solutions, such as DocuSign, follow a specific protocol called Public Key Infrastructure (PKI). PKI requires the provider to use a mathematical algorithm to generate two long numbers called keys. One key is public, and one key is private.
   When someone electronically signs a document, the signature is created using the signer’s private key, which is always securely kept by the signer. The mathematical algorithm acts as a cypher, creating data matching the signed document, called a hash, and encrypting that data. The resulting encrypted data is the digital signature. The signature is also marked with the time that the document was signed. If the document changes after signing, the digital signature is invalidated.
   For instance, suppose that Jane signs a timeshare sale agreement with her private key. The buyer receives the document. A copy of Jane's public key is also sent to the document's purchaser. If the signature is not Jane's or the document has changed since it was signed, the public key will be unable to decrypt it using the cypher that produced the keys. The signature is then invalid. To ensure the integrity of the signature, PKI mandates that keys be generated, carried out, and stored securely. As a result, a reliable Certificate Authority (CA) is typically required. Companies that provide digital signatures, like DocuSign, address the PKI criteria for secure digital signatures.
   

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   Advantages of the Pan Card :

   • The PAN card serves a crucial role in various financial transactions. It is a must-have document for filing income tax returns, verifying them, and claiming any related refunds

   • The PAN card is widely recognized as a valid proof of identity, not just in India but also abroad, as it is endorsed by the Indian IT department and government. The card displays your full name, date of birth, and photographs, making it an acceptable form of identity verification.

   • A PAN card is essential for obtaining other important documents such as a driving license, passport, or voter ID.

   • Businesses and other professional practitioners with a yearly revenue of more than Rs 5 lakh must have a PAN card. Additionally, it is necessary for organisations and individuals who are accountable for paying taxes under the Income Tax Act.

   • Opening a bank account at any type of financial institution requires the submission of a PAN card. It also helps in obtaining a debit or credit card

   • Investments have become a way of life. You require a PAN card to process your investments in financial markets such as stocks, shares, securities, mutual funds, commodities, etc.

   • Any transaction involving real estate or high-value items such as jewellery or vehicles also requires the submission of a PAN card. Investing in financial markets such as stocks, shares, securities, or mutual funds also requires a PAN card.

   • PAN details are often required for fixed deposits or obtaining new telecom connections or utilities like LPG lines, internet, or electricity.

   • Finally, paying insurance premiums or making insurance claims can only be done after providing PAN card information.

   Conclusion :

   In conclusion, PAN registration is a vital step for individuals and businesses in India to conduct financial transactions and comply with taxation laws. With the digitization of the process, it has become more accessible and convenient for citizens to obtain their PAN cards. India Advocacy recognizes the significance of PAN registration and encourages all eligible individuals and entities to apply for it. By doing so, they cannot only fulfill their legal obligations but also access various financial and banking services seamlessly. So, whether you're a salaried employee, a self-employed professional, or a business owner, don't hesitate to get your PAN card today! Remember to keep the necessary documents handy and fill in the application form with accurate details to avoid any delays or rejections. For more information or assistance, you can visit the official website of the Income Tax Department or seek help from authorized agents. Let's all contribute to a more transparent and accountable financial system in India!

   Sample documents

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