Some FAQs about PAN…..

What are the benefits of obtaining a Permanent Account Number [PAN] and PAN Card?

PAN has been made compulsory for every transaction with the Income Tax Department. It is also mandatory for numerous other financial transactions such as opening of bank accounts, availing institutional financial credits, purchase of high-end consumer item, foreign travel, transaction of immovable properties, dealing in securities etc. A PAN card is a valuable means of photo identification accepted by all government and non-government institutions in the country.

I have lost my PAN card but remember my number. Do I necessarily need to get a fresh card?

With your PAN you can continue to transact with the Income Tax department. However, in respect of other agencies you may encounter constraints without a PAN card since it doubles as a photo identity card.

I have been allotted two PANs. Which number should I use?

You may retain any one of the numbers and surrender the other through a letter addressed to your jurisdictional Assessing Officer.

If I do not surrender the additional PAN number, is there any problem?

Yes. It is illegal to have two PANs and the penalty for such offence is Rs.10,000/-.

By mistake I have been using different PANs for different purpose like one for my D-mat account and another for filing my Income Tax return and payment of taxes. How do I set this right?

It is advisable to retain only one PAN, preferably the one used for Income Tax purpose and surrender the other number immediately. The institutions where the latter number has been quoted should be informed of the correct PAN.

Is it mandatory to file return of income after getting PAN?

No. Return is to be filed only if you have taxable income.

Do I need to apply for a PAN when I move or get transferred from one city to another?

Permanent Account Number (PAN), as the name suggests, is a permanent number and does not change. Changing the address or city, though, may change the Assessing Officer. Such changes must, therefore, be intimated to nearest IT PAN Service Center for required corrections in PAN databases of the Income Tax Department.

Income Tax Department has issued me a PAN card; can I obtain a new tamper proof PAN card?

For obtaining the new tamper proof PAN card a fresh application will have to be made in new form 49A to IT PAN Service Center, in which existing PAN will have to be indicated and old PAN card surrendered.

I had applied for PAN and received PAN number but have not received the PAN card?

Apply afresh in the Form 49A at any IT PAN Service Center quoting the PAN allotted to you.

I had applied for PAN but have not received any communication from Income Tax Department?

In case you had applied prior to notification of new form 49A on 29.5.2003 but have not received the PAN, you will have to apply afresh in new Form 49A at any IT PAN Service Center.

What is the cost of obtaining a PAN card?

The cost is Rs. 96/-