The PAN (Permanent Account Number) card is an essential document for financial and identity verification purposes in India. Issued by the Indian Income Tax Department under the supervision of the Central Board of Direct Taxes (CBDT), the PAN card facilitates universal identification for various financial transactions, helping to prevent tax evasion. The service of obtaining a PAN card has been streamlined to be efficient and user-friendly, allowing individuals to apply online with ease. Whether for tax filing, opening a bank account, or conducting high-value transactions, the PAN card serves as a critical tool for ensuring compliance and transparency in financial activities.
UTIITSL PAN card service
One of the key services provided by UTIITSL is related to PAN cards. The Income Tax Department has authorised UTIITSL to offer PAN services to both Indian residents and foreign citizens.
Here are the PAN services offered by UTIITSL:
- PAN card application: Assists individuals in applying for a new PAN card.'
- Changes or corrections in PAN: Helps with updating or correcting details on existing PAN cards.
- PAN card tracking: Allows applicants to track the status of their PAN card application.
- PAN verification: Provides a service to verify PAN card details.
- PAN centres information: Offers details about various PAN service centres for in-person assistance.
NSDL PAN card service
Protean eGov Technologies Ltd., formerly known as NSDL e-Governance Infrastructure Limited, has been authorised by the Income Tax Department (ITD) for the acceptance and processing of PAN applications. PAN services are offered through an extensive network of TIN-Facilitation Centres (TIN-FCs) and PAN centres across India, ensuring easy access for applicants.
Here are the PAN services provided by NSDL:
- PAN card application: Facilitates the application process for new PAN cards for individuals, firms, and entities.
- Changes or corrections in PAN: Assists in updating or correcting details on existing PAN cards, such as name, address, or date of birth.
- Reprint of PAN card: Provides services for reissuing lost or damaged PAN cards.
- PAN card tracking: Allows applicants to track the status of their PAN card application online through the NSDL website.
- PAN verification: Offers online PAN verification services for entities and individuals to verify the authenticity of PAN details.
- Customer support: Provides robust customer support to assist applicants with any issues or queries related to their PAN application.
The PAN card services provided by NSDL are designed to be comprehensive and user-friendly, ensuring that both Indian residents and foreign citizens can efficiently manage their PAN card requirements.
The multifaceted uses of a PAN card
A Permanent Account Number (PAN) card serves a variety of crucial functions in facilitating financial activities and ensuring proper identification. Here's a detailed breakdown of its key applications:
- Essential identity proof: The PAN card is widely recognised as a valid document for establishing one's identity throughout India.
- Investment transactions: A PAN card is mandatory for participating in both primary and secondary market investments.
- Demat and trading accounts: Opening Demat accounts and trading accounts that enable the buying and selling of securities necessitates a PAN card.
- Mutual fund investments: Investing in Mutual Funds also requires the submission of PAN details.
- Tax Deduction at Source (TDS): For any depositor, including non-residents, whose income is subject to TDS, a PAN card is mandatory.
- Bank accounts: Opening both savings and current accounts with banks requires a PAN card.
- Fixed deposits: Placing fixed deposits with banks also necessitates the provision of PAN details.