Friday, August 19, 2016

How to Apply for a PAN....?

PAN...Permanent Account Number is a number given to the individual, organization, companies, etc., in India by the Department of Income Tax who pay tax, who do financial transactions, or in short who do business in India...

Since it is mandatory to quote this number to avail many of financial work done, it is important to know how to obtain this PAN.

Though many of us already have valid PAN or there are many agents who help to obtain this PAN, nobody bother to know how to apply for PAN.

It is very simple and can be done at comfort of sitting in home through online. Only thing we should be aware of some simple tactics while applying.

There is two agencies through which PAN can be applied UTI and NSDL..through Form 49A. Through the same agencies correction in the PAN data base like correction in the spelling, change of name, change of address, change in signature can be done. Duplicate card can also be obtained.

It is well clear and understandable in the online website itself. But there are few points to note to avaoid rejection of new PAN application or correction application.

1. Make sure to enter the first name, middle name, sur name (IT department expects the supporting document also should have the name in the same format)

2. Father's name should not contain any initials. Meaning you have to expand your father's initial. SO take extra care while entering your grand father's name. (The supporting document also should contain your father's initial expanded)

3. While sending the document make sure to give a good photograph so that it will be clear on the printed card.

4. Sign the application clearly and legibly, so that it appears good on the card. This will prevent confusion while submitting for proof.

5. Enter your address clearly, as most of the banks, mutual fund companies, share trading agencies pull the address from the PAN database automatically even if you different address in those places. (Thanks to KYC process)(Make sure the supporting document also has the same address with spelling)

6. Enter your Aadhar correctly in the Application and it is better to submit the aadhar as address proof. There is high chance that it will be accepted. (If there is any change in address, first make changes in Aadhar and then apply for PAN. Making changes in Aadhar is very easy)

7. There is high probability that those who don't have Aadhar and passport, the other documents like driving licence, voter's id, ration card will not have the initials expanded and the father's name will not have grand father's name. SO it is better to utilise the option of getting a certificate from a Group A or Group B gazetted officer a certificate mentioning the correct name, address as a certificate of identity and address in the form Annexure A . This option will surely prevent the application from rejection.

8. Be sure not to give any false information in the PAN application. It's a double edged sword. Some or the other day it will make us to land in trouble.

9. If nothing is possible, you can always approach the authorised agents of UTI or NSDL (not the people who are sitting in browsing centres)

10. A single spelling mistake in PAN will create problem in getting back your hard earned investment money in future. Be a responsible citizen...Pay Tax properly.

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