The Buyt Desk
A Permanent Account Number (PAN) card is an important identity proof. The Income Tax Department keeps a track of financial transactions of the citizens through PAN cards. It is an essential document to file Income Tax Return (ITR) every financial year. The usage of a PAN card is not limited to ITR filing only. It is required mandatorily while conducting various financial transactions like buying a property, opening a bank or post office account, obtaining credit or debit cards, mutual fund purchase worth Rs.1 lakh or more, buying a life insurance plan.
How to get a PAN Card?
Over the years, the IT Department has simplified the process of obtaining a PAN card. You can even generate an instant e-PAN card using your Aadhaar number. The widespread distribution of Aadhaar cards in the country has ensured that more and more people have their Aadhar card/number. If you have your Aadhar card/number it’s very easy to get a PAN for yourself. It is a free-of-cost service provided by the government.
Let us discuss the four steps to get your e-PAN card.
Step 1: Visit the website https://www.
Step 2: Click on “Get NEW PAN”.
Step 3: Enter your Aadhaar card number and the required Captcha code. Click on “Generate Aadhaar OTP”.
Step 4: OTP will be received on the mobile number linked with your Aadhaar card. Once you verify the OTP, your e-PAN card will be generated. The e-PAN card is obtained in PDF format. It is treated the same as the physical copy of a PAN card.
So what are you waiting for? If for some reason you do not have a PAN card, instantly generate it using your Aadhaar card number. The IT Department has mandated the linking of PAN cards with the Aadhaar card by June 30, 2021. When you generate an e-PAN card using an Aadhaar card, automatically both numbers will be linked and you will fulfill the rule set forth by the IT Department.
What Is The Importance Of Pan Card
The PAN Card is an essential document required for many tasks. It is a valid identity proof but its significance is not limited to only this. It is required for numerous tasks.
Real Estate Purchase – People must produce a PAN card when buying property valued at more than Rs 5 lakhs.
Credit Card: Applying a new credit card or debit, then PAN is a must document. It is a mandatory requirement for the opening of a saving account in the post office as well.
Insurance Premium: PAN is required to be furnished if insurance with a premium of over Rs 50,000 is bought.
Transaction Above Rs 50,000: It is important to link PAN card with Aadhar card if you are filing Income Tax Return. It is also an important document to be produced for cash purchase of Bank Draft, bank cheque of over RS 50,000, or pay orders in a day.
For FD and TD: It is mandatory to produce your PAN card if you are buying mutual funds and securities valued at more than Rs 1 lakh. You need to furnish your PAN for starting a fixed deposit with a bank or post office.
