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PAN card is known as the Permanent account number. It is known as a way of making the identification of various taxpayers in the country or tracking the financial transactions of the citizens. It is a unique identification number assigned to an individual who pays taxes in India. The identification system of PAN is a computer-based system that assigns to every Indian paying Tax entity.
PAN Card is the same as the Social Security member or SSN used in the United States. The aim of having SSN is to track individuals for social security purposes. It becomes a primary identification number for taxation processes. PAN card issued under the Indian Income Tax Act, 1961 under the supervision of the Central Board for Direct Taxes (CBDT).
PAN Card is valid for the entire lifetime as PAN number does not changes even you update any information.
PAN card for individuals is the most common and can be applied through Form 49A, which is available online on the Income Tax Department, NSDL and UTIITSL websites. The category includes resident Indians. Indian minors and students are also eligible to apply for a PAN card.
For NRIs or other Persons of Indian origin
NRIs and PIOs can avail a PAN Card for taxation purposes in India. They can do so by applying for a PAN card through Form 49A.
For foreign entities paying tax in India
Firms or large corporate, which are registered outside India and pay taxes in India can also avail of a PAN Card. They can do so by filling out the Form 49AA.
For OCI and NRE
Overseas Citizens of India (OCI) and Non-Resident Entities (NRE) can also apply for a PAN Card in India. They can do so by applying for the PAN card using Form 49AA.
For Indian Companies
Firms and corporate entities that are registered and operational in India can also apply for a PAN Card. They need a PAN card for financial and tax-related transactions.
There are two ways in which PAN Card Application can be made either online at the NSDL website or by applying in any PAN agencies at a district level by visiting at the agency as an offline mode. There are two forms of PAN application, one is for the citizen of India, 49 A and the other is 49AA, for foreigners. PAN application can be made both for new PAN and as well as reprint and correction of your existing PAN Card. To make the application process a success, please provide all the required documents to support the application.
Application form for new PAN and reprint of PAN is different. Once the user makes any of the above PAN card application then he or she can easily track the status of PAN with the help of acknowledgment number furnished by NSDL.