PAN Card e-KYC, Know your Customer, PAN Card Concepts, Apply Online, PAN Card Structure: As everyone knows that making a PAN Card has become a very important task for every native. It generally means that Permanent Account Number [PAN]. It is used to determine various taxpayers. It includes ten alphanumeric numbers or digits that show the identity of a particular person. The whole PAN Card process has to be done only online medium. It is completely a digital platform from where every user or citizen used to get information related to their Income Tax by just sitting at home or from anywhere or anytime. It is just a number that includes various information about citizens such as name, birth date, and address. Let us tell you all that it is mandatory for all people that no two PAN Card Number has the same digits. This generally rejected. So, it is better to use all government legal documents in a proper manner. This PAN Card is lawful for a life. So, In this given article we will share everything related to the PAN Card Importance, History of PAN Card, PAN Card Concepts, Structure, different ways to enroll, and PAN e-KYC.
| Topic Name | PAN Card: History, Structure, Design, and PAN e-KYC |
| Article Category | History of a PAN Card PAN Card Structure Importance of a PAN Card PAN Card Related Concepts PAN e-KYC [Know your Customer] Different ways to Enroll for a PAN Card Frequently Asked Questions |
History of a PAN Card
Here we will discuss all the important events related to the PAN Card. Let us tell you all that before the basic meaning of PAN Card was received, there was only a GIR number that was appointed to all taxpayers. This process can be done by assessing officer and it is manual system work. It is not possible to create a unique number in all countries. With this GIR number, it creates many problems, errors, miscalculations, and sometimes identity mistaken during any tax assessment.
Also Read: PAN Card Documents
This GIR number was provided by the Assessing Officer, and it includes all important information of a taxpayer. This PAN Card concept was first provided by the government of India in the year 1972 below the Income Tax Act [1961] section 139A. This PAN Card process was made important for all citizens since the year 1976. Earlier, all PAN Card Numbers were maintained totally manually, and to get rid of duplication, every allotted PAN Card number has a unique number. It was provided a set of series in the year 1995. Let us tell you all about the number of series of a PAN Card.
PAN Card Series: Old
Here we discuss all important information related to the PAN Card Series. As we see there are a number of changes or problems that occur in a PAN Card. Some of these difficulties are shared as under:
- Earlier When you were applying for a PAN Card, then every information was not fully recorded or there was no data warehouse to maintain data of PAN Card numbers.
- Every applicant or citizen data for particular PAN Card owners were not fully structured, other than this it was not taken any definite information except name, address, and etc.
- As we see there did not exist any streamlined authority for those who governed a PAN Card, it results in that the opportunity of various types of centers that assign an equal number to various other individuals.
- Let us tell you all that this PAN Card Number was not for a lifetime, rather it is more dependent on the PAN Card owner residential address.
PAN Card Series: New
According to the Income Tax Department below the revised section of 139A in the year 1995, there exists a new PAN Card series was launched. This new series will first come into the mind by the Indian authorities. This new PAN Card facilitates all important information that comes in the mind of people who are newly developed PAN Card. This new information was not included in an older series of a PAN Card. Information is given as under:
- It is important to get interconnected all types of tax similar information, new information, and old information into a single Identity number.
- In this new series of a PAN Card, every citizen can get their information very easily from the data warehouse. Every transaction information was fully safe and works very effectively and efficiently.
- In this new series of a PAN Card, it matches every single information of a particular person whoever using a PAN Card. It mapped every single information such as details of the loan, Investment information, credit, or debit information. These types of information will get fully tracked and protect in tax dodging.
PAN Card Structure
Here we discuss all important information related to the Structure of a PAN Card. This usually includes all important details namely identification, proof of age, and all details of KYC [Know your customer] Guidelines. The following are the details that should be mention on a PAN Card.
- Card Owner Name: Individual Person or Company
- Birth Date: If there is an Individual Card owner, then there should mention a birth date of the owner or if it is a Company, firm PAN Card owner, then there should be mention a registration number on it.
- Card Owner Father Name: It is suitable for all individual PAN Card owners.
- PAN Card Number: It is a type of ten letters alpha-numeric number from where each letter of the given alphabet shows specific information related to PAN Card owner.
- In this PAN Card alphabet, there is given the first 3 alphabet which is a pure alphabet or letter in nature and it also includes three alphabets from A to Z.
- In this PAN Card alphabet, the 4 alphabet shows the level of a taxpayer. Here are given a number of PAN Card alphabets that show different meanings. Alphabets are:
- A: Association of People
- F: Firm
- E: Limited Liability Partnership [LLP]
- B: Body of Individuals
- P: Individual
- J: Artificial Judicial Person
- C: Company
- G: Government
- H: Hindu Undivided Family [HUF]
- L: Local Government
- T: Association of Persons for a Trust
- In this PAN Card, the fifth alphabet shows the individual surname first letter.
- Other letters are like an irregular character. In this letter, the starting first four alphabets are numbers, and the last one is a character.
- It also includes a sign of the individual person. This sign on a PAN Card indicates an individual financial transaction.
- It also includes a photo of an individual person. This photograph indicates an identity proof of a particular person. If somebody uses a PAN Card for their firm or company, then there will no requirement of any photograph on it.
PAN Card New Design
Let us tell you all that the Department of Income Tax has been started a new layout for all PAN Card which is governed by the Indian Government after 1 Jan 2017. Here we discuss all-new features for the making of a PAN Card as a new design. Now, we will discuss all the various steps that show changes in a new PAN Card. Steps are:
- In this new PAN Card, there is a Quick Response [QR] code. This code includes all information of the PAN Card owner. This code can work as a verification.
- In this new PAN Card, it includes the PAN Card owner name, father’s name, and birth date of the citizen.
- In this new PAN Card, it changes the place of the PAN Card owner’s signature.
Amount of PAN Card Application
Every citizen or person can make their PAN Card with the help of an online process. This online procedure can be done by using the NSDL website or UTITSL website. Here we discuss the total cost while applying for a PAN Card Application. Cost is given as:
- On the address of all Indian citizens: Rs.93/- (omit GST)
- On the address of all Overseas citizens: Rs.864/- (omit GST)
Importance of a PAN Card
As we already know that PAN Card behaves like a particular person income department transaction. Here we will discuss the importance of a PAN Card. Let us tell you all that PAN Card is a type of unique description number that shows each person’s tax-paying details. It has a number of uses, which includes:
- Applicant Identification Proof
- Applicant Residential Proof
- Applicant Telephone Connection Bill
- In all type of Tax Filling
- Business Registration
- In all types of Financial Transactions
- Used in Gas Connection
- To open a New Bank Account
- Used in Mutual Funds: As it is important to get completed e-KYC for taking benefit in mutual fund investment.
Eligibility
Let us tell you all that the facility of a government-issued PAN Card has been provided to all individuals, non-resident Indians, companies, or eligible for every applicant or citizen whoever wishes to make a PAN Card.
PAN Card Related Concepts
Let us tell you all that the basic concept of a PAN Card is not similar to any other term, rather it is just a combination of numbers that is assigned to every citizen or taxpayer. It is just a particular number. Everybody should know the fact that there exists an exact service that works the same as a PAN Card, and it is also used in all tax-related purposes. Services are:
- Tax Deduction and Collection Account Number [TAN]: According to the Income Tax Department, this TAN includes ten digit unit that is provided to all individual people, and entities. They work to gather or deduct tax payments as a TDS [Tax Deducted at Source]. This TAN information should be mentioned in the paper while applying for a TDS or TCS [Tax Collected at Source] challans. This will be made to distribute a refund. If whosoever, get failed while obeying the rule of TAN, then it would result in punishment of Rs.10000/-.
- Taxpayer Identification Number [TIN]: It is a type of a particular 11 digit unique number that is used to search various dealers who are certified below Value Added Tax [VAT]. This TIN number is provided by every single state, and it is mandatory for all types of traders, dealers, and manufacturers to get register a TIN number. Let us tell you all that this TIN number is copied when every taxpayer generates orders, invoices, or any type of quotations from any type of issuing or receiving company. According to the Income Tax Act in the year 1961, this TIN number is also responsible to get search for various different accesses.
Also Read: Duplicate PAN Card
PAN e-KYC [Know your Customer]
As everyone knows the fact that how important is to link a particular person Aadhaar Card to PAN Card. And this type of joining which is done between Aadhaar Card to PAN Card becomes very important for any e-KYC. This works as a verification process and gets various benefits from it. You can avail different types of benefits from all service providers team.
Let us tell you all that PAN e-KYC is used as a very big service provider for a PAN Card. This service has become very big for every Income Tax Department people. From this e-KYC service, every customer which is also known as end-user and government people has got a big profit. Here we discuss all the basic points that show how much e-KYC has benefit to people. Reasons are:
- Quick: From this, every PAN Card owner should be able to discuss anything related to their services with every service provider with the help of a protected channel within a few minutes, it cancels out waiting time for any physical legal papers. It reduces time, cost, and long waiting queue.
- Authorized: It shows that every information that is shared through e-KYC includes authenticated information and which makes them legal, and it is accepted by all parties who are getting involved in bank transactions.
- Paperless: This e-KYC system becomes all paperless. It enables every service provider to do all documentary work very effectively and efficiently. It reduces time complexity.
- Cost Friendly: As we told you that this whole process becomes paperless. In fact, this work is completely an online process. It generally saves time among all customers and service providers. It reduces every physical movement between people. Becomes a whole cost-effective process.
- Security: All type of data and information that is distributed between every service provider and end-user is fully digital. All types of important papers are shared with the help of a full protection digital security system. This type of paper is not fake and is permitted for both PAN Card owner and service provider.
Different ways to Enroll for a PAN Card
Here we will discuss the various different types of enrollment ways to get apply for a PAN Card. So, If a person wants to apply for a PAN Card Online or Offline, now they can do by just following three simple steps. Steps are given below:
Online
- First, visit NSDL or UTIITSL website.
- Fill this form properly, submit, and pay all required fees.
- Now, after this PAN will be sent to your permanent address within 15 days.
Offline
- First, Get an application form from authorized PAN Center.
- Fill this form properly, attach all required documents, and submit a form with the required fees.
- Now, after this PAN Card will be sent to your permanent address within 15 days.
I hope you will understand this article very well and are ready to take benefit from it. If you are facing any problems related to the meaning of a PAN Card Structure, Importance, Different ways to Enroll, and PAN e-KYC then you may ask your queries in the given comment box.
Frequently Asked Questions
Around how much does it cost for receiving a PAN Card for all Indian Citizens?
Through Online facility, PAN Card Application is available for all Indian Citizens at the cost of Rs.93/- (without GST).
Around how much does it cost for receiving a PAN Card for all Overseas Citizens?
Through Online facility, PAN Card Application is available for all Overseas Citizens at the cost of Rs.864/- (without GST).
Within how many days should we get PAN Card to our permanent address?
It will be sent to your permanent address within 15 days.
What are all important reasons why people use more PAN e-KYC?
Some of the reasons are Secure, Paperless, Quick, Cost-friendly, and Authorized.