So many people are concerned that they are neither unable to file their income tax returns (ITRs) nor file their nomination details due to lack of a PAN Card. Possessing a PAN Card is crucial because this ten-character alphanumeric identifier, issued by the Income Tax Department of India, allows individuals and entities to report income tax and facilitates the monitoring of all financial dealings associated with them.
Having a Permanent Account Number (PAN) helps in a range of financial transactions, encompassing:
Filing ITRs: PAN is a requisite for filing income tax returns and conducting tax-related activities.
Opening a bank account: When opening a bank account, a PAN is typically mandatory for identity and taxation purposes.
Obtaining a credit or debit card: PAN is essential for acquiring credit or debit cards, as it aids in tracking financial transactions.
Investing in mutual funds or stocks: PAN is a prerequisite for investing in mutual funds or stocks, ensuring transparency and compliance with tax regulations.
Purchasing real estate: PAN is often mandated for property transactions, including buying real estate.
Engaging in high-value transactions: Significant transactions like acquiring a car or jewellery frequently necessitate PAN documentation for regulatory and taxation purposes.
Applying for government services: PAN is also essential for several government services, such as passport applications and driver’s license issuance, to verify identity and financial history.
In summary, PAN plays a vital role in various financial and government-related activities, facilitating transparency, compliance, and identification in a wide array of transactions and services.
The cumbersome process of manually submitting required documents to obtain a PAN Card has led the government to implement a more convenient online method. This innovation has given rise to the introduction of the e-PAN card facility, also known as instant PAN, which is allocated to applicants with a valid Aadhaar number.
Applying for an e-PAN card?
The government’s introduction of the e-PAN card facility has been warmly received, significantly simplifying the process of obtaining a PAN card for taxpayers. The e-PAN card is a digitally signed PAN card issued in electronic format based on e-KYC data from Aadhaar. It carries the same validity as a physical PAN card and serves all PAN-related purposes.
To apply for an e-PAN card, you must possess a valid Aadhaar number and have a registered mobile number linked to your Aadhaar. The application process is entirely online and can be completed within minutes. Upon submitting your application, you’ll promptly receive an e-PAN card in PDF format. You can choose to download and save it on your computer or mobile device or opt to print a physical copy.
Here are some key benefits associated with using an e-PAN card:
Ease of acquisition: Obtaining an e-PAN card is both straightforward and cost-free.
Legal recognition: It holds legal validity and is recognized as an official document.
Convenient portability: The e-PAN card is easy to carry and store, offering enhanced convenience.
Enhanced security: It is less susceptible to fraud and damage compared to its physical counterpart.
Environmentally friendly: Its digital nature contributes to environmental sustainability.
The introduction of the e-PAN card has streamlined the PAN card application process, offering numerous advantages to taxpayers in terms of accessibility, security, and environmental responsibility.
How to get an e-PAN instantly?
Given how the Ministry of Finance is bent on introducing new steps and rejigging the old ones to ease PAN availability in India, opting for an e-PAN Card is now a matter of a few simple steps. These steps include:
Step 1: Visit the Income Tax Department’s e-filing portal
Step 2: Click on “Instant e-PAN”
Step 3: Select “Get New e-PAN”
Step 4: Enter your 12-digit Aadhaar number and click “Continue”
Step 5: Review the consent terms and check the box to agree to proceed further. Then, click “Continue”.
Step 6: Enter the 6-digit OTP received on the mobile number linked with your Aadhaar, and click “Continue”
Step 7: Choose the checkbox to validate the Aadhaar details with UIDAI and click “Continue”
Step 8: Select the “I Accept” checkbox and click “Continue”.
After submitting all the required information, you will receive an Acknowledgement Number. You can then download and save your e-PAN card in PDF format.
Offline Pan Card Fees & Charges in 2024 – Know Pan Card Price
A PAN card, or Permanent Account Number card, is a critical document in India. Using a PAN card, you can verify your identity, contribute to curb tax evasion, and help the government maintain a transparent financial system.
It is mandatory for you to have a PAN card if you are involved in any economic activities in India, as quoted by Rule 114B of the Indian Tax Rules.
Unfortunately, some individuals, either knowingly or unknowingly, engage in financial dealings without a PAN, violating this very law. Hence, they end up getting trapped in penalties.
PAN Card Charges to get New PAN Card
So, you need a new PAN card. What is it going to cost you to get one?
Applying for a new PAN card in India is convenient and efficient. You can apply through the official portals operated by Protean (formerly NSDL e-Gov) or UTIITSL. Here’s what you need to know about the fees:
In the past, there had been some confusion about the PAN card fees. However, the government has now standardized the fees for all applications within an Indian communication address. Although there’s a fixed fee for applications, the final amount might slightly differ based on the payment method you select. If you’re a citizen residing outside India, you can expect higher charges.
PAN Card Price for Indian Communication Address
Applicants residing within the country need to pay a fee of ₹101. This PAN card fee includes a processing charge of ₹86 plus a GST of 18%.
Any individual or non-individual entity of the income-earning profile must possess a PAN card. PAN cards will allow you to simplify your financial transactions and benefit from the subsidies allowed by the government.
PAN Card Fees for Indian Citizens with Foreign Communication Address
For Indian citizens having foreign communication addresses, charges for a physical PAN card would be ₹1,011, including GST.
You can make the payment via credit/debit card, demand draft, or net banking. However, as per RBI guidelines, a PIN is required for online transactions, so be sure to have this information ready. After your application and payment are accepted, you’ll need to courier your supporting documents to the respective agency for your application to be processed further.
PAN Card Fees for Issuing e-PAN Card
The Income Tax Department recognizes e-PAN as valid proof of PAN. The fee for this service is ₹50, including all taxes for those with an Indian communication address, and ₹959 (inclusive of taxes) for those with a foreign address. The best part? There’s no need to submit a new application form or any supporting documents.
If you already have a PAN allotted but need the physical card, you can request a reissue without any changes to your existing details. This process is simple and can be done entirely online if your latest PAN application was processed through Protean or the Income Tax Department’s e-filing portal.
PAN Card Fees for Reprint/Changes inin India
You can reprint your PAN card if you have misplaced it or need to update some details. For a reprint or to make changes if your communication address is within India, the fee is just ₹110 (this includes a processing fee of ₹93 plus 18% Goods & Service tax). For those residing abroad, different rates apply, so be sure to check the specific fees based on your location.
PAN Card Fees Reprint/Changes in Individuals Residing Abroad
1. For a fresh PAN application, you’ll be charged ₹1,011. This includes the application and dispatch fees of ₹857, along with an 18% GST.
2. If you’re looking to get a reprint or make changes to an existing PAN card, the fee stands at ₹1,020. This consists of a ₹93 application fee, ₹771 for dispatch and an added 18% GST.
Modes of Payment for PAN Charges in 2023
Paying for your PAN fees or charges is flexible, depending on your communication address:
Within India:
- Payment options include Credit/Debit cards, Demand Drafts, or Net Banking.
- Note: Credit/Debit card payments attract an extra charge of up to 2% (plus applicable taxes), and Net Banking comes with a surcharge of ₹4 plus service tax.
- Demand Drafts should be in favor of “NSDL PAN,” payable at Mumbai.
PAN Prices Payment Modes Outside India:
- You can pay via Credit/Debit card or Demand Drafts.
- Additional charges apply for card payments, and you may also face conversion or exchange fees.
- Demand Drafts should be drawn in favor of “NSDL – PAN” and are payable only in Mumbai.