Everything about PAN card application for Indian and Foreign citizens

What is a PAN card?

Commonly known as PAN, it stands for ‘Permanent Account Number’. This card being a non-transferable identity card issued by the NSDL on behalf of the Government of India, is a mandatory document that should be owned by every taxpaying citizen of the country. The PAN or Permanent Account Number is an identification code for those who pay Income Tax whether they are individuals, families or corporate persons.

What are the benefits of PAN card?

  • Serves as a potential identity proof
  • Feasible filing of income tax returns
  • Helps in opening new bank accounts and depository accounts
  • Feasible applications for credit cards and bank loans
  • Mandatory for sale or purchase of valuable movable or immovable property, huge amount of payments, massive deposits into banks accounts, investments and all sort of heavily valuable transactions

Who can apply for a PAN CARD?

Every Indian citizen who possesses a valid identity proof, income proof, address proof and date of birth proof (as prescribed by the Income Tax Department) are eligible to apply. Any individual including foreign citizens earning taxable income in India must possess a PAN card.

What are the eligibility criteria to apply for a Pan card?

Indian citizens/companies/entities need to apply for PAN card by using Form 49A.

  • Applicant should be an Indian citizen with valid identity proof, address proof and date of birth proof (Checklist of acceptable proofs is available in the website).
  • Minors or mentally Retarded Individuals can also apply for PAN card. Application along with the valid document proofs have to be submitted by their guardians or representatives.
  • Partnership Firms, Limited Liability Partnerships, Companies, Trusts, Local Authorities, Registered associations, Association of Persons or Artificial Judicial Person are also eligible to apply for a PAN card by submitting all the necessary valid documents. Companies can also apply for a pan card online.
  • Apply pan card online (NRI): Pan card application for NRI or Non Resident Indians requires a copy of his/her bank account statement that is held in present country of residence as their address proof document.
  • Foreign citizens or foreign entities are also eligible to apply for a PAN card. They can use Form 49AA along with the necessary documents to apply for one.

Apply PAN card online in a few simple steps:

  1. Go to http://www.panind.com/india/?gclid=CjwKCAjw-6bWBRBiEiwA_K1ZDRXjHLJNjCI2AewGQBtxVDM2iHbN0roLLcbNup_ZT3nmkPgYjmHN-hoCOTUQAvD_BwE
  2. Click on Apply for new PAN
  3. Click on APPLY NOW
  4. Fill up your details and click NEXT
  5. After your payment you can download your Pan card and print it.

Conclusion

This article covers all the important information regarding the eligibility criteria required to apply for PAN Card India.ff