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Who Issues a PAN Card and How It Works

Posted on by PVC CARD PRINTING

A PAN (Permanent Account Number) Card is a crucial financial document in India issued by the Income Tax Department under the supervision of the Central Board of Direct Taxes (CBDT). It serves as a unique identifier for individuals, businesses, and other entities engaging in financial transactions. Understanding who issues a PAN Card and how it works is essential for tax compliance and seamless financial activities.

Who Issues a PAN Card?

The PAN Card is issued by the Income Tax Department of India, with processing handled through authorized agencies:

  1. NSDL (Protean eGov Technologies Limited) – Apply via NSDL
  2. UTIITSL (UTI Infrastructure Technology and Services Limited) – Apply via UTIITSL

These agencies process applications and issue PAN Cards on behalf of the government.

How Does a PAN Card Work?

A PAN Card operates as a unique 10-character alphanumeric identification assigned to individuals and entities. It is linked to all financial transactions and helps monitor tax liabilities. Here’s how it functions:

  1. Tax Identification: PAN serves as a key identifier for taxpayers, enabling tax payments and refunds.
  2. Banking and Investments: Required for opening bank accounts, fixed deposits, stock trading, and mutual funds.
  3. High-Value Transactions: Mandatory for transactions above ₹50,000 in banks, property purchases, and foreign exchange.
  4. Preventing Tax Evasion: Ensures tax compliance by linking financial transactions across institutions.
  5. Business and GST Registration: Essential for business entities to register and file Goods and Services Tax (GST).

Types of PAN Cards

  • Individual PAN: Issued to Indian citizens and foreign nationals with taxable income.
  • Company PAN: Assigned to businesses and organizations.
  • Foreign Entity PAN: Issued to foreign firms operating in India.
  • Minor PAN: Assigned to minors for financial transactions.

How to Apply for a PAN Card?

Applying for a PAN Card is simple and can be done online or offline:

  1. Online Application:
    • Visit NSDL or UTIITSL portals.
    • Fill out Form 49A (for Indian citizens) or Form 49AA (for foreign entities).
    • Upload identity and address proof documents.
    • Pay the application fee and submit.
  2. Offline Application:
    • Visit a PAN service center.
    • Fill out the required form and attach supporting documents.
    • Submit the form along with the processing fee.
    • The PAN Card will be sent to the registered address after verification.
pan card print online
pan card print online

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For added durability and convenience, get your PAN Card printed on a high-quality PVC card. These are waterproof, long-lasting, and easy to carry. Order your PVC PAN Card Print today.

Conclusion

A PAN Card is issued by the Income Tax Department and is vital for tax compliance, banking, and financial transactions. Whether you’re an individual or a business, having a PAN Card simplifies tax-related processes and ensures legal compliance. Apply for a PAN Card today and consider getting it printed on a durable PVC card for long-lasting use!

PVC CARD PRINTING