How to check pan card status
Permanent Account Number (PAN) is a unique 10-digit alphanumeric identity that will be issued to all the tax payers in India by the Income Tax Department. This works under the supervision of Central Board of Direct Taxes. This PAN can also be used as an identity proof. Even though it is not mandatory to take PAN card unlike Adhaar card, you can apply if your income is beyond the limits that you need to pay a tax i.e., if you are eligible to pay income tax to the Government then you must and should have a PAN card to do so. All the transactions you make can be recorded with the income tax department with the help of PAN card as your account number is associated with it. This way there won’t be any chances to cheat the government while paying the income tax. The transaction through PAN card include tax payments, TDS/TCS credits, returns of income/wealth/gift/FBT, specified transactions, correspondence etc. This way there won’t be any mischief’s in tax paying.
This PAN card is unique card that is issued to each individual depending on their requirement. The main motive of introducing PAN card is to bring universal identification to all financial transactions so as to avoid tax evasions that would impact the economy. Every individual having a PAN card and is eligible to pay the income tax could benefit a lot to the economy. There are many people who even though are eligible to pay the tax try to cheat the government by paying less tax than they actually have to pay or totally skip it. So in order to get rid of such things income tax department has made the use of PAN card mandatory.
How to Check Status at tin.tin.nsdl.com
Go to the official website of NSDL i.e tin.tin.nsdl.com.Select PAN from the drop down menu.Please enter your acknowledgement number in the box.If you forgot your acknowledgement number then please enter your name and date of birth in box.Click on the submit button.Your PAN card status will be on your computer screen.
Now you can easily know your PAN status with the help of this article. If you like this article then please share with your friends.
There are many pros and very few cons associated with use of PAN card. Let us see what those pros and cons are.
Pros of PAN Card
1. To open a new bank account
It is very important to produce a copy of PAN card while creating a new bank account. Let that bank account be private/public/co-operative it is must to submit a copy of PAN card there; however recently few banks are allowing creating bank accounts without PAN card too.
2. Applying credit or debit card
Most of the people these days are having both credit and debit cards. It is not that easy to get a credit or debit card. While applying for credit or debit cards it is mandatory to submit the proof of copy of your PAN card. Especially with debit card it is mandatory to submit copy of PAN card. If not submitted then the application will be rejected immediately.
3. Insurance
Central Board of Direct Taxes has mandated to provide particulars of the PAN card if the insurance holder is having an insurance that is exceeding Rs. 50,000 in a year.
4. Buy a vehicle
If you are planning to purchase a car or any vehicle that costs more than five lakhs then PAN is mandatory.
5. Property
If you are buying or selling a plot or property that costs more than five lakhs then again PAN is mandatory. Without the PAN this won’t be possible.
6. Jewellery
If you are planning to buy some Jewellery, which is a worth of 5 lakhs or more needs a PAN number for sure.
7. Telephone connection
There is an absolute need to have PAN to get a new telephone connection. The government has made it must to provide PAN details for telephone connection to keep track on terrorism, extorsion charges etc.
8. Fixed deposits
If you are planning to open an account for fixed deposit or cash deposit of about Rs. 50,000 there PAN is mandatory. If the PAN is not submitted the TDS will be deducted at 20% if the interest amount if the fixed deposit exceeds 10,000.Rs.
Cons of PAN card
There are no disadvantages of using PAN card in general, but once you are allotted with a PAN, you must and should pay the income tax to the income tax department, but not every person who has PAN card is eligible to pay income tax. Only people whose income is more than the line of income laid by the department of income tax are eligible to pay the tax.